The global home security systems market is expected to witness a growth of 8.3% CAGR during the forecast period from 2018 to 2026, according to a new market report published by Credence Research, Inc., “Global Home Security Systems Market – Growth, Future Prospects and Competitive Landscape, 2018 – 2026.”
The global home security systems market is expected to witness a notable growth, growing at a CAGR of 8.3% during the forecast period from 2018 to 2026. Security has been a major concern in every home all over the world to keep the appliances and valuables safe & secure. Increase in crime rates have led to the higher adoption of enhanced safety and security systems, thereby driving the growth prospects of the home security systems market. Rising advancements in smartphone technology and remote monitoring coupled with growing demand for smart homes is another major factor facilitating the market growth worldwide.
The global home security systems market, based on system type was led by the video surveillance systems in 2017 and is likely to continue its lead throughout the forecast period from 2018 to 2026. The growth of this segment is primarily backed by the rising need for home security solutions. Based on end-user, independent homes accounted for largest market share in the global home security systems market. Increasing safety and security concerns among the independent homeowners is enhancing the demand for home security systems.