New Analysis from Global Industry Analysts Reveals Steady Growth for Home Security Systems, with the Market to Reach $68.2 Billion Worldwide by 2026
SAN FRANCISCO, Oct. 14, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Home Security Systems - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Global Home Security Systems Market to Reach US$68.2 Billion by the Year 2026
Amid the COVID-19 crisis, the global market for Home Security Systems estimated at US$50.2 Billion in the year 2020, is projected to reach a revised size of US$68.2 Billion by 2026, growing at a CAGR of 5.4% over the analysis period. Video Surveillance Systems, one of the segments analyzed in the report, is projected to grow at a 6.4% CAGR to reach US$28.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Access Control Systems segment is readjusted to a revised 5.2% CAGR for the next 7-year period. This segment currently accounts for a 17.8% share of the global Home Security Systems market. Video Surveillance involves the process of monitoring the activity and behavior of individuals, a group of individuals, and/or machines for the purpose of managing, directing, influencing or protecting them. Strong demand for networked cameras drive growth in the Video Surveillance Systems segment. The growing demand for smart locks drives growth in the Access Control Systems segment. Smart locks are electromechanical locks designed to automatically lock and unlock a door through commands from an authorized device or an authentication PIN, have come to the fore offering a new generation door locking system. The access control solution monitors multiple usage of a card at locations that does not permit its usage.
The U.S. Market is Estimated at $16.9 Billion in 2021, While China is Forecast to Reach $7.4 Billion by 2026
Entrance Control Systems Segment to Reach $8.9 Billion by 2026
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SOURCE Global Industry Analysts, Inc.
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