2024 Home Security Statistics

Current Home Security Market Size and Projected Growth

The global home security market is expected to grow from $40.7 billion in 2020 to $84.4 billion in 2027, with a compound annual growth rate (CAGR) of 8.2 percent. Factors such as increasing home security awareness, rising crime rates, and technological advancements are driving this growth.

According to our latest research, at least 39 million U.S. households are protected by alarm systems. Young adults 18-29 are the most likely to have some type of home security device. As many as 13 million more households may install new alarm systems in the next 12 months.

We found that the median initial cost for home security systems and installation was $300, and the median monthly fee for monitoring or other subscription costs was $10.

Homeowners are investing in home security for various reasons, such as protecting their property from burglaries, monitoring their homes while away, and ensuring the safety of their families. Understanding the current market trends and statistics is crucial for anyone looking to improve their home security.

Number and percent of US with home security systems

The most popular types of home security technologies include alarms, cameras, and access control systems. Video surveillance tools are the most widely used home security technology, followed by video doorbells and alarm systems.

Our recent research revealed that home security systems are becoming increasingly popular among US homeowners, with at least 72 percent of home decision-makers opting for some form of home security system.

Among these home decision-makers,

• 42 percent used video surveillance
• 37 percent used video doorbells
• 32 percent had alarm systems installed
• 11 percent had access control systems
• 43 percent of system owners had their systems professionally installed
• 56 percent opted for self-installed systems
• 1 in 5 people with home security systems used ADT systems.

It's worth noting that those who used at least one of these home security components felt significantly safer than those who did not. In fact, 37 percent of decision-makers who do not own a video doorbell plan to purchase one in the coming year. 

One of the most popular video doorbells on the market today is Ring, produced by Amazon. Currently, about 10 million Americans have Ring video doorbells in their homes.

Reasons For Installing Home Security Systems

According to our recent study, the top reasons why people are installing home security systems in 2023 are to improve their overall sense of safety, protect their children, and guard their homes while frequently away.

About 74 percent of respondents reported installing a security system to improve their overall sense of safety, making it the most common reason. Protecting children was the second most common reason, with 27 percent of respondents choosing it. Meanwhile, 26 percent of people installed a security system because they frequently spend time away from home, and 18 percent did so because they own many valuable items.

Home security systems provide several benefits, including deterring burglars, alerting homeowners of potential threats, and providing evidence in case of a break-in. Homes without security systems are 300 percent more likely to experience a burglary.

Timeline of Home Security System Technology Developments

The history of home security systems dates back to the mid-19th century when inventors started developing various electromagnetic alarms to detect and notify homeowners of possible intruders. Over the years, home security systems have evolved and become more advanced by incorporating modern technologies.

Here is a timeline of significant events that have shaped the history of home security systems.

Latest Statistics on Robbery, Burglary, and Theft

According to recent data from the FBI/NIBRS, there was only a one percent increase in the robbery rate from 2021 to 2022. However, larceny-theft remains the most common property crime: more than 4.3 million larceny-theft incidents were reported in the United States in 2022, the latest year available. Larceny theft is a type of theft that involves the unlawful taking of another person's property without the use of force or violence. This includes personal belongings, bicycles, and packages left at the doorstep.

In fact, package theft has become increasingly prevalent in recent years and is a form of larceny. According to Security.org research, more than half of American adults have been victims of package theft. This highlights the need for home security systems to protect against property crimes such as larceny, specifically package theft. With a security system in place, homeowners and renters can monitor their property and receive alerts when packages are delivered or removed, helping to deter thieves and catch them in the act.

A report by the Alarm Industry Research and Education Foundation found that 60 percent of convicted burglars said the presence of a security system would cause them to seek an alternative target. The same report estimates that homes without a visible security system are 2.7 to 3.5 times more likely to be targeted by thieves.

Here are some additional statistics from the latest FBI/NIBRS data that further underscore the need for security systems:

• People in their 30s had a slightly higher risk of being burglarized than other age groups, comprising 21% of victims.
• Men were slightly more likely than women to be burglary victims (54 percent of victims in 2022), but both genders were at risk.
• The vast majority (57 percent) of burglaries happen in residential homes, making it crucial for homeowners to protect their properties.
• In cases where the offender was known, 40 percent of burglaries were committed by strangers, and 17 percent were committed by acquaintances, emphasizing the importance of security systems in detecting and deterring intruders.
• Shockingly, 12 percent of burglaries were committed by family members, and six percent were committed by the victims’ boyfriends or girlfriends. This highlights that sometimes those closest to us can be the most dangerous.

A security system can provide peace of mind and protection against theft and other property crimes. Additionally, installing a security system may even result in a discount on home or renter's insurance premiums. By investing in a security system, homeowners and renters can proactively safeguard their homes and loved ones.

Total Value of Stolen Items in the United States

The FBI also tracks the total value of goods stolen during property crimes, and the annual total is staggering: over $463.5 billion in property was stolen in 2022 alone, but only eight percent of stolen items were recovered.

Stolen firearms, motor vehicles, and jewelry or precious metals were most likely to be returned to their owners. It is important to note that the rate of recovered items can vary depending on various factors such as the type of item stolen, the method of theft, and the efficiency of the law enforcement agency investigating the crime. Having a security system also increases the chances of recovering stolen items.

Burglar Motivations And Tactics

Burglary can happen to anyone, regardless of the location or the security measures in place. Understanding the motivations and tactics of burglars can help homeowners and renters better protect their properties.

The following statistics are from a study conducted by the University of North Carolina at Charlotte on the motivations and tactics of burglars:

• Most burglars considered the location of other homes, the number of people in the home they were considering, and signs of increased security like alarm signs, alarms, dogs, and cameras.
• Approximately 83 percent of burglars said they would try to determine if an alarm was present before attempting a burglary, and 60 percent said they would seek an alternative target if an alarm were on-site.
• Among those who discovered the presence of an alarm while attempting a burglary, half reported discontinuing the attempt, while another 31 percent said they would sometimes retreat. Only 13 percent said they would always continue with the burglary attempt.
• The top reasons for burglary were acquiring drugs or money (often used for drugs).
• Most burglars reported entering open windows or doors or forcing windows or doors open.
• 41 percent of burglaries were conducted in the “spur of the moment,” and 12 percent were usually planned in advance.

According to analysis from the U.S. Bureau of Justice Statistics, seasonal patterns existed in household larceny and burglary victimization rates, which tended to be more frequent in the summer than during other seasons of the year.

By understanding what motivates burglars and their tactics, homeowners and renters can take proactive steps to secure their homes and deter burglars. Installing an alarm system and displaying signs of increased security can make burglars think twice about targeting a home. Also, locking windows and doors and using security cameras can help prevent burglaries.

How Security Systems and Burglary Affect Your Home Insurance

When protecting your home and possessions, a home security system can provide a valuable layer of defense. These systems help prevent break-ins and theft, and they can also provide peace of mind and lower your home insurance premiums.

Here are some key points to consider:

• Insurance discounts: Many insurance companies offer discounts for homeowners and renters with a security system installed. According to our homeowners’ insurance research, 26 percent of insured homeowners and 31 percent of insured renters receive insurance discounts because of their home security devices.
• Theft claims: While home security systems can help prevent theft, it is still important to have insurance coverage in case of a break-in. According to our research, only four percent of home insurance claims were due to theft. This underscores the importance of having a comprehensive insurance policy that covers a range of potential risks and damages.

Standard homeowners insurance typically covers damage to your home and the loss of stolen personal items. Theft is a commonly covered loss with limitations depending on the extent of coverage purchased:

• Actual Cash Value (ACV) coverage compensates you for the depreciated value of stolen items. For example, a computer purchased a few years ago for $2,000 may today only be worth $400 today according to your insurer’s estimates.
• If you have a more expensive Replacement Cost Value (RCV) policy, you may be compensated for the amount you’d need to buy a new computer at today’s prices.
• Some policies have a hybrid approach and reimburse the ACV immediately while later paying the full RCV amount from receipts showing the reasonable cost to replace an item.
• Some carriers require policy limits to be set on certain high-value items such as jewelry and rare antiques.
• Home insurance rates typically rise after a burglary depending on where you live, whether you’re in a high-crime area, and the value of the claim.

Taking advantage of potential insurance discounts and choosing a system that meets your specific needs can help protect your home and wallet from potential risks and damages.