Home Security Solutions Market – Global Forecast & Analysis (2012 – 2017) By Products (Electronic Locks, Sensors, Cameras, Panic Button, Alarms), Security System Solutions (Medical Alert Systems, Access Control & Management Systems, Alarm Systems, Intercom Systems, Video Surveillance Systems, Energy Management Systems, Integrated Security Systems) & Homes (Independent Homes, Condominiums, Apartments)
Security, as such, is becoming a huge market worldwide; mainly due to the rising crime rates in different parts of the world. As a result, the electronic security equipments are expected to find potential opportunities in this market. The penetration level of security solutions in residential sector is witnessing a rapid growth since the last few years. There are several factors that can be attributed to this growth; such as increase in home burglary rates, attractive insurance policies to residents for installation of security solutions, growth in iPads and tablets markets, and more.
The market for home security solutions is, however, facing challenges with respect to awareness levels about technological advancements and higher cost of the solution. There are numerous initiatives being taken by companies as well as governments to enhance the awareness levels and achieve better co-operation amongst the solution providers present along the value chain. With increased awareness and increased adoption, it is expected that the price of the solution will gradually decrease. In terms of revenue generation as of 2011, North America held the highest share, i.e. 55.6%, followed by Asia-Pacific with 28.4%.
Amongst the various end-products used for home security solutions (like electronic locks, sensors, alarms, cameras, panic buttons), cameras are observed to be the most potential product market with a market share of approximately 26.69% as of 2011. This is followed by electronic locks and sensors with market shares of 26.32% and 24.49%. With respect to security systems, energy management system and integrated security system are estimated to grow at a CAGR of 30.7% and 25.4% respectively from 2012 to 2017.
These systems are thus supposed to provide potential growth opportunities to the solution providers. With respect to different types of homes wherein the security solutions are utilized, independent homes are observed to hold the highest share, i.e. 80.1% in 2011. However, the adoption rate is expected to grow rapidly in apartments in near future owing to the rise in nuclear families.
The global home security solutions market is expected to grow from $20.64 billion in 2011 to $34.46 billion in 2017 at a CAGR of 9.1% from 2012 to 2017. In order to achieve appropriate growth along with profitability, companies need to largely focus on three specific areas; namely provision of cost effective solution, product leadership, and significant market presence.