Lewes, DE -- (SBWIRE) -- 08/25/2015 -- The Home Security Solutions market is expected to witness high growth in residential security segment, the global home security solutions market is expected to grow at a compound annual growth rate (CAGR) of 8.8% and reach US$57.73 billion by 2022 from $29.4 billion in 2014.

Increase in crime rate, remote monitoring mobile devices and growing consumer awareness are the key drivers for the growth of the market. Lack of awareness and high installation costs are the factors hampering the market growth. The intensified competition leading to technological advancements among the electrical distributors & telecom providers are providing massive opportunities for the market growth.

Global Home Security Solutions market is segmented by Home Type, by Product Type, by Solution and by Geography. Based on Home Type, market is segmented into independent and apartments. Based on Product Type, market is categorized into Electronic locks, Sensors, alarms and Cameras. Based on Solution, market is classified into Intruder Alarm, Fire Protection, Video Surveillance, Integrated Security, Access Control and Medical Alert System. Market by geography is segmented into North America, Europe, Asia Pacific, and Rest of the World. North America has the largest market for Home Security Solutions and expected to hold its share till 2022. Asia-Pacific and Europe are also considered as promising markets during the forecast period.

The Key players in the market include, Godrej & Boyce Manufacturing Company Limited, UTC Fire & Security, Alarm.com, Tyco, Control4 Corporation, Control4 Corporation, ASSA ABLOY, Allegion PLC and Nortek Security & Control LLC.

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