The home security system includes a controller to control the entire home security system, door and window sensors, motion sensors, security cameras. Additionally, it also includes yard signs, alarms and window stickers. These integrated electronic devices are used to protect home against burglars and uninvited intruders. Internet of Things (IoT) has a tremendous impact on the home security solutions in todays times. Many companies are launching systems with enhanced security attributes for monitoring, with the help of integration of IoT in home security systems.
Integration of IoT and cloud computing makes it easier to access the system from different locations, provides greater storage and efficiency in data exchange thus contributing to more efficient systems in market. The cloud based home security systems decrease the complexity of the software making is simpler for residential users to use it.
North America is the leader in the home security solution market. There is adoption of the smart home systems on a large scale in North America and Europe to be next in line as compared to other regions. Many companies are making new development into the products/security systems which include smart thermostats, network cameras, security systems and multi-room technology in them. Many new entrants like Vivint, Inc. are giving tough competition to the old players like Honeywell International Inc. in North America.
India and China being fastest growing economies in the world and emerging markets for home security solutions.
SimpliSafe, Inc. an American home security company partnered with Hippo Insurance. This partnership offers the home alarm devices, home monitoring devices along with homeowner’s insurance policy. This has led to the adoption of smart home security solution and growth in market.
Some of the key competitors in the Home security solution market include ADT, SimpliSafe, Inc., Protect America, Inc., Honeywell International, Inc., Axis Communications AB, ASSA ABLOY, Vivint, Inc., Godrej.com, ABB and others.
The partnership strategy of the key players in the market are leading to growth of home security solutions market.
KEY INDUSTRY DEVELOPMENTS
March 2020: Vivint, Inc. launched Vivint Doorbell Camera Pro. This new version of camera is first to provide 180 degree vertical and horizontal view with 1:1 aspect ratio. This camera is combination of optics, deterrent features and intelligence to satisfy customer needs.
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