The global burglar alarm systems market was valued at US$ 5.5 billion in 2021 and increased to US$ 5.9 billion by 2022, growing by 7.3% annually. Between 2022 and 2032, the market is anticipated to develop at a compound annual growth rate (CAGR) of 7.2%, reaching US$ 11.8 billion.
Recent years have seen a major advancement in intruder alarm systems. Both the Internet of Things (IoT) and artificial intelligence (AI) have created barriers for the market for security solutions as a whole. The use of smart security systems in smart homes is expected to increase demand for home security systems.
Expansion of the market can be attributed to the increasing utility in residential and commercial buildings and the adoption of advanced technologies like AI & Big data to enhance security services across various developing countries.
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However, the false alarms triggered by the inaccuracy of systems to catch sounds have created discontent in the minds of people which is likely to impede the growth of the global burglary alarm systems in the forthcoming period.
Key Takeaways from the Market Study
- Burglar alarm systems for residential applications to account for 55% revenue share
- Wired alarm systems accounted for over 3/5th market revenue as of 2021
- The North American market is expected to secure US$ 6.8 Billion while expanding at a CAGR of 7%
- Asia Pacific to experience noteworthy growth, anticipated to reach almost US$ 2 Billion by the end of the 2022-2032 forecast period
- Global burglar alarm systems market value to experience 2x growth from 2022-2032
Competitive Landscape
Key players in the global Burglar Alarm Systems market include ADT, ASSA ABLOY, Banham, Hangzhou Hikvision Digital Technology Co., Ltd., Honeywell International, Inc, Inovonics Wireless Corporation, Johnson Controls, Securitas AB, Siemens, Risco Group, Napco Security Technologies, Inc. Some of the recent key developments among the players are:
- In March 2022, ASSA ABLOY, the global leader in access solutions, will be exhibiting its latest innovations when the company debuts its exciting new booth at ISC West. With emerging security issues due to the ongoing health, economic, and social crises, ASSA ABLOY’s primary focus will be on helping attendees identify new opportunities for improving health, safety, and access at their facilities.
- In Sept 2022, Honeywell International, Inc., announced the release of Pro-Watch® Integrated Security Suite, a software platform designed to help protect people and property, optimize productivity and ensure compliance with industry regulations. The platform provides complete visibility of all connected systems and the scalability of the software makes it easy to grow with the changing needs of a business.
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More Valuable Insights Available
FMI, in its new offering, presents an unbiased analysis of the global Burglar Alarm Systems market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights based on type (wireless and wired), component (hardware, software and services) and application (commercial & industrial and residential) & across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
Key Segments Covered In The Burglar Alarm Systems Industry Survey
Burglar Alarm Systems by Type:
- Wireless Burglar Alarm Systems
- Wired Burglar Alarm Systems
Burglar Alarm Systems Market by Component:
- Burglar Alarm Systems Hardware
- Burglar Alarm Systems Software
- Burglar Alarm Systems Services
Burglar Alarm Systems Market by Application:
- Burglar Alarm Systems for Commercial & Industrial Applications
- Burglar Alarm Systems for Residential Applications
Burglar Alarm Systems Market by Region:
- North America Burglar Alarm Systems Market
- Latin America Burglar Alarm Systems Market
- Europe Burglar Alarm Systems Market
- Asia Pacific Burglar Alarm Systems Market
- Middle East & Africa Burglar Alarm Systems Market
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Related Link :
https://vherso.com/read-blog/24951https://cariblime.net/read-blog/22161
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