Home Security Systems Market Trends

Growth Drivers

• Increasing Incidences of Theft and Robbery Across the World - Approximately 6k burglaries occur in the United States each day, according to the FBI, with one burglary occurring every 13 seconds, four burglaries occurring every 20 minutes, and 240 in an hour. Heists are also reported to occur in one in every three houses without security systems, compared to every 250 houses that have security systems. As criminal activities are on the rise, people are increasingly looking for ways to protect their homes and properties. Home security systems such as CCTV cameras, sensors, and alarms provide a quick and efficient way to detect and deter criminal activity. They also provide real-time alerts so homeowners can take quick action.
• Increasing Number of Single-Parent Families - It is estimated that around 24% of children under the age of 18 in the United States live with one parent. Comparatively, 4% of Chinese children, 5% of Nigerian children, and 6% of Indian children live with only one parent. Single-parent families are more likely to feel the need for added security systems in their homes owing to their inability to have a second adult in the home at all times. This heightened sense of security can lead to increased demand for home security systems.
• Growing Adoption of Home Security Devices - It is projected that more than 75% of Americans install some type of security system in order to ensure the safety of their homes. A security system is used by more than 1 in 4 Americans to protect their property and home
• Emergence of Smart City Projects - The United States is the country with the largest number of smart cities, having adopted 50 smart city initiatives and technologies. Following closely behind is China with 45 smart cities, India with 25 smart cities, the United Kingdom with 10 smart cities, and Japan with 8. Also, global investment in smart city technology reached a total value of USD 150 billion by 2022. Smart city projects are designed to increase public safety and provide better services to citizens. As part of these projects, home security systems are being introduced to offer citizens better protection against intruders and other security threats.
• Increased Consumer Expenditures on Smart Home Technology - Consumers are steadily spending more money on smart home technology each year. Global consumers were estimated to spend USD 130 billion on smart home systems as of 2022. The figure is expected to rise to USD 169 billion by 2025.

Challenges

• High installation costs and system complexities - Home security systems involve the installation of sophisticated equipment and components, which can be cost-prohibitive for many consumers. Additionally, the complexity of the systems can make them difficult to use and may create a barrier to adoption for some individuals.
• Lack of awareness about the advantages of home security systems
• Inadequate exposure and the reluctance of consumers to adopt new technologies