Persistence Market Research (PMR) has recently published a report with the title, “DIY Home Security Solutions Market: Global Industry Analysis 2012-2016 and Forecast 2017-2025.” An alarming rise in the number of crimes and burglary has triggered fear among people, thus leading to a rise in the adoption of security services and equipment. Due to the advancements in technology and the availability of internet connected devices, new smart home devices such as DIY home security systems are flourishing, which compliments the demand for an easy to install security system corresponding to the increasing crimes and burglaries globally. The demand for DIY home security systems is expected to witness significant growth during the forecast period. As a result, the global DIY home security solutions market is expected to foresee an outstanding CAGR of 22.4% over the course of the assessment period.
Consumer Tilt Towards Smart Homes to Bode Well for the Market
The adoption of smart homes and related applications in the past five years has increased significantly, especially in countries in Europe and North America, owing to the increasing advancements in home automation. The growing adoption of smart homes is expected to drive the demand for residential security gadgets. Smart home appliances include advanced security systems such as DIY home security systems, security alarms, video intercoms, sensors, electronic locks, and cameras.
Some of the other smart features include extensive control over the home living environment such as self-powered lighting, climate controls, fire alarms, and power management. Owing to the aforementioned factors, people are adopting security systems with advanced security features embedded in their smart home applications and are also considering this as a value added service for a better quality of living. These factors are encouraging DIY home security system vendors to innovate and come up with new solutions, which is further expected to propel the growth of the market in the long run.
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Moreover, enhancements in internet penetration, network connection and the growing demand for wireless networks has propelled the use of home security solutions across the globe. The integration of a wireless network system has also eliminated the need for a skilled labor force, thus helping the owner in cutting unnecessary costs. However, if technology can be helpful and high-end, it can also cause errors and issues leading to the failure of the entire system such as network issues and false alarms. Further, the high reliability of professional security systems is another roadblock in the growth of the market.
Monitoring and Alarming Systems to be Most Preferred Product
In 2017, monitoring and alarming systems held a share of 68.5% in the global DIY security solutions market. It was closely trailed by DIY security cameras. It has been projected that the former will maintain its lead throughout the course of the forecast period owing to the fact that residential complexes prefer using monitoring and alarming systems over cameras as they find it difficult to keep track of camera monitoring. DIY security cameras are mostly used in commercial platforms such as shops and organizations.
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Innovation to Stay Focal Point of Leading Vendors in the Global Market
In order to stay competent in the market and surpass rivals, several top companies are focusing on new product launches with advanced features. Key players are also entering into mergers or partnerships in order to make use of the technology of other players and maintain a high rank in the market. Some of the leading companies operating in the global DIY home security solutions market are SAMSUNG SmartThings, Frontpoint Security Solutions, SimpliSafe, Inc., Protect America, Inc., and abode systems, inc.