February 12, 2021
According to the research report titled ‘APAC Home Security Market Analysis, 2020’, available with Market Study Report LLC, APAC home security market is projected to record a y-o-y growth rate of 11% during 2020-2025.
As per the report findings, APAC home security market growth is mainly driven by soaring demand for DIY security systems.
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Besides, the research report extensively analyzes all the other growth drivers and opportunities that will positively impact the industry dynamics over the forecast timespan. Moreover, it addresses the existing and upcoming challenges in this vertical. It also guides marketers, businesses, and other industry partakers in making well-informed decisions that will promise success in the forthcoming years.
Apart from this, the document illustrates the level of competition in this domain, while providing detailed company profiles along with product & service portfolios.
Speaking of the industry segmentation, under the offering segment, the market is categorized into solutions (intruder alarms, entrance control, access control, video surveillance, and fire protection) and services (professional services and managed services).
With respect to application spectrum, APAC home security market is divided into apartment & condominiums and independent homes. Apartment & condominiums segment accounted for a major portion of the overall industry share in 2019, attributable to shifting preferences of people towards apartments with integrated security and amenities within optimal price ranges. Further, rapid urbanization, and surging number of condominiums and apartment construction projects in cities will bolster the segmental growth.
Moving on to type, APAC home security industry is segmented into do-it-yourself (DIY) systems, self-installed & professionally monitored, and professionally installed & monitored systems. Among these, do-it-yourself (DIY) segment is projected to gain considerable traction in the coming years, attributable to cost efficiency of these systems. Moreover, DIY systems are increasingly becoming an alternative for customers with average discretionary earnings.
In countries such as India, home security system penetration rate is low due to the costs associated with these systems, which allow customers with limited budgets to install DIY systems for security. Besides, DIY systems often allow clients to use their smartphones to monitor the home remotely.
The competitive landscape of APAC home security market sphere is defined by major contenders such as Honeywell International Inc., Hangzhou Hikvision Digital Technology Co., Ltd. (Hikvision), Assa Abloy AB, Robert Bosch GmbH, Nortek, Schneider Electric SE, Legrand SA, ABB Group, Johnson Controls International plc, and ADT, Inc.