“Home Security Solutions Market” report provides in-depth analysis and categorizes on the basis of different technologies used in security solutions, end-products used for security perseverance and various types of homes.
(PRWEB) March 24, 2014
According to a new market research report “Home Security Solutions Market – Global Forecast & Analysis (2012 – 2017) By Products, Security System Solutions & Homes” published by MarketsandMarkets, 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.
The residential security solutions market is observed to have 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 their 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 with the other security solutions.
The key factors driving the home security solutions market include growing demand for home monitoring, attractive policies, growth of smart phones 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 such as electronic locks, sensors, alarms, cameras and panic buttons, cameras were the most potential product market with a share of approximately 26.69% as of 2011. This was followed by electronic locks and sensors with market shares of 26.32% and 24.49% respectively.