The rise of criminal activity and the ongoing advancement of technology are expanding the residential security solutions market as more homeowners implement innovative services to deter threats and keep valuables safe.
According to a new report by MarketsandMarkets, the global home security solutions market generated more than $20 billion in revenue in 2011. Advancements in the field of integrated security systems and other next-generation tools, however, are forecast to push revenue beyond $34 billion by 2017, expanding at a compound annual interest rate of more than 9 percent from 2012.
The research firm noted that advanced electronic lock systems, surveillance cameras and general alarm technologies are being installed throughout residential neighborhoods for intrusion detection, assurance of safety and other reasons. Another factor contributing to the growing home security market is the increasing presence of smartphones and tablets that give users the ability to remotely control and monitor security appliances.
The growing need to reduce energy consumption is also causing homeowners to install innovative access control systems, MarketsandMarkets noted.
One of the biggest advantages of access control solutions, beside the inherent security benefits, is the technology's ability to determine human presence.
By integrating access control with a building management system, the smart facility will be able to establish which parts of the structure is occupied. For example, if a homeowner leaves his or her house and resets the access control system, the system can turn off any lights left on.
MarketsandMarkets reported that the largest potential for the home security solutions market still remains with surveillance cameras, which accounted for nearly 27 percent of revenue generated in 2011. Electronic locks were the next most commonly deployed solutions in 2011, accounting for slightly more than 26 percent of the market, while intercom systems also had a market share of 26 percent.