Lucintel Forecasts Home Security Market to Reach $62.3 Billion by 2025

According to the recent study the home security market is projected to reach an estimated $62.3 billion by 2025 from $39.6 billion in 2019, at a CAGR of 7.9% from 2020 to 2025. Growth in this market is primarily driven by increasing rate of crime, declining prices of security products, increasing awareness related to safety and security, and the growing adaption of cloud-based technologies.

Browse 83 figures / charts and 60 tables in this 140 -page report to understand trends, opportunities and forecast in home security market by product and service type (equipment and service), by type of installation (DIY type and professional type), and by region (North America, Europe, Asia Pacific, and the Rest of the World).

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“Service market is expected to remain the largest segment during the forecast period.”

Based on product and service type, the home security market is segmented into equipment and service. Lucintel forecasts that the service market is expected to remain the largest segment over the forecast period due to the increasing need for continuous monitoring services to reduce the risk of crime, burglary, and theft. The equipment segment is expected to experience the highest growth rate during the forecast period, supported by the increasing demand for electronic locks and intruder alarms to protect unauthorized access in residential premises.

“Within the home security market, the professional segment is expected to remain the largest type of installation”

Based on type of installation, the professional segment is expected to witness the largest largest installation type due to the increasing demand for 24/7 monitoring service and the DIY (Do-it-yourself) segment is expected to experience the highest growth rate during the forecast period, supported by easy configuration and less installation cost.

“North America will dominate the home security market in near future”

North America is expected to be the largest region over the forecast period due to the increasing usage of technologies and digitalization in the US and Canada. Asia Pacific is expected to witness the highest growth over the forecast period because of increasing awareness on home safety and security.

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Major players of home security market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. ADT Corporation, Monitronics International, Vivint Inc., Protection One, and UTC Fire & Security are among the major home security providers.

This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/home-security-market-2020-2025.aspx or helpdesk@lucintel.com