A combination of factors are combining to create new growth opportunities in the home security sectors. As a result, the global market for home security solutions will rise substantially in the near future.
According to a recent Technavio study, the global home security market will expand by a compound annual growth rate of approximately 8.9 percent from 2011 through 2015.
Assessing home security market growth
Technavio analysts researched market trends around the world, finding that the industry is shifting away from being a technology-focused marketplace. Instead of having solutions and trends focused on the technology, there is a growing move to guide the sector forward based on consumer demand. On one hand, this possibility creates plenty of sales potential and possible market growth. However, technology is still a key component in home security and a lack of consumer understanding of key security trends could end up limiting how quickly they embrace advanced solutions.
Considering important trends in home security
Many experts agree that home protection systems are more accessible than ever before. This is largely possible because of technology. Wireless networking, mobile security solutions, do-it-yourself solutions and other emerging security technologies are contributing to a market that is much broader than it was in the past. Cameras, professionally installed security systems and other advanced options are still widely available, but consumers that cannot afford that technology or are renting space and cannot install permanent systems can benefit from simpler solutions that are hitting the market.
Home automation is also having a major impact on the security landscape. As intelligent building solutions gain prominence in the consumer space, new demand for integrated security solutions that can work as part of a broad automation strategy could increase. Many experts believe home automation is becoming accessible enough to gain prominence in more markets. This is especially true as smartphones and tablets are becoming mainstream solutions that can give homeowners a convenient application ecosystem to support home automation functionality.
Moving forward, the home security market may face challenges, especially as consumer expectations change in an increasingly tech-savvy world. However, advanced technologies are becoming much more accessible. As sophisticated solutions become an option in more markets, many consumers who would not normally consider buying a security system may be able to find a solution that fits their budget. This is especially true as mobility plans erase some of the learning curve associated with using a security system.