Increasing urbanization and globalization is one of the most important factors which is expanding the market of residential security. In the past few years, there has been increased growth in urbanization, job opportunities, industry expansion, which affects the growth of the residential security solutions market at a global level.
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
One of the major challenges faced by the residential security solutions market is the growing non-cooperation of the residents. People acquiring residents in luxurious societies desire to have a secured system but at the same time, they also oppose the integration of cameras and other equipment.
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The regional analysis of the residential security market is being analyzed for regions including North America, Asia Pacific, Europe and the Rest of the World (Row). North America leads the market in residential security. In terms of market share, the North American market held about 41.5% of the market share in 2016 and was valued at approximately USD 10.1 billion.
Asia Pacific market has been seen as the fastest-growing market and is projected to value USD 12.2 billion by the end of the forecast period. Due to the emerging economies like China, India, the Asia Pacific region is a potent soil to grow exponentially and pose as a friendly environment for the manufacture of products. Additionally, strategies like a partnership with the untapped market and unique products are propelling the market and flourishing the market in the region. The region is estimated to hold huge revenue share due to the increasing adoption of residential security products. Apart from this, an increase in disposable income, smart-city initiatives, are also leading to the path of expansion. Moreover, an increase in the number of theft and burglary has been observed, hence, the residential security market is estimated to expand considerably during the assessment period. Asia Pacific market is witnessing a robust growth with a CAGR of 10.22% and is estimated to reach the market size of USD 12.2 billion by the end of the review period.
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.
Some of the distinguished players in the market are Godrej & Boyce Manufacturing Company, Tyco International Ltd., Honeywell International Inc. (U.S.), ASSA Abloy AB, Bosch Security Systems, ADT Security Services, UTC Fire & Security, Control4, Allegion, Nortek Security and Control, and others.
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Global Residential Security Market by Product (Smart Locks, Security Cameras, Sensors), By Solution (Home Integrated System, Access Control Management), By Residential Type (Independent, Apartment) - Forecast 2023
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