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Global home security market to reach $47,543M by 2020

Posted: 21 May 2015 ?? ?Print Version ?Bookmark and Share

Keywords:home security? MarketsandMarkets? Internet? camera? wireless device?

The latest report from MarketsandMarkets has revealed that the global home security solutions market is forecast to grow from $28,318.69 million in 2014 to $47,542.52 million by 2020 at a CAGR of 8.7 per cent between 2015 and 2020. The market is growing rapidly and the major reasons behind this could be the alarming crime rates on global basis and growing concerns of society toward security measures and concerns, noted the market research firm.

The concept of home security solutions emerged in the early 1990s wherein the solution was predominantly similar to car alarms. They were expensive and unreliable and the rate of false alarms was also very high. However, with progress in the technology, home security solutions also advanced gradually. A variety of features such as night vision, cameras, electronic and smart locks, motion-sensitivity, wireless devices, Internet connectivity and more, became commonly available for homeowners. Such enhanced security features, in turn, increased the interest in security solutions, subsequently increasing the demand.

However, as in case of any advanced technologies, these security solutions also involve issues such as software glitches, non-compatibility issues, connectivity issues, radio or electrical interference and more. There are extensive initiatives being taken by industry players in order to overcome these issues and thus, provide a highly effective security solution for homeowners.

The Americas is the largest geography in terms of global home security solutions market size and is expected to hold a major market size until 2020, with the U.S. occupying the largest market share. The Americas consists of two major regions, namely North America and South America. APAC and Europe are also considered as the promising markets, with Germany and the U.K. in Europe, and Japan and India in APAC acting as impetus to the growth.

The major players in the global home security solutions market are Tyco (Ireland), ASSA ABLOY (Sweden), UTC Fire & Security (U.S.), Honeywell International Inc. (U.S.), Bosch Security Systems (Germany), Ingersoll Rand Solutions (Ireland), Allegion PLC (Ireland), Godrej & Boyce Manufacturing Co. Ltd (India), Control4 Corp. (U.S.), (U.S.) and Nortek Security & Control LLC (U.S.).

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