In this article, we will be looking into the 10 best home security system companies in 2023. We will also be covering recent market trends, major players, and an analysis of the home security systems market. If you want to skip our detailed market analysis, you can go directly to the 5 Best Home Security System Companies in 2023.
An Analysis of the Home Security System Market
According to a report by Mordor Intelligence, the home security system market is expected to reach $60.51 billion in 2023. The market is expected to grow at a compound annual growth rate of 8.92% and reach $92.76 billion by 2028. The projected rise is driven by multiple factors including the surge in crime rates, technological advancement of home security systems, and an increase in awareness about the benefits of installing home security systems.
Home security systems are gaining popularity as they are becoming the need of the time with soaring crime rates all over the world. Home burglaries and property crimes have become serious and commonly occurring crimes in the USA. People are becoming more inclined towards installing home security systems. On January 23, Forbes reported that Americans are spending over $20 billion on home security systems annually.
With the rise in smart homes, home security systems have become an integral part of modern homes. The home security systems market is going through a significant change incited by the introduction of IoT and AI in security systems. These advancements combined with sensors and high-speed networks are contributing to the improvement of the systems with features like voice control, facial recognition, and remote access. The integration of AI and IoT-enabled technology in security devices is becoming a key factor in the growth of the home security systems market.
Asia Pacific is expected to grow rapidly over the forecasted period of 2023 to 2028. Crime rates being the driving factor behind the home security market, will incite growth in the under-developing countries of the region including Malaysia, Vietnam, and Indonesia.
Major Players in the Industry
Some notable names among the companies ruling the home security market include Vivint Smart Home, Inc. (NYSE:VVNT), Amazon.com, Inc. (NASDAQ:AMZN), Arlo Technologies Inc. (NYSE:ARLO), and ADT Inc. (NYSE:ADT).
Amazon.com, Inc. (NASDAQ:AMZN) is a leading tech giant and the parent company of home security brands, Ring and Blink. On September 20, Amazon.com, Inc. (NASDAQ:AMZN) held its Amazon 2023 Device Event where they showcased their latest gadgets, features, and updates. Dave Limp, Senior Vice President, Devices & Services, announced a new version of Alexa voice assistant powered by generative AI. The new version will be able to hold more natural conversations and generate creative text formats for the text content. Other updates at the event included a new feature called Ambient Experience for Echo Show devices that will allow it to display calendars, artwork, etc. Some new products were also announced at the event including the Echo Show 15 smart display, Ring Video Doorbell Pro 3, and Blink Outdoor Camera among others.
While talking at the event, Mimi Swain, Vice President Ring, said that sales of Amazon.com, Inc. (NASDAQ:AMZN) home security brands, Ring and Blink have collectively grown over 20% in the last year. Talking about the updates and improvements, Swain mentioned that the Ring app is going to have pre-populated routines that the users can enable based on their preferences, for instance, turning the lights on at night, enabling home security systems, or sending alerts.
Moreover, discussing the new products and updates, Swain said:
“This year, we’re adding 3D Motion Detection to our most versatile Ring camera lineup with Stick Up Cam Pro, an indoor/outdoor camera that will give neighbors more control over where motion is detected, and see where it took place—like the path your package takes from the delivery truck to your front door.”
Swain also highlighted the sales of Ring’s line of security cameras being the fastest-growing product line, with sales up more than 30% this year. Amazon.com, Inc. (NASDAQ:AMZN) also announced Blink Outdoor 4, which utilizes proprietary silicon to generate person alerts, allowing the device to detect and record only people.
Arlo Technologies, Inc. (NYSE:ARLO) is among the leading companies in the home security market. On September 19, Arlo Technologies, Inc. (NYSE:ARLO) announced a new product lineup which includes the 2nd generation Arlo Essential XL Outdoor Camera, Essential Indoor and Outdoor Cameras, and Video Doorbell. The new products offer improved features like better privacy settings, wider field view, noise-canceling audio, integrated spotlight and siren, and long battery life. CEO Arlo Technologies, Inc. (NYSE:ARLO), Matt McRae said:
“Arlo prides itself in building trusted, lifelong customer relationships with innovative, award-winning security solutions that deliver an exceptional user experience.”
He further added:
“Our new second generation Essential cameras and doorbells provide the best combination of technology and value Arlo has ever offered, adding to Arlo’s wide range of high-quality products and industry-leading AI software to ensure you can protect your everything.”
ADT Inc. (NYSE:ADT) is one of the largest home security companies in the US and is one of the industry leaders in the home security market. On September 24, as reported by the Financial Times, the commercial division of ADT Inc. (NYSE:ADT) invested in 1X Technologies, a robotics company producing androids capable of human-like actions. ADT Inc. (NYSE:ADT) will be testing 10 of its humanoid robots in Dallas at its monitoring center and some at its customer locations. One humanoid stationed at the Dallas monitoring center will alert the human guard in case of any signs of intrusion or disturbance in the establishment. If such disturbance is detected, an alert will be made to the human in charge there, equipped with a VR headset.
While talking about the investment, Ed Bacco, a technology executive at ADT Inc. (NYSE:ADT) said:
“We wanted to have more consistency in our guards, and so when I came over to ADT I saw an opportunity to introduce something to the market.” Bacco is an industry veteran with years of experience in the technology and security department.
Now that we have talked about what’s happening in the home security market, let’s take a look at the best home security system companies in 2023.
Our Methodology
We followed a consensus approach for this article to rank the best home security system companies in 2023. For that, we collected data from 5 sources including Consumera, Forbes, PC Magazine, Safewise, and The TopTens. We then logged the number of times a company appeared in our sources and assigned scores to a company as per its ranking in each source.
Our scoring scheme is as follows: if a company occurred within the top 2 companies in our source we awarded it 5 points. We deducted 1 point after every 2 ranks in our sources. After that, we added the score of each company and then divided the aggregate score by 5 to scale our scores.
10 Best Home Security System Companies in 2023
Top 10 Home Security System Companies of 2023
10. Brinks Home Security
No. of mentions: 3
Insider Monkey Score: 1.2 out of 5
Brinks Home Security formerly known as Monitronics International, Inc. is among our 10 best home security system companies of 2023. The American company was founded in 1994. Due to its high-tech security equipment, it has gained quite a name in the home security market. Its security systems are compatible with smart home systems and are easy to install, and economical. Brinks Home Security offers a variety of security solutions that can be tailored according to the home’s needs.
Some of the top companies involved in the home security industry include Vivint Smart Home, Inc. (NYSE:VVNT), Amazon.com, Inc. (NASDAQ:AMZN), Arlo Technologies Inc. (NYSE:ARLO), and ADT Inc. (NYSE:ADT).
9. Link Interactive
No. of mentions: 3
Insider Monkey Score: 1.4 out of 5
Link Interactive has been in business for more than 60 years now. The company is a subsidiary of Fire Protection Service Corporation. It was rebranded as Link Interactive in 2010. Link Interactive offers a variety of products and services including home security, home automation, customization, and DIY installation. It is ranked 9 on our list of 10 best home security system companies of 2023.
8. Cove Security
No. of mentions: 3
Insider Monkey Score: 1.4 out of 5
Cove Security was founded in 2018 in the United States. It provides DIY home security solutions that are easy to install and economical. It offers a 60-day trial for its products, one of the longest trial periods offered in the industry. It is ranked 8 among the best home security system companies in our list.
7. Wyze Labs, Inc.
No. of mentions: 3
Insider Monkey Score: 1.8 out of 5
Wyze Labs, Inc. is among the top companies in the home security market. It was founded in 2017 by former Amazon employees. The company only offers customized services and products as per the customer’s need making it one of the best consumer choice systems. It provides affordable solutions to its customers as per their needs. Their affordability and high functionality make them stand out among the other companies. It is ranked 7 on among the 10 best home security system companies of 2023.
6. Frontpoint Security Solutions LLC
No. of mentions: 4
Insider Monkey Score: 2.4 out of 5
The well-known security company was founded in 2007 in the United States. It specializes in wireless home security and monitoring services. Its products and services include customized wireless alarm systems, cameras, and security and environmental sensors. Frontpoint’s products are compatible with all smart home systems. It is ranked 6 among the 10 best home security system companies of 2023
Investors looking to increase their exposure to the home security industry can invest in prominent stocks including Vivint Smart Home, Inc. (NYSE:VVNT), Amazon.com, Inc. (NASDAQ:AMZN), ADT Inc. (NYSE:ADT), and Arlo Technologies Inc. (NYSE:ARLO).
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Disclosure. None. 10 Best Home Security System Companies in 2023 is originally published on Insider Monkey.