Market Highlights
Residential security refers to the security & safety of residential buildings & individuals. It is an electronic system which mainly maintains the total security of consumer’s residence, particularly when not at home. In recent years, the global residential security market observed substantial growth, due to the new and advanced technologies like internet of things (IoT), combined with many innovative residential security equipment. Global residential security market growth is strengthened by the introduction of new security software solutions like smart apps & wireless locks for home safety.
The global residential security market is expected to reach an estimated $40.42 billion by 2023 and it is forecast to grow at a CAGR of 8.9% from 2018 to 2023. Prominent factors driving the global residential security market are, increasing rates of home burglary, rapid growth in IoT and attractive insurance policies to residents for installation of security system. However, huge instalment and maintenance cost of security solutions may hamper the market growth. Apart from high cost, low rate of IT literacy, particularly in the under-developed nations and older age people are also ruining the growth of this market also inadequate IT knowledge makes it difficult for the owner to operate the home security solutions system.
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Major Key Players:
- Honeywell International Inc. (U.S.),
- Tyco International Ltd.,
- ASSA Abloy AB,
- Allegion,
- UTC Fire & Security,
- Control4,
- Nortek Security and Control,
- ADT Security Services,
- Bosch Security Systems,
- Godrej & Boyce Manufacturing Company and others.
According to MRFR, the global Residential Security market is growing rapidly over ~8.53% of CAGR and is expected to reach at USD ~ 44.8 billion by the end of forecast period
Industry News
Johnson Controls introduces Tyco’s Software House C•CURE 9000 v2.70 Service Pack 2 (SP2)
It is one of the industry’s most powerful security management systems, providing 24×7 mission critical security for people, buildings and assets. This new service pack supports Phase 2 of Tyco’s Innometriks High Assurance Security Solution and a deeper integration with C•CURE 9000 for identity credential and access management. It also provides enhancements to Open Supervised Device Protocol (OSDP), the standard for secure reader-to-panel communication.
Godrej Security Solutions (GSS), launched Wi-Fi enabled cameras and video door phones
Godrej Security Solutions has launched three Wi-Fi enabled home cameras under the EVE (Easy Viewing Everywhere) Series, which can be installed and controlled through a mobile app. Seethru Pro, the latest variant of its video door phone, is also launched which allows home owners to view and attend to visitors at the door even when they are away from home.
Key Findings:
By product, security cameras hold the major market share and has generated USD 6.6 Billion in 2016 and is expected to grow at 9.61% CAGR through the forecast period.
By solution, audio-video surveillance holds the major market share and generated USD 7.2 Billion in 2016 and is expected to grow at 9.35% CAGR through the forecast period.
Asia Pacific has emerged as fastest growing market with 10.22% of CAGR and is expected to reach at market size of USD 12.2 billion by the end of forecast period.
Segmentation:
The Global Residential Security Market has been segmented on the basis of product, solution, residential type and region. On the basis of product, the residential security system market has been segmented as smart locks, sensors, security alarms, fire sprinklers & extinguishers and security cameras. On the basis of solution, the residential security market is sub-segmented into audio-video surveillance, home integrated system, fire protection, alert system and access control management. The residential security market is segmented on the basis of type of residency. We have considered two types of residencies as apartment and independent. On the basis of geography, the global residential security market has been segmented into four regions as North America, Europe, Asia Pacific and Rest of World.
Regional Analysis:
The regional analysis of residential security market is being studied for region such as Asia pacific, North America, Europe and Rest of the World. North America is dominating the market of Residential Security, By Region with market share of 41.5% in the year 2016 and has been valued at USD 10.1 billion in the year 2016. Asia Pacific has emerged as fastest growing market and is expected to reach at market size of USD 12.2 billion by the end of forecast period owing to the developing countries in the Asia Pacific region have a huge growth potential and provide a favorable environment for product manufacturers.
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Intended Audience:
- Manufacturers
- Distributors
- Research firms
- Consultancy firms
- Software Developers
- Vendors
- Semiconductor Manufacturers
- End-user sectors
- Technology Investors
List of Tables
TABLE 1 Market Factor analysis
TABLE 2 Global Residential Security Market, By Product (USD Million) (2017-2023)
TABLE 3 Global Residential Security Smart Locks Market, By Region (USD Million) (2017-2023)
TABLE 4 Global Residential Security Sensors Market, By Region (USD Million) (2017-2023)
TABLE 5 Global Residential Security, Security Alarms Market, By Region (USD Million) (2017-2023)
TABLE 6 Global Residential Security Fire Sprinklers & Extinguishers Market, By Region
TABLE 7 Global Residential Security, Security Cameras Market, By Region (USD Million)
TABLE 8 Global Residential Security Others Market, By Region (USD Million) (2017-2023)
TABLE 9 Global Residential Security Market, By Solution (USD Million) (2017-2023)
Continued……
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