Research Nester released a report titled “Remote Home Monitoring Systems Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global remote home monitoring systems market in terms of market segmentation by systems, sensors, installation and operating system.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The remote home monitoring systems market is projected to grow with a moderate CAGR during the forecast period, i.e., 2021-2029 on account of the increasing security concerns among population. According to the (NAHB), 46 percent of US-based Millennials own at least one smart home product in 2019.
The market is segmented by systems into video surveillance systems, fire protection systems, entrance control systems, access control systems, intruder alarm systems, and others. Among these segments, the video surveillance systems segment is anticipated to hold the largest share by the end of 2021 in the remote home monitoring market as a result of the growing theft rates and advancement in video camera quality, recording capability, and affordability than other systems.
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On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the remote home monitoring systems market in North America holds the largest market share. Asia Pacific is projected to grow at the highest CAGR throughout the forecast period. This can be attributed to the rising urbanization and smart home evolution with the development of smart cities in the Asia Pacific region. The Asia Pacific countries are extensively adopting emerging technology, and higher internet penetration rate in the countries is expected to drive the remote home monitoring systems market.
Increasing Urban Population and Rising Security Concern to Drive Market Growth
According to the World Bank, it is estimated that by 2030, urban population will reach to 4.7 billion, i.e., more than 50% of the total world population.
In recent years, remote home monitoring systems have given birth to the smart home in which internet-enabled and controlled devices are bringing a level of comfort to the standard house, especially among the urban population. Furthermore, increasing consumer expenditure and the rising concern for home security is also expected to boost the market growth in upcoming years. However, the high cost of installation and lack of awareness in low-income economies are some of the factors that are expected to restrain market growth in the near future.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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This report also provides the existing competitive scenario of some of the key players of the global remote home monitoring systems market which includes company profiling of Honeywell International Inc. (NYSE: HON), Ooma, Inc. (NYSE: OOMA), Johnson Controls International PLC (NYSE: JCI), SimpliSafe, Inc., Hangzhou Hikvision Digital Technology Co., Ltd. (SHE: 002415), Schneider Electric (EPA: SU), Samsung Electronics Co. Ltd. (KRX: 005930), General Electric (GE), Bosch Security Systems, Inc., and ADT (NYSE: ADT). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global remote home monitoring systems market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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