The Home Security Market Is Booming

Are you interested in starting a small business venture, and curious to know what industries look to be the most lucrative in the future? You might consider investing in the home security market.

According to a recent study performed by marketsandmarkets.com, researchers believe the home security market will grow from $28,318.69 million in 2014 to $47,542.52 million by 2020. The report was titled, “ Home Security Solutions Market by Product (Electronic locks, Sensors, Cameras), Solutions (Intruder Alarm, Intercom, Access Control, Fire Protection, Integrated Security, Video Surveillance & Others), Home Type, & Geography – Global Forecast to 2020.”

The report also goes on to say that the majority of the market share will be occupied by the U.S. The global home security market has seen many changes since its inception in the ‘90s. The constant evolution of technology, and the growth of the internet, has increased the ways in which a home owner can keep their property secure.
Investors also see the home security market as profitable. Take BeON Home, for example. The company has created the first Bluetooth Smart-enabled home protection system that provides preventative security and emergency lighting. They announced on Feb. 4 that they’d received $2.9 million in capital. Jopeko, LLC led the effort, and now BeON’s total investment equals around $5 million.

The press release , which BeON released to various outlets via wire, states that they are continuing to update their products and improve them for consumer’s wants and needs.

The marketsandmarkets.com study named the following companies as the industry heavyweights. The major players in the global home security solutions market are Tyco, ASSA ABLOY, UTC Fire & Security, Honeywell International, Inc., Bosch Security Systems, Ingersoll Rand Solutions, Allegion PLC, Godrej & Boyce Manufacturing Company Limited, Control4 Corporation, Alarm.com, and Nortek Security & Control LLC.

However, an article published on BusinessInsider.com in July of last year says that while the big wigs represent more than 90% of the market, there is room for growth in self-installed and self-monitored home security. Consumers will look to build loyalty with tech companies who begin producing home security. The data came from Citi.

“Based on research projections, Citi estimates that self-installed and monitored systems will control 34% of the market in five years, with professional system slipping to 61.6%. In the longer term, 20 years from now, these numbers are projected to basically switch with self-monitored systems holding 62.5% of the market and professional services making up 31.3%,” writes Bob Bryan.
As millenials become home owners, the desire for different home security options will change, but the desire for home security will not go away.
Any way you look at it, home security is a profitable small business venture, with projected growth for many years to come

Author : Aaron Gilley, Owner of Security Essentials of Lexington

Leave a Comment

Your email address will not be published. Required fields are marked *