New York, USA, Sept. 26, 2022 (GLOBE NEWSWIRE) — According to a report published by Research Dive, the global home security solution market is anticipated to generate a revenue of $1,21,421.70 million and grow at a healthy CAGR of 10.56% during the estimated period from 2022 to 2030.
As per our analysts, with the increasing need to avert burglaries, crime rates, and home invasions among residential dwellers in both developed and developing regions, the home security solution market is predicted to witness exponential growth over the analysis period. Moreover, the increasing technological improvements and growing consumer spending on home safety are expected to create huge growth opportunities during the estimated period. However, the high installation and monitoring cost of the home security solutions may impede the growth of the market throughout the forecast period.
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Segments of the Home Security Solution Market
The report has divided the home security solution market into various segments based on type, solutions, installation, end-use, and region.
Type: Service Sub-segment to be Most Productive
The service sub-segment is expected to garner a revenue of $42,619.10 million over the estimated period. This is mainly due to the increasing demand for services including assessment & analysis, consulting & integration, and maintenance and support, and many more among individuals worldwide. Moreover, the rising preference for professionally monitored services among users due to ease of control and improved efficacy of the integrated systems is expected to amplify the growth of the market sub-segment during the estimated period.
Solutions: Access Control System Sub-segment to be Most Profitable
The access control system sub-segment is predicted to generate a revenue of $25,826.60 million during the analysis timeframe. The increasing adaptation of technologies by leading market players to fulfill consumer expectations and ensure security and resilience against, break-ins, robbery, and many more, is expected to foster the growth of the market sub-segment over the forecast period.
Installation: Do-It-Yourself (DIY) Sub-segment to be Most Beneficial
The do-it-yourself (DIY) sub-segment is projected to generate $32,273.50 million throughout the estimated period. The rising process and heavy installation fee of the professional installation of home security solutions are expected to uplift the growth of the market sub-segment over the analysis timeframe.
End-Use: Independent Homes Sub-segment to be Most Lucrative
The independent homes sub-segment is predicted to garner $67,514.20 million during the forecast period. The increasing installation of the security system for primary residences, along with new construction and restored and classic homes in the developed and developing regions is expected to augment the growth of the market sub-segment over the estimated period.
Region: North America Region to Hold the Largest Share of the Market
The North America region of the …….