LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global home security system market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global home security system market will grow at a CAGR of approximately 7% during the forecast period. The growing adoption of smart homes is a major factor driving the market’s growth.
The adoption of smart homes is growing because of the increasing need for security features such as digital security and secured homes. Owing to the advances in technology, applications of intruder detection devices are increasing in the commercial markets as well as in the residential applications such as smart homes, which use surveillance, automotive products, testing, gas and fire detection, and other commercial vision applications. Advances in internet and mobile phone technology have contributed to the increase in loT in homes, making it a smart home. Alarm systems are increasingly used to secure these smart homes.
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In this report, Technavio highlights the evolution of loT as one of the key emerging trends driving the global home security system market:
Evolution of loT
loT allows communication between multiple devices within a network. It allows data transmission between smart devices such as thermostats and sensors that are connected to the mobile device of an end-user. The interconnection of embedded software, hardware devices, communication services, and IT-related services makes loT efficient. IoT assists in the efficient remote monitoring and management of numerous interconnected devices. Smart homes, smart shopping, smart transportation, and smart healthcare systems are a few examples of loT.
“loT includes the use of wireless video surveillance system to capture videos through cameras and transmit them over a wireless network to other devices such as sensors for immediate response. IoT also permits remote monitoring with the added advantages of easy storage and flexibility to install more video surveillance components such as storage devices, cameras, and video recorders based on the changing requirements of the residential sector,” says a senior analyst at Technavio for research on IT security.
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Global home security system market segmentation
This market research report segments the global home security system market into the following products (video surveillance systems, alarm systems, and access control systems) and key regions (the Americas, APAC, and EMEA).
The video surveillance system segment held the largest market share in 2017, accounting for over 50% of the market. The market share of this segment is expected to increase substantially during the forecast period.
The Americas was the leading region for the global home security system market in 2017, accounting for a market share of more than 43%. One of the key reasons for the dominance of this region is the presence of the US as it is the largest player in the market.
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