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.
Increase in the development pace of the technology sector has benefitted the product portfolio in the residential security market. Market focused reports connected to the information and communication technology industry amongst others recently have been made accessible by Market Research Future which publishes reports on this industry. The market is projected to achieve USD 44.8 billion in revenues while growing swiftly with an 8.53 percent CAGR over the forecast period.
Many individuals are relying on residentia l security devices to ensure the safety and security of their residences. Increase in the level of crime rates has prompted the development of the market to counter attack these threats effectively. Development and subsequent rise in awareness related to IoT concepts in the market have led to an uptick in the speeding up the expansion of the market. The market is expected to sustain its growth in the forecast period owing to new security software solutions.
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Major Key Players:
- Honeywell International Inc. (U.S.),
- Tyco International Ltd.,
- ASSA Abloy AB,
- UTC Fire & Security,
- Nortek Security and Control,
- ADT Security Services,
- Bosch Security Systems,
- Godrej & Boyce Manufacturing Company and others.
According to MRFR, 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 hold 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.
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 2016 and has been valued at USD 10.1 billion in the year 2016. Asia Pacific has emerged as fastest growing market and is expected to reach at 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.
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- Research firms
- Consultancy firms
- Software Developers
- Semiconductor Manufacturers
- End-user sectors
- Technology Investors
List of Tables
TABLE 1 Market Factor analysis
TABLE 2 Global Residential Security Market, By Product (USD Million) (2017-2023)
TABLE 3 Global Residential Security Smart Locks Market, By Region (USD Million) (2017-2023)
TABLE 4 Global Residential Security Sensors Market, By Region (USD Million) (2017-2023)
TABLE 5 Global Residential Security, Security Alarms Market, By Region (USD Million) (2017-2023)
TABLE 6 Global Residential Security Fire Sprinklers & Extinguishers Market, By Region
TABLE 7 Global Residential Security, Security Cameras Market, By Region (USD Million)
TABLE 8 Global Residential Security Others Market, By Region (USD Million) (2017-2023)
TABLE 9 Global Residential Security Market, By Solution (USD Million) (2017-2023)
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