Residential Security Market Size 2018 Driving Factors, Industry Growth, Key Vendors and Forecasts to 2023 | Corona-Virus Impact
The global residential security market is expected to attain a CAGR of 8.53% during the forecast period (2017-2023), presumes Market Research Future (MRFR). The market is estimated to touch the valuation of USD 44.8 billion by the end of the given forecast period
Market Drivers and Top Barriers
Security devices like sensors offer real-time information of any activity that occurs in the vicinity, and it can be accessed using smartphones or tablets as well. This gives customers remote access to the information. Besides, smart intercom and app-based security systems are generating massive interest among residential communities as an all-in-one security system.
The global residential security market gets a significant boost from the rapid increase in the internet of things (IoT). Reduced cost of security equipment like security camera coupled with the rising demand for advanced residential protection plans has heightened the adoption rate of smart security devices in residences. Frequent technological advancements are leading to development of smarter and better security solutions as well as devices at affordable costs, which favors the market to a great extent.
An additional factor that promotes growth of the global residential security market is the rise in technological innovations in sprinklers and fire extinguishers. Fire sprinklers and extinguishers have been in demand for a long time as they help ensure residential security but given the advancement in technology, instant fire extinguishers and automatic sprinklers have been introduced in the market. Smart home fire sprinklers and extinguishers re now used for controlling and tackling fire in a short period of time.
The top vendors competing in the residential security market are Godrej & Boyce Manufacturing Company, ASSA Abloy AB, Allegion, ADT Security Services, Control4, Honeywell International Inc. (U.S.), Tyco International Ltd., Bosch Security Systems, UTC Fire & Security, Nortek Security and Control, and so on.
The regional study of the residential security market share includes Asia Pacific (APAC), North America, Europe, and Rest of the World (RoW).
North America has emerged as the most profitable market for residential security and had acquired a CAGR of 41.5% in 2016. Its value was USD 10.1 billion the same year. Surge in the number of self-installed security systems has led to strong growth of the residential security market in the region. Boost in DIY solutions along with significant expansion of distribution channels is expected to elevate market position in the impending years.
Asia Pacific is projected to grow at the fastest rate of 10.22% during the forecast period and could touch the valuation of USD 12.2 billion by the end of that period. Trade pundits are of the view that the developing economies in the region possess huge growth potential and could offer a highly favorable environment for the manufacturers. The market in the region could see substantial expansion in the coming years with the escalation in the crime rate that calls for urgent installation of residential security devices. The prospects rising with approval of IoT and sensor technology add to the market strength and will benefit it even in the approaching period.
Aging population and increasing crime rates in Europe have paved the way for penetration of the residential security market. Surge in remote monitoring with the use of mobile devices, attractive insurance policies, and mounting interest in home convenience among consumers are expected to stimulate market growth.
The worldwide residential security market has been segregated with respect to product, solution, and residential type.
Depending on the product, the residential security system market includes smart locks, sensors, security alarms, fire sprinklers & extinguishers, and security cameras. Security cameras control majority of the market and the segment was valued at USD 6.6 Billion in 2016. The segment could expand at a rate of 9.61% CAGR during the review period.
Solution-wise, the residential security market can be narrowed down to audio-video surveillance, home integrated system, fire protection, alert system, and access control management. Audio-video surveillance segment covered maximum share of the market and had touched the valuation of USD 7.2 Billion in 2016. This segment is presumed to achieve a CAGR of 9.35% during the appraisal period.
The residential types covered in the report are apartment and independent.
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