Home Security System Market size to grow by USD 21.53 billion from 2021 to 2026|The growth of DIY home security systems is to drive the market growth- Technavio
NEW YORK, Nov. 19, 2023 /PRNewswire/ -- According to Technavio, the home security system market size is estimated to grow by USD 21.53 billion from 2021 to 2026. The market is estimated to grow at a CAGR of 7.8% during the forecast. The major factor driving the global home security system market growth is the growth of DIY home security systems. This popularity is due to the advantages of DIY home security systems, including low cost, ease of installation, and smartphone-enabled operation. North America is one of the largest adopters of the DIY home security system, with the US in the lead. The low cost of these systems compared to professional security systems is the major factor that will be propelling the market growth during the forecast period. For instance, compared to those offered as part of a professional package, cameras used in DIY systems are less expensive. Furthermore, the flexibility associated with DIY security systems will support non-traditional security equipment providers to improve the overall penetration rate of homes with alarm systems. Download a Sample Report now!
Home Security System Market Insights -
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Home Security System Market – Market Dynamics
Significant Trends /p>
Key challenges -
The major challenge that may hinder the global home security system market growth is the increasing instances of false alarms owing to the failure to access the property. The operator may not respond to genuine alarm conditions due to such alarms. Because of minor errors in the application programs, false alarms usually happen, particularly when the sensor is unable to read the object which is nearing the boundary. This not only leads to customer dissatisfaction but also results in the mishandling and loss of sensitive customer information and other fraudulent activities. Therefore, such factors may hinder the growth of the market during the forecast period.
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