Global Residential Security Market is expected to witness rapid growth in the demand for the components and systems. Growing economy in Asian countries, increasing disposable income and need of a secure security system around the world is expected to drive the market. Also, increasing awareness about latest technology and their use in residential security and growth of IOT also playing major role in overall market growth.
Security Market is very fragile as new innovations keeps taking place in this sector. In the past few years, demand for residential security systems have increased rapidly and the major factor identified are increase in crime rates and shortage of security personnel’s around the world.
Growing urbanization and globalization is one of the biggest factor which is driving the market of residential security. In the past couple of years, there has been rapid growth in urbanization, industry growth and job creation which has directly impacted the demand for the residential security solutions.
One of the major challenge which is affecting the market growth is non-cooperation of the residents. People living in big societies desire to have an intelligent security system but also oppose for the implementation of cameras and other equipment’s.
The Global Residential Security Market has been segmented on the basis of product, solution, residential type and region. On the basis of product, the residential security system market has been segmented as smart locks, sensors, security alarms, fire sprinklers & extinguishers and security cameras. On the basis of solution, the residential security market is sub-segmented into audio-video surveillance, home integrated system, fire protection, alert system and access control management. The residential security market is segmented on the basis of type of residency. We have considered two types of residencies as apartment and independent. On the basis of geography, the global residential security market has been segmented into four regions as North America, Europe, Asia Pacific and Rest of World.
The regional analysis of residential security market is being studied for region such as Asia pacific, North America, Europe and Rest of the World. North America is dominating the market of Residential Security, By Region with market share of 41.5% in the year 2018 and has been valued at USD 10.1 billion in the year 2018. Asia Pacific has emerged as fastest growing market and is expected to reach a market size of USD 12.2 billion by the end of forecast period owing to the developing countries in the Asia Pacific region have a huge growth potential and provide a favorable environment for product manufacturers.
Some of the key players in the market are Honeywell International Inc. (U.S.), Tyco International Ltd., ASSA Abloy AB, Allegion, UTC Fire & Security, Control4, Nortek Security and Control, ADT Security Services, Bosch Security Systems, Godrej & Boyce Manufacturing Company and others.
Frequently Asked Questions (FAQ) :
Disruptive technologies, such as IoT and digital transformation are observed as prime drivers of the residential security market.
Honeywell International Inc. (U.S.), ASSA Abloy AB, Tyco International Ltd., and Allegion are some notable players of the residential security market.
Smart locks, fire sprinklers and extinguishers, sensors, security alarms, and security cameras are residential security products. The security cameras segment can thrive at 9.61% CAGR by 2023.
Audio-video surveillance, fire protection, home integrated system, access control management, and alert system are residential solutions. The audio-video surveillance segment of market can thrive at 9.35% CAGR by 2023.
The APAC residential security market can value at USD 12.2 billion by 2023.
Ongoing market trends, limitations, and dynamics of key players are discussed in the report.
Developments bought by key players in their products can strengthen customer base that can favor the residential security market.