According to a new market research report “Home Security Solutions Market - Global Forecast & Analysis (2012 – 2017) By Products, Security System Solutions & Homes, the home security solutions market, on the whole, is expected to reach $34.46 billion by 2017 at a CAGR of 9.1% from 2012 to 2017.Security, as such, is becoming a huge market worldwide; mainly due to the rising crime rates in different parts of the world. As a result, the electronic security equipments are expected to find potential opportunities in this market. The penetration level of security solutions in residential sector is witnessing a rapid growth since the last few years. There are several factors that can be attributed to this growth; such as increase in home burglary rates, attractive insurance policies to residents for installation of security solutions, growth in iPads and tablets markets, and more.
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The residential security solutions market has gained momentum in the recent past. This is mainly attributed to the rapid rise in crime rates and the technological advancements. Electronic security systems are installed in houses for several purposes such as intrusion detection, assurance of safety, and more. In addition, the growing awareness about energy conservation and need for medical access control, detection of hazardous conditions such as fire and gas leaks also motivates people to install energy management systems and medical alert systems along with the other security solutions.
The key factors driving the home security solutions market include growing demand for home monitoring, attractive policies, growth of smartphones and tablets, and an increasing demand for home monitoring. On the other hand, lack of technology awareness and high cost restrain the market growth for home security solutions. In terms of revenue generation, as of 2011, North America held the highest share, i.e. 55.6%, followed by Asia-Pacific with 28.4%.
Amongst the various end-products used for home security solutions (likeelectronic locks, sensors, alarms, cameras, panic buttons), cameras are observed to be the most potential product market with a share of approximately 26.69%. This is followed by electronic locks and sensors with market shares of 26.32% and 24.49% respectively. Alarm systems are in use in the market since long for the purpose of home security and hence they hold the highest share, 35% in the overall home security solutions market. This is followed by intercom systems with a market share of 26%. On the other hand, energy management systems and integrated security systems are expected to provide potential growth opportunities for home security solution providers and hence estimated to grow at a CAGR of 30.7% and 25.4% respectively. On the basis of the types of homes wherein security solutions are utilized, independent homes are observed to hold the highest share, i.e. 80%. However, apartments are expected to provide potential growth opportunities owing to the rapid migration towards them in the recent past.
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The global home security solutions market is expected to grow from $19.25 billion in 2010 to $34.46 billion in 2017 at a CAGR of 9.1% from 2012 to 2017. Asia-Pacific region is observed to grow at the highest rate. This is mainly due to the growing realization of security threats to individuals and the boom in construction industry in this region.
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