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Home Security System Market size is set to grow by USD 25.8 billion from 2024-2028, Growth of DIY home security systems boost the market, Technavio

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NEW YORK, June 27, 2024 /PRNewswire/ — The global home security system market size is estimated to grow by USD 25.8 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 8.1% during the forecast period. Growth of diy home security systems is driving market growth, with a trend towards evolution of IoT. However, increasing instances of false alarms poses a challenge. Key market players include ABB Ltd., ADT Inc., Alarm.com Holdings Inc., Allied Universal, Amazon.com Inc., August Home Inc., Canary Connect Inc., Cisco Systems Inc., Comcast Corp., EMERSON RADIO CORP., General Electric Co., Honeywell International Inc., Johnson Controls International Plc., Kuna Systems Corp., LG Electronics Inc., Ooma Inc., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Simplisafe Inc., and Vanderbilt International GmbH.

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Home Security System Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 8.1%

Market growth 2024-2028

USD 25.8 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

7.38

Regional analysis

North America, Europe, APAC, Middle East and Africa, and South America

Performing market contribution

Europe at 29%

Key countries

US, China, Germany, Canada, and UK

Key companies profiled

ABB Ltd., ADT Inc., Alarm.com Holdings Inc., Allied Universal, Amazon.com Inc., August Home Inc., Canary Connect Inc., Cisco Systems Inc., Comcast Corp., EMERSON RADIO CORP., General Electric Co., Honeywell International Inc., Johnson Controls International Plc., Kuna Systems Corp., LG Electronics Inc., Ooma Inc., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Simplisafe Inc., and Vanderbilt International GmbH

Market Driver

The Internet of Things (IoT) revolutionizes home security systems by enabling communication between multiple devices within a network. This technology facilitates data transmission between smart devices like thermostats and sensors, connected to end-users’ mobile devices. IoT’s interconnected embedded software, hardware devices, communication services, and IT-related services enhance efficiency. Smart homes, shopping, transportation, and healthcare systems are IoT applications. IoT incorporates wireless video surveillance systems, transmitting videos over networks for immediate response. Remote monitoring offers advantages such as easy storage and flexibility to install additional components. The increased demand for home security systems, driven by IoT, is anticipated to fuel the global home security system market’s growth during the forecast period. 

The home security market is currently experiencing significant growth with advances in technology. Access control systems, CCTV cameras, and smart home technology are trending areas. For instance, biometric access controls using fingerprint recognition and facial recognition are becoming popular. Additionally, wireless and do-it-yourself (DIY) security systems are gaining traction due to their convenience and affordability. Surveillance systems with high-definition video and night vision are also in demand. Furthermore, smart home technology integration with security systems is a growing trend, enabling homeowners to monitor and control their security systems remotely. Overall, the home security market is evolving to meet the needs of modern homeowners, offering advanced features and convenience. 

Research report provides comprehensive data on impact of trend. For more details- Download a Sample Report

Market Challenges

The global home security system market faces challenges due to the high rate of false alarms. These errors can lead to customer dissatisfaction and hinder the response to genuine alarm conditions. Causes include minor programming issues and sensor malfunctions. False acceptance, where unauthorized users are incorrectly accepted, can result in data breaches and fraudulent activities. Vendors address this issue through two-way communication and dual verification features to filter false alarms. These factors may impede market growth during the forecast period.The home security systems market faces several challenges. Technologies like Carbon Monoxide detectors, Motion sensors, and Fire alarms are crucial for ensuring safety. However, integrating these systems can be complex. Access control and connectivity are key concerns. The use of outdated technology and lack of standardization can hinder progress. Additionally, privacy and data security are significant challenges. As the market evolves, addressing these issues will be essential for growth. Proactively implementing advanced security measures and ensuring user-friendly interfaces will be vital for success.

For more insights on driver and challenges – Request a sample report!

Segment Overview 

This home security system market report extensively covers market segmentation by 

Product 1.1 Video surveillance system1.2 Alarm system1.3 Access control systemDistribution Channel2.1 Offline2.2 OnlineGeography 3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 Video surveillance system- Home security systems are essential for modern residences. These systems provide peace of mind by safeguarding properties against intrusions and potential threats. The market for home security systems continues to grow, driven by advancements in technology and increasing consumer awareness. Companies offer various solutions, including wireless systems, CCTV cameras, and smart home integrations. Homeowners invest in these systems to secure their families and valuables. The market is expected to expand further due to rising crime rates and the convenience offered by these advanced systems.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Research Analysis

The Home Security System Market encompasses various advanced technologies to ensure residential safety and security. These systems incorporate wireless networking for seamless connectivity, enabling real-time monitoring of Wireless Technologies. Deep learning algorithms are integrated to minimize False Alarms and enhance system efficiency. Video Surveillance Systems and Access Control Systems are integral components, providing visual verification and controlled entry. Fire Protection Systems, including Smoke Detectors, Flame Detectors, Heat Detectors, Sprinklers, and Extinguishers, safeguard against Fire, Smoke, and Carbon Monoxide Poisoning. Home Security Systems leverage Artificial Intelligence to analyze patterns and detect anomalies, reducing the likelihood of Water Damage or Burglary. Privacy Concerns are addressed through encryption and secure data transmission. Overall, the Home Security System Market offers comprehensive solutions to ensure peace of mind and protection for homeowners.

Market Research Overview

The Home Security Systems market encompasses a range of technological solutions designed to enhance residential safety and security. These systems typically incorporate features such as motion sensors, surveillance cameras, access control systems, and alarm systems. The market is driven by increasing home automation trends, rising crime rates, and growing consumer awareness regarding home security. Smart home security systems, which can be remotely controlled and monitored via smartphones or other devices, are gaining significant traction. Additionally, advancements in artificial intelligence and machine learning are enabling more sophisticated security systems that can learn and adapt to homeowners’ behaviors and preferences. Overall, the home security systems market is poised for continued growth as homeowners seek innovative ways to protect their properties and families.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductVideo Surveillance SystemAlarm SystemAccess Control SystemDistribution ChannelOfflineOnlineGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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G42 Collaborates with NVIDIA to Deliver Next-Generation Climate Solutions Using Earth-2

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ABU DHABI, UAE, Sept. 20, 2024 /PRNewswire/ — G42, a leader in AI and cloud computing, today announced that it is partnering with NVIDIA to advance climate technology with a focus on developing AI solutions aimed at dramatically enhancing the accuracy of weather forecasting globally.

The collaboration builds on NVIDIA’s Earth-2, an open platform that accelerates climate and weather predictions with interactive, AI-augmented, high-resolution simulation. G42 and NVIDIA will initially focus on a square-kilometer resolution weather forecasting model that improves the accuracy of meteorological predictions.

Key to this initiative is the establishment of a new operational base and Climate Tech Lab in Abu Dhabi. This state-of-the-art facility will serve as a hub for research and development, driving forward both companies’ commitment to environmental sustainability. This facility will also mobilize the creation of tailored climate and weather solutions that leverage over 100 petabytes of geophysical data assets.

Peng Xiao, Group CEO of G42, said, “This initiative with NVIDIA is a testament to our commitment to applying AI in ways that not only innovate but also solve critical global challenges. Establishing the Earth-2 Climate Tech Lab in Abu Dhabi allows us to leverage our unique capabilities and insights to foster a sustainable future for the world.”

In addition to fostering innovation in climate technology, the initiative will focus on building a robust framework for integrating enhanced weather prediction capabilities with comprehensive data metrics and visualization. This will assist organizations worldwide in achieving their sustainability goals through well-informed, data-driven environmental strategies.

“Our collaboration with G42 marks a pivotal step toward harnessing AI to understand and predict climate phenomena with unprecedented accuracy,” said Jensen Huang, founder and CEO of NVIDIA. “The Earth-2 Climate Tech Lab will propel environmental solutions using the most advanced accelerated computing and AI technology to benefit millions of people around the world.”

By uniting G42’s AI expertise with NVIDIA’s computational acumen, this partnership aims to deliver transformative climate solutions that combine scientific accuracy with real-world applicability, driving impactful change across industries and ecosystems.

About G42

G42 is a technology holding group, a global leader in creating visionary artificial intelligence for a better tomorrow. Born in Abu Dhabi and operating worldwide, G42 champions AI as a powerful force for good across industries. From molecular biology to space exploration and everything in between, G42 realizes exponential possibilities, today.
To know more visit www.g42.ai.

Media contacts
Media and PR Team, G42
media@g42.ai

View original content:https://www.prnewswire.co.uk/news-releases/g42-collaborates-with-nvidia-to-deliver-next-generation-climate-solutions-using-earth-2-302253818.html

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Kawasaki and CB&I Sign Strategic Collaborative Agreement for Promoting Commercial-Use Liquefied Hydrogen Supply Chain

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HOUSTON, Sept. 19, 2024 /PRNewswire/ — Kawasaki Heavy Industries, Ltd. (Kawasaki) and CB&I, a wholly owned unrestricted subsidiary of McDermott, announced today their signing of a strategic agreement for promoting a commercial-use liquefied hydrogen (LH2) supply chain and realizing a zero-carbon-emission society. The signing ceremony took place at Gastech Exhibition & Conference in Houston on September 18, 2024.

“We are very pleased for this opportunity to build and launch a commercial liquefied hydrogen supply chain in cooperation with CB&I,” said Motohiko Nishimura, President, Energy Solutions & Marine Engineering Company, Kawasaki Heavy Industries, Ltd. “By taking advantage of both companies’ strengths and specialized know-how, we aim to cost down hydrogen, strengthen hydrogen supply chain competitiveness, and accelerate the transition to a zero-carbon society.”

Both companies will use their specialized know-how to provide infrastructure that will enable commercial-scale international LH2 supply chains in order to help achieve carbon-neutrality. By leveraging our combined expertise to deliver large-scale LH2 infrastructure solutions, CB&I and Kawasaki are removing barriers, driving down costs and enhancing scalability across the entire supply chain.

“This strategic partnership represents a significant advancement in liquid hydrogen storage capabilities,” said Mark Butts, Senior Vice President of CB&I. “Our technical expertise and extensive experience in liquid hydrogen storage position us at the forefront of the energy transition, delivering reliable storage solutions and executing projects worldwide with proven success.”

Under this agreement, the companies will provide infrastructure to advance the global realization of a sustainable energy economy and meet decarbonization targets. This collaboration will reduce LH2 infrastructure costs and contribute to more widespread use of this clean and efficient energy source.

About CB&I
CB&I is the world’s leading designer and builder of storage facilities, tanks, and terminals. With more than 60,000 structures completed throughout its 130-year history, CB&I has the global expertise and strategically located operations to provide its customers world-class storage solutions for even the most complex energy infrastructure projects. CB&I is a wholly owned unrestricted subsidiary of McDermott. To learn more, visit www.cbi.com.

About McDermott
McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott’s innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott’s locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.

About Kawasaki Heavy Industries, Ltd.
Kawasaki Heavy Industries, Ltd. is general engineering manufacturer with over 125 years of experience manufacturing products spanning land, sea and air. Kawasaki established the Kawasaki Group’s new vision statement, “Group Vision 2030: Trustworthy Solutions for the Future,” and is focusing on three fields, “A Safe and Secure Remotely-Connected Society,” “Near-Future Mobility,” and “Energy and Environmental Solutions” in order to provide solutions for social issues. For “Energy and Environmental Solutions” in particular, by securing the technology necessary for the entire supply chain (for production, transportation, storage and utilization) ahead of the rest of the world, Kawasaki aims to bring about a society that utilizes hydrogen, the ultimate clean energy that emits no carbon dioxide when used. To learn more, visit https://global.kawasaki.com/en.

Forward-Looking Statements
McDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about the expected benefits from the collaboration agreement discussed in this press release.  Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit or capital markets; our inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties; changes in industry norms; actions by lenders, other creditors, customers and other business counterparties of McDermott and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott’s management as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.

For media inquiries, please use the contact information below:

Reba Reid
Global Media Relations
+1 281 588 5636
RReid@McDermott.com

Kristi Krupala-Grove
CB&I Media Relations
+1 346 313 9636
KKrupala2@mcdermott.com

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SOURCE McDermott International, Ltd

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Halal Route Application – Eat, Travel around Thailand, Safe and Sound Halal Style

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BANGKOK, Thailand, Sept. 20, 2024 /PRNewswire/ — The Halal Science Center, Chulalongkorn University has developed Halal Route, an application that lists restaurants, lodging, mosques, prayer directions, and tourist attractions in Thailand under Islamic tourism principles. It hopes to help Muslim tourists travel in Thailand with peace of mind, and supports tourism industry operators to grow and welcome a growing number of Muslim tourists.

The Tourism Authority of Thailand (TAT) predicts that in 2024 there will be around 168 million Islamic tourists worldwide.  According to the Mastercard-Crescent Rating Global Muslim Travel Index (GMTI 2024), Thailand is the 32nd most popular destination for Muslim tourists.  However, the major problem Muslim tourists encounter in Thailand is finding Halal-accredited restaurants, hotels, accommodations, or tourist attractions with service areas (such as prayer rooms) that are compliant with the Islamic way.

Halal Route” is a travel aggregator app that collects searchable information on Halal restaurants, mosques, prayer locations, times, and directions for prayers (the qibla), tourist attractions, Muslim villages or communities, hotels, accommodations, etc.  This app is linked to Google Maps for navigation with precision. It also supports 3 languages, Thai, English, and Arabic, so that Muslim tourists can live and travel more comfortably and with peace of mind,” said Mr.Erfun Weahama, Science Service Officer, Halal Route App development team.

Dr. Anat Denyingyot, Assistant Director of the Halal Science Center, emphasized that the Halal Route application has the most reliable and comprehensive information on halal tourism in Thailand today. “All restaurants and locations have had on-site visits and are audited according to standards approved by a trusted authority or organization, such as certifications from religious organizations or halal food-related entities, as well as management systems to guarantee and be responsible for halal conditions (the HAL-Q system),” Dr. Anat assured.

Currently, the application has more than 1,100 restaurants in its database, and new locations and services are being updated, covering more than 40 provinces from north to south of Thailand that are popular among tourists.

Halal Route is not only for navigation, but a platform that connects Muslim communities from around the world who have the opportunity to visit Thailand,” Associate Professor Dr.Winai Dahlan, Director of the Halal Science Center concluded.

The Halal Route application is free to download on both iOS and Android systems.

Read the full article at https://www.chula.ac.th/en/highlight/185916/  

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SOURCE Chulalongkorn University

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