According to a recent study performed by marketsandmarkets.com, researchers believe the home security market will grow from $28,318.69 million in 2014 to $47,542.52 million by 2020. The report was titled, “ Home Security Solutions Market by Product (Electronic locks, Sensors, Cameras), Solutions (Intruder Alarm, Intercom, Access Control, Fire Protection, Integrated Security, Video Surveillance & Others), Home Type, & Geography - Global Forecast to 2020.”
The report also goes on to say that the majority of the market share will be occupied by the U.S. The global home security market has seen many changes since its inception in the ‘90s. The constant evolution of technology, and the growth of the internet, has increased the ways in which a home owner can keep their property secure.
Investors also see the home security market as profitable. Take BeON Home, for example. The company has created the first Bluetooth Smart-enabled home protection system that provides preventative security and emergency lighting. They announced on Feb. 4 that they’d received $2.9 million in capital. Jopeko, LLC led the effort, and now BeON’s total investment equals around $5 million.
The press release , which BeON released to various outlets via wire, states that they are continuing to update their products and improve them for consumer’s wants and needs.
The marketsandmarkets.com study named the following companies as the industry heavyweights. The major players in the global home security solutions market are Tyco, ASSA ABLOY, UTC Fire & Security, Honeywell International, Inc., Bosch Security Systems, Ingersoll Rand Solutions, Allegion PLC, Godrej & Boyce Manufacturing Company Limited, Control4 Corporation, Alarm.com, and Nortek Security & Control LLC.
However, an article published on BusinessInsider.com in July of last year says that while the big wigs represent more than 90% of the market, there is room for growth in self-installed and self-monitored home security. Consumers will look to build loyalty with tech companies who begin producing home security. The data came from Citi.
“Based on research projections, Citi estimates that self-installed and monitored systems will control 34% of the market in five years, with professional system slipping to 61.6%. In the longer term, 20 years from now, these numbers are projected to basically switch with self-monitored systems holding 62.5% of the market and professional services making up 31.3%,” writes Bob Bryan.
As millenials become home owners, the desire for different home security options will change, but the desire for home security will not go away.
Any way you look at it, home security is a profitable small business venture, with projected growth for many years to come
Author : Aaron Gilley, Owner of Security Essentials of Lexington
LEXINGTON, Ky., (Feb. 14, 2017) – Kentucky Small Business Development Center is seeking nominations for the 2017 Pacesetter Awards. The recognition program was created to honor high performing, second-stage businesses that are changing Kentucky’s economic landscape. The deadline to submit nominations is March 15.
KSBDC encourages small businesses that meet the following minimum qualifications to apply:
· Privately held
· In business for three or more years
· Employ six or more full-time employees, including the owner
· Annual sales meet or exceed $500,000
· Located and headquartered in Kentucky
·Demonstrate the intent and capacity to grow evidenced by the judging criteria.
Pacesetters will be selected based on two or more of the following criteria:
· Growth in the number of employees
·Increase in sales and/or unit volume
· Innovativeness of the product or service
·Response to adversity
·Employee engagement and commitment
·Contributions by the nominee to aid community-oriented projects
Pacesetters will be recognized at the Kentucky Celebrates Small Business event held at the Capitol rotunda in Frankfort during the first week of May. Each honoree will receive an award inscribed with the business’s name and a promotional video for their own use that highlights the business. In addition, KSBDC will send a customized press release announcing the award to local media and trade associations. Honorees are given the rights to use the Kentucky Pacesetter logo and event photographs in promoting their business.
Anyone may submit nominations, including third parties associated with an eligible second-stage business. A business may self-nominate by completing the required form. Winners will be notified by March 27. Full nomination requirements and the application are online at https://www.ksbdc.org/kentucky-pacesetters1 .
The Kentucky Small Business Development Center, part of the University of Kentucky College of Agriculture, Food and Environment, is a network of 12 offices located throughout the state. The center helps existing and start-up businesses succeed by offering high quality, in-depth and hands-on services. KSBDC is a partner program with the U.S. Small Business Administration. More information on KSBDC services can be found on their website, http://www.ksbdc.org/ .
Writer: Roberta Meisel, 859-257-0104
UK College of Agriculture, Food and Environment, through its land-grant mission, reaches across the commonwealth with teaching, research and extension to enhance the lives of Kentuckians.