The Home Security Products and Solutions Market is segmented, By Products (Electronic Locks [Keypad Locks, Biometric Locks, Magnetic Strip Locks, Electric Strip Locks, Electromechanical Door Locks, Wireless Locks], Sensors, Cameras, 7.5 Panic Buttons, Fire Sprinklers Extinguishers, Alarms), By Solution (Medical Alert System, Access Control Management Solution, Intruder Alarm Solution, Intercom System, Video Surveillance Solution, Fire Protection System, Integrated Security Solution), By Home Type (Independent Homes, Condominiums, Apartments) and Region - (North America, Europe, Asia-Pacific, and Rest of the World).
In industrialized nations like North America, the usage of smart homes and gadgets is projected to increase. Increased domestic security will be required for smart houses, and it will be supported by cutting-edge products and solutions including security alarms, sensors, electronic locks, and smart home device control systems.
Moreover, in the upcoming years, home security systems with remote access and management will become more popular. The development of home security systems that connect with a central monitoring system that the user controls have been made easier by the growth of machine-to-machine communication. Manufacturers are adapting to increasing consumer demand for these sophisticated security systems, which are becoming more popular in the home market.
Additionally, the market for NFC-enabled access control systems is expanding significantly. To boost their customer base, companies in the home security products and solutions market are designing and developing cutting-edge software and applications for access control solutions that can be accessed through smart cards or smartphones. Consumers are increasingly favoring smart card/smartphone-based device control.
The COVID-19 outbreak has moderately affected the home security products and solutions industry. The ongoing COVID-19 pandemic has negatively influenced the infrastructure development industry and so the product demand. This is mainly due to soaring coronavirus cases, implementation of stringent lockdown measures, and limited movement of people to curb the spread of the virus. Considering stringent government regulations, the construction and infrastructure development industry has suspended its operation, thus affecting the market growth.
Critical Questions Answered in the Report
- What are the key trends in the market?
- How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
- What is the impact of COVID-19 on home security products and solutions?
- What are the key strategies adopted by the major vendors to lead in the market?
- What is the market share of the top vendors?
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