Residential security means the practice of maintaining the security and safety of both residential buildings as well as the individuals in them. Residential security is an electronic system that takes comprehensive care of the security of the residence, especially when the resident is away from home. The global residential security market is projected to garner substantial growth owing to the emergence of IoT, which has caused advancements in the residential security equipment.
The global residential security market is prognosticated to garner 8.53% CAGR during the assessment period, as mentioned in the report published by Market Research Future. Factors contributing to such growth include significant progress in the IoT and sensor technology, a decrease in the cost of security equipment, and increasing adoption of smart security devices. Further, the rising need for advanced residential protection plans and security solutions is pushing the global residential security market exponentially. Easier monitoring of residential properties via real-time updates on smartphones is also causing a rise in the demand and adoption of residential security systems.
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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
March 2019: Adobe has entered into a partnership agreement with HelloTech to enhance the support and installation services provided to Adobe Home Security System users. Adobe is giving its customers a choice of getting the security systems fixed in their homes by HelloTech professionals or doing the same on their own. This new partnership is anticipated to widen the customer base for both the companies.
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.
Market Research Future has segmented the residential security market on the basis of product, solution, and residential type for better understanding and optimized insights. By product, the residential security market is segmented as smart locks, security alarms, security cameras, fire sprinklers & extinguishers, and sensors. The segment of security cameras generated USD 6.6 billion in 2016. The segment of security cameras is also expected to hold a major market share and estimated to garner a 9.61% CAGR during the forecast period.
By solution, the residential security market has been segmented into audio-video surveillance, fire protection, access control management, home integrated system, and alert system. The audio-video surveillance segment is anticipated to hold a major share in the residential security market and is predicted to register a 9.35% CAGR during the assessment period. On the basis of residential type, the residential security market is segmented into apartment and independent.
The global residential security market has been segmented into different regions such as North America, the Asia Pacific (APAC), Europe, and the Rest of the World (RoW). North America is prophesied to dominate the residential security market during the forecast period. North America held a 41.5% share in 2016 and is anticipated to continue holding the largest market share throughout the forecast timeline.
The Asia Pacific is anticipated to garner fastest growth rate over the forecast period of 2017 to 2023. The Asia Pacific is expected to reach the market size of USD 12.2 billion by 2023 due to emerging economies showcasing colossal growth potential and possible expansion opportunities for many key players. With a rise in the disposable income in the Asia Pacific and smart city initiatives launched by the government, the residential security market is expected to garner profitable growth in the region. Moreover, a rise in the number of burglary and theft incidents reported in the Asia Pacific has surged the demand for residential security systems in the region. As per the report published by Market Research Future (MRFR), the Asia Pacific is likely to register a CAGR of 10.22% through the forecast period.
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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)
List of Figures
FIGURE 1 MRFR Research Process
FIGURE 2 market drivers, challenges and opportunities
FIGURE 3 Countries with police personnel per 100,000 people
FIGURE 4 Global IOT Market (USD Billion)
FIGURE 5 Global Residential Security Market: Supply Chain Process
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