Global Residential Security market to reach $60,765.2 million by 2023
The study reveals that the global residential security market is estimated to reach $60,765.2 million by 2023. On account of significant advancement in technologies such as Internet of Things (IoT), adoption of cloud based security technologies and rapid increase in demand for advanced security solutions, such as alert systems and wireless locks, the global residential security market is gaining traction.
Insights on market segments
As per the findings of the research, security cameras have been the largest market among residential security products. Further, security camera segment is expected to continue its highest revenue contribution during the forecast period. Security cameras are one of the fundamental devices for residential security, which are sought by everyone looking to immune their abode against security threats. Among various solutions, audio visual surveillance segment witnessed the highest growth in demand during 2013-2016. However, home integrated security segment is expected to lead the market with highest growth rate, during the forecast period.
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The market to witness fastest growth in Asia-Pacific during the forecast period
Geographically, North America has been the largest market for residential security, whereas Asia-Pacific is expected to witness the fastest growth among all regions, during the forecast period. The anticipated growth in market can be attributed to increasing digitalization, advancement in new technologies, growth in security equipment industry, and increasing adoption of connected technologies such as Internet of Things (IoT) by residential security providers in the region. Further, due to rapid technological advancements in automation of security in building infrastructure, in addition with various government initiatives such as development of smart city projects, the region has higher propensity to adopt residential security solutions at a rapid scale in near future.
Security camera: the largest residential security product market
Security camera segment has been the largest contributor to the global residential security market. Security cameras help in developing a safe and secure residential environment through high quality audio/visual vigilance. Factors such as motion detection, night vision, and wi-fi capabilities are further propelling the adoption of advanced security cameras for residential security globally. Security cameras with motion detection can send its user with alerts and notifications, whenever a motion or suspicious activity is observed by it. In addition, security cameras with night vision can allow recording images and videos in low light situations and such cameras have huge impact in lowering down the instance of criminal offence taking place at night.
Increase in demand for advanced security solutions escalates the global market growth
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. In addition, smart intercom and app based security systems (wireless) are also gaining interest of independent as well as residential communities and societies. Such systems also provide services like notifications by text, e-mails, phone calls to law enforcement, if a suspicious activity is detected.
Apart from this, having residential security in place is becoming more of a status symbol and is gaining hype globally. A safe community equipped with advanced security solutions such as fire sprinklers & extinguishers, security cameras, biometric locks attracts more number of people to reside in it.
High competition among key players in the global residential security market
The research states that the global residential security market is highly competitive, with players developing new residential security applications and smart security solutions. Some of the key players in the residential security ecosystem are Bosch Security Systems Inc, Honeywell Security Group, Alarm.Com, Allegion PLC, Nortek Security & Control LLC, United Technologies Corporation, Ingersoll Rand, Control4 Corporation, and Godrej & Boyce Mfg. Co. Ltd.
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