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Consumer Security Hardware Market: Recent Industry Developments And Growth Strategies Adopted By Pla
Consumer security hardware refers to physical devices designed to monitor people and objects and control access and intrusion to property and information. Consumer security services are services that aid and facilitate physical security measures. Security systems are powerful tools to prevent and investigate crimes when installed in public places such as multiplexes, shopping malls, and automated teller machines (ATMs). Rising incidence of terrorism and increasing concerns about safety and security are some important factors driving the demand for consumer security hardware globally.
The primary objective of the consumer security hardware is the protection and prevention in order to serve security interests of people, equipment, and property. Increase in the incidence of robbery and break-ins has resulted in rise in the demand for security hardware solutions. Increase in the demand for Internet protocol (IP) video, sophisticated access control systems, and biometric solutions would drive the demand for physical security solutions in the near future. Further, the emerging trend of convergence of logical and physical security and increased demand for integrated physical security solutions are expected to boost the demand for physical security solutions in the near future.
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The global consumer security hardware market has been segmented based on intrusion detection and prevention system, access control system, end-use, and geography. Based on intrusion detection and prevention system, the market has been classified into video surveillance, intrusion detection systems, intruder alarm, and lock. The video surveillance segment has been sub-divided into analog cameras, IP cameras, digital video recorders (DVRs), close-circuit television (CCTV) monitors, storage, encoders, and network video recorders (NVR). The intrusion detection systems segment has been sub-divided into panels, detectors, keypads, and accessories. Based on access control system, the market has been classified into biometrics, radio-frequency identification (RFID), card-based access control, and others. Based on end-user, the market has been segregated into household and commercial. Based on geography, the global consumer security hardware market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America held the leading share of the global consumer security hardware market in 2016, followed by Europe. This trend is expected to continue during the forecast period. Several factors such as increasing demand for new and advanced security systems, technological breakthroughs in the field of smart sensors and devices, supporting government regulations, and rising adoption of IoT and related services are driving the market in North America and Europe.
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The market in Asia Pacific is expected to expand at the maximum growth rate between 2017 and 2025. This growth can be attributed to increasing disposable income of people in the region coupled with rising concerns about household security. Moreover, consumers in Asia Pacific are becoming more aware about security-related products and are willing to invest in these products, considering their long-term benefits. Developing economies in Asia such as India and China are inviting global players to enter the market in these countries. This is, in turn, promoting the growth of the consumer security hardware market in the region.
In the current scenario, a few, well-established players have deeply penetrated the consumer security hardware market by introducing new and competitive products. Companies are strengthening their position in the market through mergers and acquisitions and continuous investments in research and development (R&D) activities to find solutions that would cater to changing requirements of customers. Furthermore, vendors are planning to invest in artificial intelligence (AI), big data analytics, and advanced machine learning with an objective to offer cost-competitive and technologically advanced products.
Some of the key players operating in the global consumer security hardware market are Honeywell Security Group, Bosch Security Systems Inc., Morpho SA (Safran), Hikvision Digital Technology, Assa Abloy AB, Axis Communication AB, Pelco Inc., Tyco International Ltd., and NICE Systems Ltd. These leading companies are primarily focused on collaborations, launch of new products, and expansion.