Increasing incidence of crime rates and increasing rate of burglary are the factors that necessitate the home security solutions. Design of efficient and sophisticated security systems along with user-friendly installation features enabled by wireless technology are the key factors that are expected to boost the market growth. Furthermore, availability of remote monitoring with the aid of mobile devices along with beneficial insurance policies are also expected to fuel the growth of the home security solutions market. Large initial investment and cost of maintenance of the equipment along with lack of awareness regrading technological enhancements are the factors that are likely to restrain the growth of the market. The strategies adopted by telecom providers & electrical distributors are the factors that will create abundant growth opportunities in this market. Low adoption rate of security solution systems is a key market challenge faced by manufactures and key market players. Customer acquisition & retention are key issues that are expected to have great impact on the growth of the world home security solutions market.
The report segments the world home security solutions market based on products, solutions, home types and geography. On the basis of products, this market is segmented into electronic locks, sensors, cameras, panic buttons, and fire sprinklers & extinguishers. The electronic Locks is further segmented into keypad locks, biometric locks, magnetic strip locks, electric strip locks, electromechanical door locks, wireless locks, sensors, cameras, panic buttons, fire sprinklers & extinguishers and alarms. Based on solution, the market is segmented into medical alert system, access control & management solution, intruder alarm solution, intercom system, video surveillance solution, fire protection system and integrated security solution. On the basis of home type, the market is segmented into independent homes, condominiums and apartments. On the basis of geography, North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key market players are Assa Abloy, United Technologies Corporation, Honeywell International Inc., Robert Bosch GmbH, Ingersoll Rand, Allegion PLC, Godrej & Boyce Manufacturing Company Limited, Control4 Corporation, Alarm.com and Nortek Security & Control LLC.
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HOME SECURITY SOLUTION MARKET KEYSEGMENTS: