The report, now available on ASDReports, recognizes the following companies as the key players in the Global Home Security System Market: ASSA ABLOY, Bosch Security Systems, Honeywell Security Group, Tyco, ADT and Nortek
Other Prominent Vendors in the market are: Alarm.com, Axis Communications, Lorex, Swann, and Visonic.
Commenting on the report, an analyst said: “With the improving economic conditions in Europe, vendors in the market are increasingly investing in R&D. The market is witnessing the introduction of many innovative applications and solutions such as advances in video asset management solutions. In addition, the main aim of vendors is to reduce the cost of expansion, storage, and maintenance of security solutions. The changes in consumer preferences are forcing vendors to deliver innovative residential security solutions with high efficiency to survive the commoditization in the market. This trend will help Europe to stay competitive in the market among other regions.”
According to the report, insurance companies offer discounts on home insurance to people who have a monitored security system installed. The discount depends on the features and sophistication of the system. According the Insurance Information Institute the discount ranges from 15% to 30%. The discount offered is substantial enough to cover monitoring and installation costs to some extent. Installation of smoke detectors, carbon monoxide detectors, and burglar alarms leads to reduction in insurance premiums and can make the adoption of home security more economical the end-user.
Further, the report states that there have been instances of hacked smart homes which can be a major impediment to the market for home security solutions.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
Source: ASDReports - Market Research
Date: Dec 21, 2015