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.”
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.
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.
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