Residential Security Industry Trend, Current Status and Insight Driven Transformation 2019 2023

Market Highlights

The global Residential Security market is growing rapidly over ~8.53% of CAGR and is expected to reach at USD ~ 44.8 billion by the end of forecast period

Top Impacting Factors

Profitable opportunities that firm a positive future of the global residential security market include the prologue of predictive intelligence in residential security and expansion of the trend ‘do it yourself (DIY)’ security solutions. Promising trends that promise a continuous growth of the global Residential security market comprises the rapid appearance of wireless residential security, which acts as a class trend in many emerging regions. The potential of the global Residential security market is estimated to be attractive, with rising threats in the residential sector.

The study further envelops that substantial development in technologies, such as the Internet of Things (IoT), a rapid increase in demand for advanced security solutions, like alert systems and wireless locks, and adoption of cloud-based security technologies, the market is gaining more traction. To support this, more factors such as rising cases of burglary, growth in crime rates, and monitoring all these aspects through mobile monitoring security systems are driving the residential security market.

The market of the residential security market is also witnessing an optimistic future from the rise in disposable income coupled with risen demand for the improved security solution to impart better safety and security in residential buildings. These are boosting the market with humongous demand. In fact, the growing consumer awareness in terms of benefits of advanced security is assumed to encourage market demand in the forecasting period.

Despite all these factors, some factors, such as high installation costs of residential security solutions, may hamper the market growth of the same in the forecast period. Also, more factors such as non-cooperation of the residents have made the installation process delay for a longer time.

Segmentation:

The global residential security industry is further segmented among the segments of product, solution, residential type.

Depending on the product segment, the residential security system market has included sensors, security alarms, smart locks, security cameras, and fire sprinklers & extinguishers.

Depending on the solution segment, the residential security market has included home integrated system, audio-video surveillance, alert system, and access control management and fire protection.

The residential security market is segmented depending on the type of residency. This segment has included apartments and independent.

Regional Outlook

On geographic basis, global Residential Security market is studied in different regions as North America, Europe, Asia-Pacific and Rest of world. The Asia Pacific region is expected to be the fastest growing region in the Residential Security market over the forecast period. Companies are adopting partnership strategies for targeting untapped markets and product innovations. The market at present is leaded by North American and European countries on account of higher safety and hygiene concerns.

In future, Asia-Pacific region is expected to hold large revenue share due to rapidly increasing adoption of residential security products. There has been increase in the disposable income in Asia-pacific region and the smart city initiatives are highly observed in Asia-Pacific region. Moreover, the increase in the number of burglary and thefts is observed in Asia-Pacific region therefore the residential security market is expected to grow significantly over the forecast period.

Top Market Players

The top market players are listed as Tyco International Ltd., Honeywell International Inc. (U.S.), Allegion, ASSA Abloy AB, Control4, Godrej & Boyce Manufacturing Company, Nortek Security and Control, UTC Fire & Security, Bosch Security Systems, ADT Security Services, and others.

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