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Home security system/solution is basically composed of different sensors or cameras which are linked together to a central hub to protect home. The home security system includes a controller to control the entire home security system, door and window sensors, motion sensors, security cameras. Additionally, it also includes yard signs, alarms and window stickers. These integrated electronic devices are used to protect home against burglars and uninvited intruders. Internet of Things (IoT) has a tremendous impact on the home security solutions in todays times. Many companies are launching systems with enhanced security attributes for monitoring, with the help of integration of IoT in home security systems. Integration of IoT makes the home more secured, interconnected and remotely controllable. This technological advancements will lead to adoption for home cloud solutions/systems market to large extent. Integration of IoT and cloud computing makes it easier to access the system from different locations, provides greater storage and efficiency in data exchange thus contributing to more efficient systems in market. The cloud based home security systems decrease the complexity of the software making is simpler for residential users to use it.
Key Market Driver -
• High penetration of IoT and cloud computing drives home security solution market
Key Market Restraint -
• Risk of cyberattacks
Thus this user friendly solutions is leading to rapid adoption of cloud based security solution. At present, the home security solutions are compatible with Google Assistants and/or Amazon Alexa. There are thermostats, smart locks cameras, door bells, wall mounted touchscreen displays and smartphone apps along with the Google Assistants and Alexa interconnected in the home security systems. These devices being interconnected with each other and provides 24x7 security for homes. Recent technological advanced security systems also include smoke, fire alarms, flood and freeze alarms; carbon monoxide (CO) listeners etc. thus these additional features are increasing the scope for new markets in smart home security systems. Aditionally, smart home alarm systems are Z-Wave compatible and use Wi-Fi enabled cameras to monitor homes by sound detection and paroramic videos. These technologies advancements in the home security solutions will offer users security and increase adoption of this security solutions in near future. Increasing criminal records are also leading to the adoption of security solutions.
In February 2020, ADT and HHHunt, Inc. (a diversified leader in real estate development) have announced their partnership This partnership has increased the penetration of home automation and home security solutions in the United States in new and old multifamily and student housing communities. The smart homes will include products like smart locks, smart hubs and smart thermostats in their smart home security solutions. This partnership will offer customized smart security solutions to their customers in the United States, which will rise the growth of market.
SimpliSafe, Inc. an American home security company partnered with Hippo Insurance. This partnership offers the home alarm devices, home monitoring devices along with homeowner’s insurance policy. This has led to the adoption of smart home security solution and growth in market.
Some of the key competitors in the Home security solution market include ADT, SimpliSafe, Inc., Protect America, Inc., Honeywell International, Inc., Axis Communications AB, ASSA ABLOY, Vivint, Inc., Godrej.com, ABB and others.
The partnership strategy of the key players in the market are leading to growth of home security solutions market.
North America is the leader in the home security solution market. There is adoption of the smart home systems on a large scale in North America and Europe to be next in line as compared to other regions. Many companies are making new development into the products/security systems which include smart thermostats, network cameras, security systems and multi-room technology in them. Many new entrants like Vivint, Inc. are giving tough competition to the old players like Honeywell International Inc. in North America.
India and China being fastest growing economies in the world and emerging markets for home security solutions.
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