Home Security System Market : Integration of AI and Deep Learning in Home Security Systems
According to the new market research report "Home Security System Market by Home Type (Independent Homes, Apartments), System Type (Professionally Installed & Monitored, Self-Installed & Professionally Monitored, Do-It-Yourself), Offering (Products, Services), and Geography - Global Forecast to 2023", the home security system market is expected to reach USD 74.75 billion by 2023 from USD 45.58 billion in 2018, at a CAGR of 10.40% during the forecast period. The growth of the home security system market is attributed to the emergence of IoT and wireless technologies, and increasing customer awareness. Moreover, the integration of AI and deep learning in home security systems and worldwide proliferation of "smart cities" initiatives are creating huge growth opportunities for players in the market.
Download PDF Brochure @
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=205573901
Independent homes to hold largest share of market by 2018
There is an increasing concern about security among the independent homeowners. The number of independent households is high in the economically developed countries, such as the US, Canada, Germany, etc. Also, those who own the induvial homes usually have a high total household income. The independent homes are more frequently built in isolated locations, and in case of the medical emergencies or the emergencies like burglary/theft, the necessary help may not be available in the area nearby these homes. Considering these factors, the adoption of home security systems among independent homeowners is high.
Home security system market for do-it-yourself security systems to grow at highest CAGR during forecast period
One of the major factors contributing to the projected high growth of the market for DIY security systems is the cost optimization ensured by these systems. Some of the products offer integrated alarm triggers and other smart features during a break-in or security cameras for the monitoring purposes. The penetration of home security systems is still low, and the customers from economically developing countries prefer deploying DIY systems for the security within their budgets. Also, some companies help the customers with user manuals and guidance tools for the system installation and integration. Although the systems do not provide a connection with a professional monitoring station, the customers can remotely monitor the home using their smartphones. Therefore, with the growing adoption of home security systems, the DIY systems become an attractive alternative for the newer customers with average disposable incomes.
Americas to hold largest size of home security system market by 2023
The largest size of the American market is attributed to the early adoption of home security systems in this region. Moreover, the region is home to major companies functional in the market, such as Johnson Controls (US), Honeywell (US), and UCT (US). Also, the prominent monitoring security service providers such as ADT (US), Vivint (US), and Protect America (US) generate the majority of their revenues in this region itself. Moreover, economically and technically developed countries, such as the US and Canada, hold a large number of households with high disposable income. Additionally, the introduction of IoT and the development of smart cities have given a boost to the home security system market in the region.
ADT (US), Honeywell (US), Johnson Controls (US), HANGZHOU HIKVISION DIGITAL TECHNOLOGY (China), ASSA ABLOY (Sweden), SECOM (Japan), Robert Bosch (Germany), United Technologies (US), Godrej & Boyce (India), Alarm.com (US), Allegion (Republic of Ireland), Control4 (US), Schneider Electric (France), Legrand (France), ABB (Switzerland), Comcast (US), STANLEY Convergent Security Solutions (US), Nortek Security & Control (US), FRONTPOINT (US), and Vivint (US) are the major players in the home security system market. Other key companies, including innovators and start-ups in the home security system market, are Armorax (US), Nest Secure (US), Notion (US), Canary (US), Scout (US), Simplisafe (US), and Cacoon (US).
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.