Typical subscription fees charged by third-party monitoring players ranges from USD 150 to USD 1,500. The cost of ownership too is high as the system requires timely maintenance, involves subscription fees, and replacement cost in case of any damages. The upfront installation cost in a professinalliy installed system is higher owing to expensive hardware and consultation charges. The adoption of home security solutions is significantly affected by the cost associated with the hardware, software, and services behind implementation of security system. Restraints : High installation, maintenance, and operational costs Thus, the introduction of IoT devices and effective wireless communication are expected to fuel the adoption of home security systems with multi-functional security options. Digital video recording (DVR) devices help locate the clip of an event for a particular date and time from the entire recording. Motion activation records and transmits the data when actual movement happens. For instance, the use of high-definition cameras and infrared vision and night vision surveillance systems ensure the 24×7 availability of the details of any event. IoT makes the devices more sophisticated with the availability of a large volume of high-quality data. The smart sensing detects variances in motion, heat, and sound and alerts the user. IoT-based security systems ensure safety through the immediate notifications sent to users. Market Dynamics Drivers : The emergence of the Internet of Things (IoT) and wireless technologies However, the market recovered in 2021, with the US and China expected to remain the major countries in the home security systems market. The decrease in the number of new construction projects and the closure of manufacturing facilities are some of the factors affected the demand in China. The impact of COVID-19 on major markets such as the US and China has been significantly adverse, as supply chain disruption in China resulted in a decline in the demand for home security systems. Global sales declined by 5–10% in 2020 owing to disruptions in manufacturing and temporary closure of non-essential transport. The pandemic COVID-19 severely impacted the growth of the global home security systems market share in 2020. To know about the assumptions considered for the study, Request for Free Sample Report Covid-19 Impact on Home Security System Market The growth of the home security systems market is driven by factors such as growing awareness regarding home security systems and the emergence of the Internet of Things (IoT) and wireless technologies. The global home security systems market size is expected to grow from USD 56.9 billion in 2022 to USD 84.4 billion by 2027, at a CAGR of 8.2% during the forecast period.
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