Global Home Security Solutions Market Expected to Top $34 Billion by 2017
MarketsandMarkets.com just came out with the results of a new market research report titled Home Security Solutions Market - Global Forecast & Analysis (2012 - 2017) By Products, Security System Solutions & Homes.
The report predicts that the home security solutions market will reach $34.46 billion by 2012, owing to the increase in home burglaries, lower insurance premiums for homeowners who invest in security systems, and marked growth in the technology sector. Currently, the home security solutions market is valued at approximately $20.64 billion.
North America held the number one spot in the home security solutions market, generating 55.6% of the global market share. Asia-Pacific came in second with a 28.4% share. Security solution products in the report included cameras, electronic locks, sensors, energy management systems, alarms, and panic buttons. Of these products, video surveillance cameras enjoy 26.69% of the market, demonstrating their dominant foothold.
In 2011, independent homes within the residential sector (condominiums, independent homes, and apartments) had an 80.1% market share. The report notes that apartments are expected to capture a greater market share in the coming years due to the upswing in nuclear families.