According to the latest research study released by Technavio, the global wireless home security system market is expected to reach close to USD 32 billion in revenue by 2019.
“Many vendors in the residential security market are developing customized solutions to cater to specific needs of customers. For instance, United Technologies provides customized solutions for homeowners to meet their requirements. Honeywell provides solutions that help end users to remotely manage temperature control. Its implementation also enables the use of smartphones and tablets to unlock doors,” said Amrita Choudhury, one of Technavio’s lead analysts for IT security research.
“Vendors are also introducing solutions, such as infant monitoring, pet monitoring, and intruder alerts, which can be incorporated into smartphones and tablets to enable live monitoring. This is further encouraging customers to adopt security solutions.”
Global home security system market by product segmentation 2014
|DIY home security||7.13%|
|Sensors and detectors||18.90%|
|Electronic and smart locks||20.60%|
Top three segments of the global wireless home security system market:
- Security cameras
- Electronic and smart lock
- Sensors and detectors
Global security cameras market: largest contributor
The security cameras segment of the global home security system market is expected to reach USD 7.59 billion by 2019. This segment has seen a proliferation of many variants with advanced technologies that fulfill customer demands. Cameras are being introduced that are embedded with features such as Wi-Fi connectivity, rechargeable and replaceable batteries, and accessibility on Android and iOS devices through apps. Features on apps include, two-way talk, motion and sound alerts, and activity logs.
Video quality is emerging as a major buying criterion among end users in the market. To cater to this requirement, vendors are innovating with features that eliminate technical glitches like lag times and blurriness. Most cameras are available in 720 pixel resolutions. However, Samsung SmartCam HD Pro, Nest Cam, and Piper are some variants that offer 1,080 pixel resolutions as well. For video storage, vendors have started providing end-users the option of saving videos either on cloud or in microSD cards. Some variants also come with the option of manual settings to change the field of view, while Piper is equipped with a 180 degree field of view and fisheye lens. These developments are expected to strengthen vendor offerings in the wireless home security system space and foster market growth.
Global electronic and smart locks market: second largest revenue contributor
The electronic and smart locks market will grow tremendously in the forecast period due to new emerging trends in the market like smart locks and electromechanical products. Instead of mechanical door locks, consumers are opting for entrance automation that offer greater security against unlawful intrusion.
The market is also witnessing a demand for electronic door locks which are integrated with other home security products. For leveraging this trend, vendors are expanding their product lines with offerings that can be easily integrated with mobile and digital platforms. Vendors ensure that locksmiths, lock and building wholesalers, hardware stores and security stores have considerable knowledge about products to provide installation and customer service. Apart from providing digital locks that are integrated with other security products, vendors are also emphasizing including energy efficiency as a key feature in their offerings.
Another pertinent trend to the market is the growth of smart locks propelled by the emergence of connected homes and internet of things (IoT). The increased adoption of home automation and awareness about advanced products are predicted to propel the smart lock market to grow at a CAGR of over 68% until 2019.
Sensors and detectors segment
The sensors and detectors segment of the global home security system market was valued at close to USD 3.29 billion in 2014. The sensors and detectors segment of the global home security system market is predicted to grow at a tremendous pace with increased expenditure from residential consumers. With an increase in cases of burglary in residences, consumers are spending more on home security products to protect their houses and property from intruders. Innovations in the sensors segment with various types of sensors include, door and window sensors, motion sensors and glass break sensors that cater to this market demand.
For instance, the Sadotech Wireless PIR Sensor is integrated with doorbells. It has an operating range of nearly 500 feet. It also comes with adjustable volume levels ranging from 25db to 110db.The PIR technology triggers the chime unit of the bell and sends alerts about the intruder. Another recent innovation is the SmartThings Multi Sensor by Samsung which is capable of monitoring temperature and vibration along with monitoring doors and windows. The sensor can be integrated with a smartphone and the app receives notifications every time the door or window is moved. With many more big security system players venturing into this domain, the sensors and detectors market is predicted to gain immense traction during the forecast period.