(EMAILWIRE.COM, November 15, 2018 ) According to MarketsandMarkets, the home security system market 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 of the market can be attributed to the emergence of IoT and wireless technologies, and increasing customer awareness.

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Video surveillance security systems are likely to hold the largest share of the home security product market by 2018. Among all products, a video surveillance system records all the activities in the vicinity; hence, a user can keep a watch on any untoward activity and alert the police regarding the same; a recorded video footage also serves as evidence in the post-crime investigations. One of the main benefits of the video surveillance system is that it ensures full-time monitoring in both the densely populated areas as well as in remote areas. The surveillance cameras available on the market use AI and deep learning to empower the security with more reliability and accuracy. For instance, Hangzhou Hikvision Digital Technology (China) launched DeepinView Camera Series with the deep learning feature to provide accurate and consistent video content analytics (VCA) performance.

The market in APAC is expected to grow at the highest CAGR during 2018–2023. APAC is a technologically and economically developing region, and countries such as China, Japan, and South Korea are driving the overall growth of the home security system market in this region. The technological and economic advancements in the region are expected to drive the overall demand for security systems. In this region, many governments have set the safety norms for various sectors. For instance, the fire hazard is a major concern in this region, and the rapid development of the construction and real estate sector is expected to drive the residential fire protection system market in the coming years.

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Services are likely to hold the largest share of the home security system market by 2018. The installed security products should be backed with proper services, such as maintenance and integration, for the smooth and continuous working of these products. Security systems are useful only when they are properly engineered, designed, installed, serviced, and maintained; hence, the services segment is estimated to hold a larger size of the market during the forecast period.

The high cost associated with the installation and maintenance of home security systems is the key factor limiting the growth of this market. Customers are increasingly becoming aware about the benefits of home security systems; at the same time, they are skeptical of investing in it since the prices of security systems are still not affordable for many consumers. Expensive hardware and the high cost of ownership hinder the adoption of home security systems.

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ADT (US), Honeywell (US), Johnson Controls (US), HANGZHOU HIKVISION DIGITAL TECHNOLOGY (China), ASSA ABLOY (Sweden), SECOM (Japan), Robert Bosch (Germany), United Technologies (US), Godrej & Boyce (India), Alarm.com (US), Allegion (Republic of Ireland), Control4 (US), Schneider Electric (France), Legrand (France), ABB (Switzerland), Comcast (US), STANLEY Convergent Security Solutions (US), Nortek Security & Control (US), FRONTPOINT (US), and Vivint (US) are the major players in the home security system market. Other key companies, including innovators and start-ups in the home security system market, are Armorax (US), Nest Secure (US), Notion (US), Canary (US), Scout (US), Simplisafe (US), and Cacoon (US).

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