Residential security refers to security and safety of residential buildings and individuals. It is an electronic system that primarily takes care of the overall security of consumer’s residence, especially when away from home. In the past few years, global residential security market witnessed significant growth, owing to the development of new technologies such as Internet of Things (IoT), along with various advanced residential security equipment.
Factors driving the global Residential Security Market include significant growth in IoT and sensor technology, decreasing cost of security equipment such as security cameras, increasing need for advanced residential protection plans and security solutions, and amplified adoption of smart security devices, globally. Real-time updates of activities taking place can be accessed through security devices over smartphones or tablets.
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
- By product, security cameras holds the major market share and has generated USD 6.6 Billion in 2016 and is expected to grow at 9.61% CAGR through the forecast period.
- By solution, audio-video surveillance holds the major market share and generated USD 7.2 Billion in 2016 and is expected to grow at 9.35% CAGR through the forecast period.
- Asia Pacific has emerged as fastest growing market with 10.22% of CAGR and is expected to reach at market size of USD 12.2 billion by the end of forecast period.
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Residential Security Market Segmentation
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 as independent houses and apartments.
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.
Market Research Analysis:
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.
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