According to the latest research from MarketsandMarkets, the global home security systems market size is expected to grow from USD 56.9 billion in 2022 to USD 84.4 billion by 2027, at a CAGR of 8.2% during the forecast period. The research shows that the strongest area of growth in this buoyant market is the DIY segment.
The growth of the home security systems market is driven by factors such as growing awareness regarding home security systems and the emergence of the Internet of Things (IoT) and wireless technologies.
The market for Do-it-Yourself (DIY) security systems is expected to grow at the highest CAGR during the forecast period. A significant customer base of home security systems prefer cost-effective products with a remote monitoring facility to optimise as per their security requirements. In the DIY product category, users are able to save a large amount of money spent on consulting and installation services. Some of these security systems can be customised and upgraded with additional features by customers as and when they require. Thus, with DIY option suitable for many customers, its adoption is expected to drive the growth of the home security systems market.
The video surveillance systems segment is expected to hold the largest share of the home security systems market by systems in 2022. One of the major benefits of the video surveillance system is that it offers security, monitoring, and analysis of suspicious movements of persons over a perimeter. Hardware products—such as cameras, monitors, servers, storage units, and other accessories—form a major part of the video surveillance systems. The hardware products that are currently available in the market are cost effective and technologically advanced. High-definition (HD) cameras, panoramic cameras, and body-worn or spy cameras are among the most recent and attractive trends in the video surveillance market.
The home security systems market in APAC is expected to witness significant growth rate during the forecast owing to increasing crime rate and rapid urbanisation in the countries such as China, and India. In Japan, the growing emphasis by the government on fire safety measures is likely to create growth opportunities for the market, while increasing R&D for innovative security products to drive the market in South Korea. The associations and organizations, such as the Asian Professional Security Association (APSA), take initiatives to tap potential opportunities effectively. Among the different products utilized for security, intelligent video surveillance, and electronic access control systems are observed to have the highest demand in this region.