The growing threat of natural disasters, home break-ins and theft is driving the demand for property owners to bundle together a wide variety of services. According to a report by IMS Research, integrated security systems are becoming more common in single-family homes.
"Telecommunication companies and utilities play an important role within the home with bundled offerings now becoming the industry norm," said Blake Kozak, report author and senior analyst at IMS Research. "Historically, security equipment was standalone from other devices commonly found in the home requiring a separate installation and a different monthly fee."
The report noted that this bundling trend is a major contributor to the growing home security market. A separate study by MarketsandMarkets echoed this finding, revealing the global market for home security solutions is forecast to expand at a compound annual growth rate of more than 9 percent through 2017, eventually generating more than $34 billion in revenue, up from less than $21 billion in 2011.
The integrated security system market, in particular, is expected to increase at a CAGR of more than 25 percent through 2017, MarketsandMarkets said.
"Not only are there more providers of home security and home automation systems, ranging from retailers to telecommunication companies, but there is also more flexibility in functionality, pricing and interaction with the home," Kozak said. "This opens the door not only to single-family dwellings but also multifamily dwellings who may have never considered installing a security system before."
As more consumers around the world demand the ability to bundle surveillance cameras, access control systems and fire alarms into a single package, the market for integrated security systems will continue to flourish in the coming years. As a result, homes and businesses will be more protected from crime and natural disasters at a more affordable price.