According to the latest report published by Variant Market Research,the Global Residential Security Marketsize is projected to reach $77.94 billion by 2025. In this report, residential securitymarket forecast says that the global market is growing at a CAGR of 8.8% from 2017 to 2025. By geography, Asia-Pacific is expected to grow at the fastest CAGR during the forecast period. Residential security, an electronic system mainly takes care of the complete security of residence, when individual is away from house. It is proposed to provide guidance in taking precautions to decrease the risk of burglary and lessen the opportunity for crime around the home.
"Residential SecurityMarket (By Product: Smart Locks, Security Cameras, Security Alarms, Sensors, and Fire Sprinklers & Extinguishers; By Solution: Access Control & Management, Home Integrated Security, Alert System, Intercom System, Audio-Visual Surveillance, and Fire Protection; By Residential Type: Independent and Apartment; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025"
Increase in home burglary rates drives the Global Residential Security Market
The global residential security market trend includes speedy growth in IoT, striking insurance policies to residents for installation of security system, and increase in home burglary rates. Furthermore, rapid developments of technologies have led to improvement of better and smarter security solutions supporting the market growth. Though, absence of awareness about technological advances might act as a roadblock for the global residential security market growth. Moreover, increasing crime rate is likely to offer worthwhile opportunities for the market in the coming years.
Product, solution, residential type, and geography are the classifications of global residential security market. The product segment is categorized into smart locks, security cameras, security alarms, sensors, and fire sprinklers & extinguishers. access control & management, home integrated security, alert system, intercom system, audio-visual surveillance, and fire protection are the segregation of solution segment. Residential type segment is sub-segmented into independent and apartment.
By geography, global residential security market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated into the U.S., and Canada whereas Europe consists of UK, Germany, Russia, France, Italy, Spain, and Rest of Europe. Asia-Pacific is segmented into China, India, South Korea, Japan, Australia, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
Security cameras, by product accounted for the largest share of the residential security market in 2017
By product, security camerassegment accounted for the largest share of the residential security market in 2017.The growth of the security camera segment is attributed to the rising requirement for superior quality images for video surveillance in residential security.
Audio-visual surveillance, by solution is anticipated to hold maximum share of the global market in 2017
Audio-visual surveillance, by solutionis projected to hold maximum share of the global market in 2017. The increasing demand for the audio-visual surveillance due to increasing incidences of home burglary is likely to fuel the growth of the audio-visual surveillancesegment of the residential security market.
Asia-Pacific is expected to be the fastest growing market during the forecast period
Asia-Pacific is likely to attain the fastest CAGR throughout the forecast period, driven by factors such as the emerging nations in the Asia Pacific region have an enormous growth potential as well as offer a favorable environment for residential security product manufacturers.
Key players are offering innovative products and services to increase their market share. Main players competing in the market include Nortek Security and Control, Honeywell International Inc., Bosch Security Systems GmbH, Allegion Plc, Ingersoll-Rand plc, CONTROL4® CORPORATION, ADT LLC dba ADT Security Services, Frontpoint Security Solutions, Godrej & Boyce Mfg. Co. Ltd., and United Technologies, among others.