Residential home security systems are the selling of smart home security equipment and related services. It is possible to connect smart home security devices to Wi-Fi and access them from anywhere using a smartphone, smartwatch, or voice. Devices such as smart alarms, smart cameras, smart locks, smart detectors, and others are among the security devices made. Installation of these devices and/or alignment with the home set-up is not included in this market. Residential protection is one of the top concerns of both tenants and owners nowadays. By connecting devices via a wireless communication system, residential security devices provide security solutions to homes so that users can remotely keep an eye on their home from threats such as fire, theft, and other unknown access.
Global Residential Security Market is expected to project a notable CAGR of 7.8% in 2030.
Global Residential Security Market to surpass USD 75.9 billion by 2030 from USD 52billion in 2018 at a CAGR of 7.8% throughout the forecast period, i.e., 2019-30. The factors that require residential protection solutions are the rising frequency of crime rates and rising burglary rates. The key factors that are expected to fuel market growth are the design of successful and sophisticated security systems and user-friendly installation features allowed by wireless technology. In addition, expanding knowledge of innovative technologies, along with extensive IoT growth and rising use of these residential protection systems, are the main factors for market growth. In addition, it is also expected that remote monitoring with the help of mobile devices and advantageous insurance plans will drive the growth of the demand for residential solutions.
Global Residential Security Market: Segments
Security Cameras Segment to grow with the highest CAGR of XX.X% during 2019-30
The global Residential security market is segmented by product into security cameras, smart locks, sensors, security alarms, and fire sprinklers & extinguishers. The greater market share in 2018 was accounted for by the security cameras segment and is expected to see the highest growth during the forecast period. The rising crime rate across the globe can be attributed to this. Since surveillance cameras make it easier to record all activities in the vicinity, a user may also keep an eye on any untoward activity. In addition, via high-quality audio-visual monitoring, security cameras provide a safe and protected residential environment. Technologies such as motion detection, night vision and Wi-Fi are further driving the worldwide adoption of sophisticated residential security cameras.
Home integrated security segment to grow with the highest CAGR of XX.X% during 2019-30
Global Residential Security Market is segmented by solution into audiovisual surveillance, access control & management, home integrated security, alert system, intercom system, and fire protection. The greater market share in 2018 was accounted for by the audiovisual surveillance segment owing to the high efficiency and a wide range of applications of these solutions. Moreover, during the forecast period, the home integrated security segment is expected to see the fastest growth in the residential security market. This can be due to the features provided by this type of security systems, such as real-time monitoring, enhanced security, and unified control. Owners can track and control all their security devices from one location with the aid of integrated security systems.
Global Residential Security Market: Market Dynamics
Amplified adoption of smart security in the residential sector
The key factors driving the growth of the residential security market across the globe are the decreasing cost of security cameras, the widespread rise in IoT devices, the growing usage of smart security devices and the extensive demand for progressive residential safety plans. Rising technical upgrades have led to better security products and solutions being developed at affordable prices. In addition, technological upgrading in sprinklers and fire extinguishers is another factor driving market growth as it is widely used as instant fire extinguishers and automatic sprinklers have been developed with technological advancement that provides enhanced applicability.
The emergence of IoT solutions
Such smart devices allow residents to fight and control fire in less time. In addition, the introduction of automated technologies such as analytics and IoT creates ample opportunities for substantial growth in the residential security industry. Additionally, investments and funds supported by the state and federal government in developed economies for fostering technological up-gradation in residential security is the major factor fuelling the growth of the market across the globe.
The threat to user privacy and the High Cost of Installation
The lack of accessibility and knowledge of choosing the right solution, the threat to user privacy, are the key factors that impede the growth of the global residential security market. The factors that are likely to limit the growth of the market are high initial investment and cost of maintenance of the equipment along with a lack of knowledge regarding technological improvements.
Global Residential Security Market: Regions
The global Residential security market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC and MENA.
The global Residential security market in North America held the largest market share of XX.X% in the year 2018 and the region is expected to remain the largest during the next five years. However, during the forecast period, the residential protection market is expected to see the fastest growth in APAC. Developing APAC economies, growing population disposable income, growing digitization and automation in infrastructure protection construction, and government initiatives such as the implementation of smart city projects are promoting the market growth of the region.
Global Residential Security market, which is highly competitive, consists of several major players such as Bosch Security Systems Inc., Allegion PLChold a substantial market share in the Global Residential Security market. Other players analyzed in this report are Honeywell International Inc., Alarm.com Inc., Nortek Security & Control LLC, United Technologies Corporation, Ingersoll Rand PLC, Control4 Corporation, and Godrej & Boyce Mfg. Co. Ltd. among others
Recently, various developments have been taking place in the market. For instance, in April 2017, for its B-series family of integrated security solutions in North America, Bosch Security Systems Inc. has introduced the B6512 intrusion control panel. 96 points of defense and 6 main areas can be monitored by the system. In addition, it has ethernet and USB onboard connexions to ease installation and reduce installation costs.