New York, NY -- (SBWIRE) -- 09/22/2017 -- While the global home security products and solutions market remained concentrated in North America and Asia Pacific in 2016, the coming years will witness good growth potential in developing economies where there is limited penetration of home security products and solutions. This is likely to present lucrative market opportunities for key players operating in the global home security products and solutions market. As a case in point, the adoption of home security products and solutions in Latin America is limited to the real estate sector, where developers are installing home security products and solutions in high-end housing projects across Tier-1 and Tier-2 cities. This is a significant opportunity to tap into for companies providing home security products and solutions, as several other critical industry sectors remain to be explored.
The global market for home security products and solutions is estimated to be valued in excess of US$ 12 Bn by the end of 2025, owing to exponential growth in the countries in North America. A CAGR of 11.9% in terms of value presents a lucrative scenario of the global market that is largely centralized in the developing economies of the world.
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The North America home security products and solutions market will outpace the other regions in terms of revenue growth, registering a CAGR of 11.8% during the forecast period to reach a market valuation of US$ 3,738.9 Mn by the end of 2025. The market in Asia Pacific will register high Y-o-Y growth rates and expand at a CAGR of 12.1% during the forecast period. The market in APAC is expected to represent incremental opportunity of US$ 1,630.0 Mn between 2017 and 2025 while the North America regional market will represent incremental opportunity of US$ 2204.3 Mn during the period of forecast.
Increasing rate of crime in most of the countries across the globe is driving the demand for advanced home security systems such as CCTV cameras and electronic alarm sensors.
A rise in disposable income at a global level permits consumers to invest in high-end home security products and solutions. Consumers are technologically inclined and prefer solutions that come with advanced features. There is also a noticeable surge in the purchasing power of consumers especially in emerging economies, and this is fueling market growth.
Home security solutions such as video surveillance, access management systems, and fire control systems help in monitoring traffic details in several countries. This is another factor driving the adoption of home security products and solutions with the latest features.
The integration of smart home security solutions with smartphones is another revenue impacting factor. Rapid urbanization and advancements in technology have led to consumers relying on smartphones for most of their day-to-day activities. The need for better security systems that can be monitored through smartphones is driving the growth of the market, especially in regions such as Europe.
An increase in construction activity in the Asia Pacific region is likely to boost the demand for integrated home security solutions such as video surveillance systems.
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A growth in adoption of smart homes and gadgets is likely to be witnessed in developed regions such as North America. Smart homes will call for increased residential security backed by advanced products and solutions such as security alarms, sensors, electronics locks, and smart home device control systems.
Home security solutions with remote access and control will gain prominence in the coming years. Increasing machine-to-machine communication has facilitated the deployment of home security systems that communicate with each other and with a central monitoring system controlled by the user. Manufacturers are catering to an increasing demand from consumers for these advanced security systems, which are gaining traction in the residential sector.
There is a steadily growing demand for access control systems with NFC technology. Consumers are preferring smart card / smartphone based device control and companies operating in the home security products and solutions market are designing and developing innovative software and applications for access control solutions that can be accessed through smart cards / smartphones in a bid to widen their customer base.
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At Persistence Market Research, we follow a systematic research approach that includes market profiling, formulation of a discussion guide for primary research, developing a list of respondents that includes industry players (manufacturers, distributors, retailers, and industry specialists), data collection, data validation, and final data analysis and interpretation to arrive at pertinent insights into the global home security products and solutions market. We have considered macro-economic indicators such as GDP, wholesale & retail trade, merchandise trade, and prices to arrive at the indicated market numbers for the global home security products and solutions market.