Home security market worth $51.5 billion through 2022

A new report from Research and Markets expects that the global home security market will be valued at $51.5 billion through the next five years.

The research firm lists several trends that are key to the market’s predicted CAGR of 9.2 percent from 2017 to 2022. Those include the need for more crime-deterrent solutions, the increasing use of cloud storage by various systems and security products being competitively priced. The last can now be true even for smart security cameras. They are now releases available for $60 and below.

As regards destination markets for home security products, the US and Canada are among the major growth contributors due to the increased adoption of technologies in these countries.

In terms of monitoring and installation, the report points out that professionally monitored kits will still be plenty even if DIY systems are growing fast. Another market research firm, IHS Markit, sees the same though has stated that providers need to come up with more flexible services, including combining professional monitoring with DIY installation or DIY monitoring and professional installation.