Residential Security Market Demand, Future Trend And Recent Development By Forecast 2027
Summary:
Market Highlights
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.
Increasing urbanization and globalization is one of the most important
factors which is expanding the market of residential security. In the past few
years, there has been increased growth in urbanization, job opportunities,
industry expansion, which affects the growth of the residential security
solutions market at a global level.
One of the major challenges faced by the residential security solutions
market is the growing non-cooperation of the residents. People acquiring
residents in luxurious societies desire to have a secured system but at the
same time, they also oppose the integration of cameras and other equipment.
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Segmentation:
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.
Regional Analysis
The regional analysis of the residential security market is being analyzed
for regions including North America, Asia Pacific, Europe and the Rest of the
World (Row). North America leads the market in residential security. In terms
of market share, the North American market held about 41.5% of the market share
in 2016 and was valued at approximately USD 10.1 billion.
Asia Pacific market has been seen as the fastest-growing market and is
projected to value USD 12.2 billion by the end of the forecast period. Due to
the emerging economies like China, India, the Asia Pacific region is a potent
soil to grow exponentially and pose as a friendly environment for the
manufacture of products. Additionally, strategies like a partnership with the
untapped market and unique products are propelling the market and flourishing
the market in the region. The region is estimated to hold huge revenue share
due to the increasing adoption of residential security products. Apart from
this, an increase in disposable income, smart-city initiatives, are also
leading to the path of expansion. Moreover, an increase in the number of theft
and burglary has been observed, hence, the residential security market is
estimated to expand considerably during the assessment period. Asia Pacific market
is witnessing a robust growth with a CAGR of 10.22% and is estimated to reach
the market size of USD 12.2 billion by the end of the review period.
Key Players
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.
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Global
Residential Security Market by Product (Smart Locks, Security Cameras,
Sensors), By Solution (Home Integrated System, Access Control Management), By
Residential Type (Independent, Apartment) - Forecast 2023
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