GLOBAL SHIFT TO INTERACTIVE SYSTEMS REVOLUTIONIZE SECURITY MARKET
According to Berg Insight new released findings the market for home and small business security systems and professionally monitored alarm systems in Europe is forecasted to grow at a compound annual growth rate (CAGR) of 4.5 percent, from 17.6 million in 2021 to reach 21.9 million in 2026. In North America, the number of monitored alarm systems is forecasted to grow at a CAGR of 3.0 percent, from 33.6 million in 2021 to 39.0 million in 2026. In security alarm systems for the consumer and small business markets cellular connectivity is rapidly becoming a standard feature. Estimates indicate the number of cellular IoT connections for home and small business security systems in Europe and North America will have a compound annual growth rate of 6.7 percent from 39.9 million in 2021 to 55.2 million in 2026. “The home and small business security system market in Europe and North America continues to grow steadily, driven by a shift to interactive systems which provide increased security and convenience for users”, says Martin Backman, Senior Analyst at Berg Insight. Security cameras are now also commonly part of new home security system installations, as the price for such devices has dropped in recent years and developments of video software has enabled a greater value for home and small business owners.