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.
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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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.
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.
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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.
Most of the vendors operating in the global residential security market are actively focusing on enhancing their offerings to meet the ongoing demand for advanced residential security solutions, including wireless security solutions and smart locks.
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This post was originally published on Space Market Research