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Pune, India, Feb. 23, 2023 (GLOBE NEWSWIRE) — The global home security solution market size is expected to grow rapidly during the upcoming years. The penetration of IoT and cloud computing technologies is expected to promote the growth of the market, the increase in demand for home security systems can be attributed to the rise in awareness towards securing one’s home and the advancements in wireless technologies and Internet of Things (IoT). The growing advancements in home security solutions are expected to promote the growth of the market.
Fortune Business Insights™ presents this information in its report titled “Home Security Solution Market Forecast, 2023-2030.”
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KEY INDUSTRY DEVELOPMENTS
- Vivint, Inc. launched Vivint Doorbell Camera Pro. This new version of camera is first to provide 180 degree vertical and horizontal view with 1:1 aspect ratio. This camera is combination of optics, deterrent features and intelligence to satisfy customer needs.
- ABB collaborates with Operational Technology Cyber Security Alliance to provide safe and secure operational technology. This technology is also used in smart home security systems to provide safer and secure homes.
Key Takeaways
- The emergence of the IoT and wireless technologies
- Implementation of artificial intelligence (AI) and deep learning in home security systems
- The integration of different devices, with varying levels of compatibilities, on a single platform, is the major design issue with security systems.
- The North America is at the forefront of implementing access control systems to improve safety measures and security.
- Technology: The market can be segmented based on the technology used in home security solutions.
Market Driver:
- Rising Security Concerns to Spur Market Demand
- The emergence of the Internet of Things (IoT) is expected to have an excellent impact on the market during the forecast period.
- The introduction of advanced IoT integrated security systems is predicted to encourage the healthy growth of the market during the forecast period.
- IoT provides secured, interconnected, and remote operations for home security, which, in turn, is expected to boost the market.
- The growing demand for a higher efficiency security system is expected to enable speedy expansion of the market.
- The adoption of home cloud solutions/systems owing to increasing data thefts are expected to spur opportunities for the market in the forthcoming years.
- The home security system includes a controller to control the entire home security system, door and window sensors, motion sensors, security cameras.
- Besides, the introduction of innovative security systems is predicted to improve the market prospects in the foreseeable future. For instance, in March 2020, Vivint, Inc. introduction Vivint Doorbell Camera Pro.
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https://www.fortunebusinessinsights.com/home-security-systems-market-102992
Segmentations
The home security solution market is a rapidly growing industry that can be segmented into several categories. The first segmentation is based on the type of products being offered, including security cameras, smart locks, motion sensors, alarm systems, and others. The based on the technology used in the security solutions, including wired and wireless security solutions, as well as the integration of artificial intelligence and the Internet of Things (IoT) in the security system.
| Segmentation | By Component |
By Home Type
|
|
By Geography
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Regional Analysis:
Increasing Development of Advanced Security Systems to Favor Growth in North America
North America is currently the leading market for home security solutions, with widespread adoption of smart home systems. Following North America, Europe is expected to be the next significant market for these solutions. Companies are investing in the development of new products and security systems, which incorporate features such as smart thermostats, network cameras, security systems, and multi-room technology. The market is becoming increasingly competitive, with new entrants like Vivint, Inc. challenging established players such as Honeywell International Inc. in North America.
The Report Lists the Prominent Companies in the Home Security Solution Market:
- ADT
- SimpliSafe, Inc.
- Protect America, Inc.
- Honeywell International, Inc.
- Axis Communications AB
- ASSA ABLOY
- Vivint, Inc.
- Godrej.com
- ABB
Pre Book – Home Security Solution Market Research Report:
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Image and article originally from www.benzinga.com. Read the original article here.