A new forecast on the home and commercial security system market has been released by Business Wire showing a substantial increase in installation and integration of new security technology across all sectors through 2023, with one major reason being the trend of rapidly growing urbanization.
While the full report entitled "Home Security System Market by Home Type, System Type, Offering, and Geography - Global Forecast to 2023" is available from researchandmarkets.com, we've picked out a few interesting and thought provoking highlights.
As security technology professionals, we've certainly seen an increased demand for heightened and more advanced security both for residential and commercial applications. If you've been on the fence about your own security technology, these points and trends may be worth considering.
Overall Projected Market Growth
The home security system market is expected to reach USD 74.75 billion by 2023 from USD 45.58 billion in 2018, at a CAGR of 10.40% during the forecast period.
Factors Driving the Home Security Market
The emergence of IoT and wireless technologies
Increasing customer awareness
Rapid urbanization encroaching into suburban and rural-suburban areas through new development projects
Factors Driving the Multi-Family Commercial Real Estate/Condominium Market
Owing to the increasing urbanization, the cities have started growing vertically, leading to growth in the number of new and in-development residential apartments and complexes.
People in cities prefer condominiums and apartments owing to the integrated security and amenities within optimized prices.
Providing a high level of security, while managing a large number of households, becomes necessary for the society builders and management bodies.
With the increasing number of condominiums and apartment projects in cities worldwide, the home security market for condominiums and apartments is expected to grow at a higher CAGR between now and 2023.
Outlook for Professional Security Installation and Integration vs. D.I.Y. Security Systems
While some home-owners increasingly seek out D.I.Y. installed security technology to cut costs, the large and steadily growing market for professionally installed and monitored security systems is mainly attributed to the growing concern among consumers about consistent security and real-time monitoring, and rising disposable income. Opposed to D.I.Y. security system installation, customers who choose professional systems and integrators:
Can completely rely on professionally installed and monitored security systems, which are backed up with engineering and maintenance support
Prefer opting for this category of products as the direct involvement of experts in handling and managing such products saves time and reduces efforts
May receive discounts and insurance benefits with a a complete security package including professional monitoring
Have the benefit of the professional company communicating with offsite monitoring centers to ask for police, firefighters, and ambulance assistance during emergencies
A Changing Technological Landscape: Smart Cities and IoT
Finally, the proliferation of smart city projects, the emergence of IoT, and the integration of wireless technology are a few factors that are expected to fuel the implementation of security products across different households and commercial applications.
Our summary briefly touches on the full research report, but picks out thought-provoking highlights. If you've been considering a home security system or an advanced system for your place of business, complex, arena, or any other commercial application, we are happy to assess your situation and needs with a free quote and experience the next generation of security technology for a changing world.
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