HOME SECURITY SOLUTION MARKET ANALYSIS

Market Concentration and Competitive Landscape

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Rising affluence and willingness to spend on home protection

Global home security solution market growth is driven by  increasing affluence of consumers and their rising willingness to spend on protecting their homes and families. Emerging economies like India, China, Brazil and others have witnessed substantial growth in per capita incomes. This burgeoning middle class is now able to afford best-in-class security hardware and subscription-based security services. With westernization and exposure to modern lifestyles, people across the world attach greater importance to home safety and security. These people do not hesitate to invest in sophisticated yet user-friendly security automation for seamless protection.

Moreover, COVID-19 pandemic has boosted consumer spending on home improvements including security upgrades. As people spent more time at home during lockdowns, their attention shifted to enhancing safety, convenience and experience within homes. The ongoing work-from-homeculture also boosts demand for technologically superior security monitoring from anywhere, anytime. Homeowners recognize security systems as valuable long-term investments that elevate overall living standards, lifestyle comforts and property values in the long-run. Advanced home automation integrated with security has become a necessity rather than luxury for urban populations worldwide.