Global home security solutions market is roughly a massive US$50 Bn industry that remains afloat with the aggravating security concerns worldwide, and the unprecedentedly rapid technology penetration.
Rapidly Increasing Security Camera to Fuel Growth of Home Security Solutions Market
A home security system assists protecting family safety, remotely monitoring, protecting door against home invaders, protecting valuables, keeping an eye on young members of family remotely, and discouraging/deterring burglary. Increasing need for finding evidence of the burglary, getting help in medical emergencies, minimising homeowners insurance cost, safety of electricity, saving the cost of energy consumption, and protecting a home from fires, getting taste of smart home automation, advancing a standard of living, managing removing gap of family-office busy time will continue to drive the growth of home security solutions market.
Technology improvements have made it possible for video surveillance camera quality, recording capacity, and, more critically, affordability - the main driving force behind the security cameras – to advance while considerably reducing prices significantly. All security systems are built around security cameras. The IP camera, often known as a network or internet camera, is one of the most widely used types of video cameras. It offers live video and audio feeds that users can view remotely using an internet browser. However, wireless security cameras have become increasingly popular because of their adaptability, and agility. They do not need long (and expensive) wires or professionals to set them up; they are simple to install, significantly lowering installation costs. Thanks to this convenient feature, users can put the cameras in locations inaccessible to conventional CCTV cameras, which plays an important role in fuelling home security solutions market. Most Wi-Fi cameras offer a free live video feed but charge a monthly subscription fee to access the cloud-based recordings. If a user connects more cameras to the service, the price per camera increases.
Additionally, the cost determines how long the consumer wants the CCTV footage to be kept. For instance, the Metropolitan Police reports that the number of violent criminal crimes reported to the police in London in 2018–2019 was around 215.7 thousand, up roughly 13.8 thousand from the number registered in 2017–2018. A wealth of factual data supports the usefulness of security surveillance cameras in the residential sector. Based on the videos captured by the security cameras, the London Metro Police's squad identified roughly 5,000 suspects in 2018.
Increasing Safety Concerns Accelerate Home Security Solutions Market Expansion
The demand for integration services will dominate the home security solutions market for services. The appropriate installation of hardware items, such as smart locks, controllers, and readers, emergency security systems, and monitoring tools like TVs, and PDAs, is a component of security system integration. System integration may involve allowing all these devices to connect and send communication signals depending on the circumstance. The security system uses several communication technologies, including NFC, ZigBee, Bluetooth Smart, and Wiegand 32-bit. As part of the integration services for security systems, these technologies are also integrated with current security measures, including access control and intruder alarm management systems.
Increased Home Security System Installations Drive Europe’s Home Security Solutions Market Ahead
Europe is the largest user of Home Security Solutions and is expected to grow at the fastest rate throughout the forecast period. In Europe, France is the leading country in this market. French doors typically have glass panes that span the entire door length. They may swing either inside or outside, thanks to their hinges. However, French doors are among the most susceptible to break-ins due to the glass panels. This is one of the reasons there have been many home security system installations across the nation. Additionally, government measures are increasing the nation's home security solutions market share. A law passed in May 2015 permits government agents to enter the houses of alleged terrorists to install listening devices and security cameras. As a result, more suppliers are developing goods, and security camera usage has expanded.
In January 2020, Netatmo, the French start-up acquired by Legrand, announced a new device at CES, the Netatmo Smart Door Lock. It can be installed as a replacement for any cylinder door lock. Netatmo has put an accelerometer in the device to detect break-in attempts. At IFA 2019, the company also announced its new door and window sensors and an indoor siren to trigger alarms if required. The Smart Indoor Camera, Netatmo's re-brand of its Welcome camera, is at the heart of the system, with its distinctive bronzed looks. In January 2019, Orange partnered with Groupama to create a jointly owned company, Prote, which will enable Orange to become a player in the home telesurveillance business. Orange is backing up its home telesurveillance services with its strong positioning in home security solutions market of France, its well-known brand, its physical and digital retail networks, and the expertise of Protecting.
In November 2019, a France-based insurance tech start-up, p Lstarstartuped US$22 Mn in a series A round of funding. The company offers three tracking sensors, accessible and entirely optional for insurers. One attaches to the customer’s front door, another to their electricity meter, and the third to their main water pipe. The door sensor issues an alert if it moves at an unusual time of day. The Netatmo Smart Door Lock was unveiled by Netatmo, a French start-up that Legrand purchased in January 2020 at CES. Any cylinder door lock that has to be replaced can have it installed. To identify attempted break-ins, Netatmo equipped the device with an accelerometer. The business also unveiled its new door and window sensors and an indoor siren to activate alarms if necessary during IFA 2019. The system's brain, the Smart Indoor Camera, a rebranded version of Netatmo's Welcome camera, has a striking bronze appearance. Protecting, a joint-owned corporation that Orange and Groupama established in January 2019, will allow Orange to compete in the home telesurveillance market. With its strong positioning home security solutions market of France, well-known brand, physical and online retail networks, and Protectline's competence, Orange supports its home telesurveillance services.
Global Home Security Solutions Market: Competitive Landscape
The AI-powered Doorbell Camera Pro from Vivint Smart Home, which has a 180-degree vertical and horizontal field of vision and a 1:1 aspect ratio, was first announced in March 2020. It can intelligently detect parcels and saparcelsdg against theft and other potential hazards. It helps to stop crimes before they happen, giving homeowners peace of mind. On the other hand, Bosch debuted its IP 3000i camera line in December 2019. These cameras offer high-quality, dependable features for independent installations or broad surveillance. These have options for the bullet, turret, micro dome, mini dome, and resolutions up to 5 MP, and they may be used both inside and outside. The IP 3000i cameras now come standard with built-in crucial video analytics.
A few of the players in global home security solutions market include Johnson Controls (Ireland), ADT (US), Resideo Technologies, Inc. (US), Hangzhou HikvHangzhougital Technology (China), ASSA ABLOY (Sweden), Robert Bosch (Germany), Snap One, LLC (US), SECOM (Japan), Allegion (Ireland), and ABB (Switzerland).
Global Home Security Solutions Market is Segmented as Below:
By Home Type
Key Elements Included In The Study: Global Home Security Solutions Market
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