The home security system market size is expected to grow by USD 21.53 billion from 2021 to 2026 at a CAGR of 7.8% according to the latest market research report by Technavio.
And with the USA and Canada leading the growth with 34% of the new business originating there, it will outstrip increases in South America.
The significant increase in adoption of smart homes owing to rapid urbanization and the advent of IoT (internet of things) in the home security system will facilitate the home security system market growth in North America over the forecast period.
The 120-page report has been prepared by Technavio looking at regions around the world with growth forecasts between 2022 an 2026.
Drivers & Challenges
The key factors driving the global home security system industry are the growth of DIY home security systems owing to their low cost, ease of installation, and smartphone-enabled operation.
Americas is one of the largest adopters of the DIY home security system, with the US in the lead.
Factors such as the low cost of these systems compared to professional security systems will be driving the market growth in the forecast years.
For instance, cameras used in DIY systems are cheaper when compared to those offered as part of a professional package.
In addition, the flexibility associated with DIY security systems will help non-traditional security equipment providers to increase the overall penetration rate of homes with alarm systems.
However, the key challenge to the global home security system industry growth is the increasing cases of false alarms, which means the operator may not respond to real alarms.
The report warns that these false alerts, often due to operator error lead to customer frustration and dissatisfaction, which can also lead to loss or misuse of customer data. “This may challenge the growth of the market in focus during the forecast years,” the report warns.
Some of the key Home Security System Players:
The home security system market is fragmented and the vendors are deploying growth strategies such as product innovation to compete in the market.
You can view a free sample of the full report HERE
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