Profitable opportunities that firm a positive future of the global residential security market include the prologue of predictive intelligence in residential security and expansion of the trend ‘do it yourself (DIY)’ security solutions. Promising trends that promise a continuous growth of the global Residential security market comprises the rapid appearance of wireless residential security, which acts as a class trend in many emerging regions. The potential of the global Residential security market is estimated to be attractive, with rising threats in the residential sector.
Global Residential Security Market 2020 is estimated to grow rapidly due to demand for the systems and components. Expanding economy in Asian Countries, higher disposable income and the requirement of security system around the world is estimated to be the major cause of the expansion of the market. Moreover, increasing awareness about modern technology and their utilization in residential security and development of IoT is also playing an important role in the growth of the market.
The study further envelops that substantial development in technologies, such as the Internet of Things (IoT), a rapid increase in demand for advanced security solutions, like alert systems and wireless locks, and adoption of cloud-based security technologies, the market is gaining more traction. To support this, more factors such as rising cases of burglary, growth in crime rates, and monitoring all these aspects through mobile monitoring security systems are driving the residential security market.
The market of the residential security market is also witnessing an optimistic future from the rise in disposable income coupled with risen demand for the improved security solution to impart better safety and security in residential buildings. These are boosting the market with humongous demand. In fact, the growing consumer awareness in terms of benefits of advanced security is assumed to encourage market demand in the forecasting period.
Despite all these factors, some factors, such as high installation costs of residential security solutions, may hamper the market growth of the same in the forecast period. Also, more factors such as non-cooperation of the residents have made the installation process delay for a longer time.
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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.
While studying over a geography basis, the global residential security market study has included regions of Asia Pacific, Europe, North America, and the Rest of the World.
The North America region is studied to be leasing the market of Residential Security. This region incurred a share of 41.5% back in the year 2016 and was valued at USD 10.1 billion in the same year.
Asia Pacific region has emerged as the fastest-growing market and is now expected to reach a market size of USD 12.2 billion by the end of the forecast period. Such a rise of the market owes to the developing countries in the Asia Pacific region that has considerable growth potential and provide a favorable environment for product manufacturers. In fact, growth in the security equipment industry, digitalization, advancement in new technologies, increasing adoption of the Internet of Things (IoT) by Residential security providers in countries of India, China, and Singapore have been influential factors for the market growth. Also, several government initiatives for the development of smart city projects in the Asia-Pacific region have given a substantial push to the residential security market that would witness a rapid scale of revenue generation in the near future.
The global residential security market is divided on the basis of region, residential type, product, and solution.
On the basis of region, the global residential security market is divided into four regions including Asia Pacific, North America and the Rest of the World (RoW).
On the basis of residential type, the global residential security market is classified into access control management, audio-video surveillance, alert system, fire protection, and home integrated system. The residential security market is divided on the grounds of residency. There are two types of residencies that are under the analysis, which are independent and apartment.
On the basis of product, the residential security system market fire sprinklers & extinguishers and security cameras, smart locks, security alarms, sensors. By product, security cameras acquired the maximum market and generated a revenue of USD 6.6 billion in 2016. The market is estimated to grow at a CAGR of 9.61% during the forecast period.
On the basis of the solution, the residential security market is classified into access control management, audio-video surveillance, alert system, home integrated system, fire protection. By solution, the audio-video surveillance acquires the largest market share. The market generated a revenue of USD 7.2 billion in 2016 and is estimated to expand at a CAGR of 9.35% during the forecast period.
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