SecurityWorldMarket

06/09/2018

Huge opportunites for home security market - AI and Deep Learning

Northbrook, Il (USA)

A new market research report on the Home Security System Market to 2023, shows that this sector 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 is attributed to the emergence of IoT and wireless technologies, and increasing customer awareness . Moreover, the researchers found that 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.

There is an increasing concern about security among independent homeowners and the number of independent households is high in the economically developed countries, such as the US, Canada, UK, Germany, etc. and those who own these homes generally have a high total household income. Individual homes can often be built in isolated locations, and in case of medical emergencies or emergencies such as burglary/theft, the necessary help may not be available locally. Considering these factors, the adoption of home security systems among independent homeowners is high.

Researchers, Marketsandmarkets predict that the home security system market for do-it-yourself security systems will grow at the highest CAGR during the forecast period. One of the major factors contributing to the projected high growth of the market for DIY security systems is the cost optimisation 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 security within their budgets. Also, some companies help customers with user manuals and guidance tools for 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 own 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.

The sheer 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 , Honeywell , and UTC. Also, the prominent monitoring security service providers such as ADT, Vivint, and Protect America 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 incomes. Additionally, the introduction of IoT and the development of smart cities have given a boost to the home security system market in the region.

In addition to the companies already mentioned other major players cited by the researchers in the report include major players such as, Hikvision, Assa Abloy, Secom, Bosch, Alarm.com, Allegion, Schneider Electric, Legrand, ABB, Stanley, Nortek. Other key companies mentioned, including innovators and start-ups in the home security system market, are Armorax, Nest Secure, Notion, Canary, Scout, Simplisafe, and Cacoon.


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