Home Security Systems Market Could Exceed $78 Billion By 202
PALM BEACH, Fla., July 28, 2020 /PRNewswire/ -- Although the recent global health crisis has hampered the growth in the home security systems market, experts predict that stronger growth is on the horizon. A report from MarketsAndMarkets projects that, the global home security systems market size, which is valued at USD 53.6 billion in 2020, is expected to reach USD $78.9 billion by 2025, at a CAGR of 8.0% during the forecast period. The growth of the home security systems market is driven by factors such as growing awareness regarding home security systems, the emergence of the Internet of Things (IoT) and wireless technologies and increasing adoption of IP cameras for video surveillance amid COVID-19 crisis. The report said: "The pandemic COVID-19 has severely impacted the growth of the global home security systems market. Global sales are expected to decline by 5–10% in this fiscal year, depending upon the progression of the virus spread. The impact of COVID-19 on major markets such as the US and China has been significantly adverse, as supply chain disruption in China has resulted in a decline in the demand for home security systems. The decrease in the number of new construction projects and the closure of manufacturing facilities are some of the factors affecting the demand in China. The market in the US is expected to show stronger growth in comparison to other countries in the Americas region." Active companies in the markets this week include: ATWEC Technologies, Inc. (OTCPK: ATWT), ADT Inc. (NYSE: ADT), Alarm.com Holdings, Inc. (NASDAQ: ALRM), Digital Ally, Inc. (NASDAQ: DGLY), Wrap Technologies, Inc. (NASDAQ: WRTC).
The article continued: "The introduction of security solutions based on data-driven machine learning and AI is the emerging trend in the home security systems market. The intelligent virtual assistants (IVA), such as Alexa and Google, have already been integrated by companies in different home security systems. The surveillance cameras today use AI and deep learning to empower security with more reliability and accuracy… The key benefits of this new technology include human body detection, facial recognition, people counting, and vehicle management. The AI-based deep learning and computer vision predict the occurrence of a crime before the actual event. The system can recognize the owners of the house. It learns the residing family's daily routine, especially with the families having frequent visitors, and any unusual event. AI powers the surveillance cameras enabling them to analyze live video."
ATWEC Technologies, Inc. (OTCPK: ATWT) BREAKING NEWS: ATWEC Technologies Acquires Level Three Security for Cash and Stock - ATWEC Technologies, a US-based technology company specializing in child safety, today announced it has signed a binding Letter of Intent with Level Three Security, a Memphis-based security company specializing in residential and commercial alarm services throughout the Southeast US.
Level Three agreed to be acquired for cash and stock, and will become a new business division of ATWT, adding its powerful surveillance products and services to ATWEC's unique line of child safety and security products. Level Three's President, Calvin Keys was enthusiastic about the deal, stating, "We utilize a robust surveillance and monitoring system to strengthen residential and workplace security in real time environments. We love being able to expand ATWEC's target markets beyond vehicle safety, and into the homes and businesses of the community."
The Company held a Board of Directors meeting on July 27, where the directors discussed the Company's 2020 growth strategy, and unanimously approved the Level Three Security acquisition. The Company will immediately acquire substantially all of Level Three's assets and liabilities, while adding new resources to assume the operations of its new security division. Specific terms of the transaction were not disclosed.
Alex Wiley, ATWEC's President and CEO, said, "At a total projected cost of more than $1M, this acquisition is significant to our near-term financial outlook and our growth strategy. It is one of several transactions that the Board has been working on since early January, and represents the first step in our comprehensive growth by acquisition plan." The Board likewise approved the acquisitions plan of offering the target companies cash and restricted stock, facilitated through a new liabilities funding program, scheduled to commence during 3Q 2020.
Additionally, the Company unanimously approved a plan to pursue a move from over-the-counter market to the OTCQB by 2021. The move will require financial audits and other minimum requirements, and the Company is now evaluating several PCAOB registered accounting firms to complete financial audits.
Mr. Wiley continued, "Today the Board approved a plan to get ATWEC to the OTCQB by 2021. The move will require financial audits and other specific requirements, but we are confident that we can get there quickly. This will be another milestone in our development from startup company to major player in security technology, working to make the world a safer place." Read this entire release and more news for ATWT at: https://quotemedia.com/portal/news?qm_symbol=ATWT
Other recent developments in the markets include:
ADT Inc. (NYSE: ADT) recently announced that, via ADT Commercial, its commercial channel, it is joining forces with Dollar Tree, Inc (DLTR), to help provide protection to its retail locations nationwide. ADT Commercial, a premier provider of commercial security, fire, life safety and risk consulting services in the U.S., will provide comprehensive and innovative security solutions and monitoring services at the majority of Dollar Tree and Family Dollar locations across the U.S.
"In these rapidly evolving times, we're thrilled to be partnering with Dollar Tree for what marks the largest contract to-date for ADT Commercial," said Jim DeVries, President and CEO of ADT. "Dollar Tree has shown itself to be a true industry leader by seeking out some of the most groundbreaking, enterprise-level security solutions on the market."
Alarm.com Holdings, Inc. (NASDAQ: ALRM) has recently won a New Product Showcase Award from the Security Industry Association (SIA), earning recognition in two categories for 2020. The Alarm.com Smart Water Valve+Meter, which redefines water management in smart homes and businesses, won the Smart Home Solutions category. On-Site Wrap Up, an Alarm.com MobileTech application that helps validate partner-defined installation procedures and improve customer satisfaction, was selected for the Design, Diagnostic and Installation Tools category.
"SIA's recognition of our On-Site Wrap Up feature and Smart Water Valve+Meter underscores our commitment to creating innovative products and solutions that help our partners provide world-class service," said Alarm.com Chief Product Officer Dan Kerzner. "We understand the value of having integrated devices controlled by a single platform. Equally important is making sure they're simple to install and easy to use. Especially in today's environment, we want to enable technicians to be as thorough and efficient as possible, so they can deliver the best professional service to customers using our technology."
Digital Ally, Inc. (NASDAQ: DGLY) recently announced the receipt of notable orders for its Asset Tracking Unit (ATU) from zTrip, Inc. ("zTrip") and Gila River Emergency Medical Transportation Services (Gila River). These two orders total over 600 ATUs with revenue exceeding $300,000 over the lifetime of the contracts.
The Company's ATU features 4G cellular connectivity, allowing the unit to serve as a mobile hotspot and upload crucial video evidence and data directly to the cloud when the vehicles are in use. Additional features include GPS tracking, fuel consumption reports, and other customizable data.
Wrap Technologies, Inc. (NASDAQ: WRTC) recently reported another successful deployment of the BolaWrap remote restraint device on a noncompliant suspect. BolaWrap is carried by more than 150 police agencies across the United States and has been used to safely end dangerous police encounters in various cities across Texas, California, Florida, Minnesota, and now, New Mexico.
"We are pleased to see the BolaWrap continue to serve its purpose in the field on real subjects," said Mike Rothans, Chief Operating Officer at Wrap Technologies and retired Assistant Sheriff of the Los Angeles County Sheriff's Department. "When you think about the potential outcome of this encounter in light of recent events in Atlanta and Minneapolis, you can appreciate the outstanding policework done by Bernalillo County Sheriff's Office and the potential life saved when they chose to use the BolaWrap.
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