Home Security Solutions Market to Reach US$ 30,293 Mn by 2027

Convenience advantages of wireless home security solutions are pervasively capturing consumer visibility. These novel solutions are posing as an alternative to conventional security systems that require a technician to open up the wall and other system peripherals for maintenance checks. The easy install and uninstall attribute of wireless home security solutions are generating value-grab opportunities for companies. Such advantages are contributing to the growth of the home security solutions market, which is anticipated to expand at a CAGR of 24.2% during the forecast period.

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High prevalence of renters is another winning imperative for the adoption of wireless security solutions. Wireless alarm systems possess minimum chances of damage of alterations. Such attributes are increasing attractiveness of the home security solutions market. Flexibility and scalability in adding additional cameras and motion detectors in wireless systems are proving beneficial in various applications. Thus, wireless systems are being highly publicized as future-proof solutions, as compared to other hardwired counterparts.

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Security innovations for smart homes is another highly talked-about concept in the home security solutions market. Smart locks and video doorbells are becoming increasingly mainstream in the global market landscape. An alarming rate of thefts and vulnerable safety of individuals has compelled end users to invest in home security solutions. Since home security is one of the top priorities that individuals desire to have in their homes, companies in the market are capitalizing on this widespread trend. As such, there is a growing demand for solutions that offer real-time updates and notifications, especially when users are away from home.

Moreover, remote monitoring of door locks and security cameras has become the need of the hour in the market for home security solutions. Companies are extending innovative services wherein technicians are capable of changing traditional security elements such as deadbolt locks and doorbells into 'smarter' versions of themselves. This is evident since the services component segment is estimated for exponential growth in the market.

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Another aspect that is bringing about a change in the market for home security solutions is the build-up of IoT in smart home environment. IoT is acquiring popularity for its promising potential to address several societal challenges. However, the insufficiency of well-established practices from governments for the enforcement of IoT poses as a barrier for growth of the home security solutions market. Hence, companies are introducing systems that offer superior security methods and attributes such as daily monitoring to incorporate IoT in the smart home environment.

Companies in the home security solutions market are increasing R&D to unlock the potential of IoT in devices to be able to connect and transfer data through the Internet. Moreover, market trends such as increasing adoption of IoT devices in the coming years are creating incremental opportunities for manufacturers. As such, the market for home security solutions is fragmented with regional and local players accounting for ~90% of the market share.

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The room-by-room guide to home automation is one of the key focus points when companies are aiming to target consumers in high-income groups. The growing trend of luxury homes is one of the key drivers for the home security solutions market. Smart home hubs, smart thermostats, and smoke detectors, among others are only the basis of smart home transformations. In order to cater to the needs of middle- and low-income groups, manufacturers are developing affordable and easy-to-install solutions to help users get hands-on with smart technology.

Inter-device communication and robotics are revolutionizing the home security solutions market. The advantages of door and window sensors are increasingly benefitting end users, as the systems immediately notify the users if the door is open or ajar. Companies in the market for home security solutions are increasing R&D to help establish a seamless network of interconnected devices to alert the alarm company in case of a security breach.

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