psalexa

Residential Security Market by Product (Security Cameras, Smart Locks, Sensors, Security Alarms, Fire Sprinklers & Extinguishers), by Solution (Audio-Visual Surveillance, Access Control & Management, Home Integrated Security, Alert System, Intercom System, Fire Protection), by Residential Type (Independent, Apartment), by Geography (U.S., Canada, U.K., Russia, Germany, France, Italy, Spain, Brazil, Argentina, Colombia, China, Japan, India, South Korea, Australia, U.A.E., South Africa, Israel, Saudi Arabia) - Global Market Size, Share, Development, Growth, and Demand Forecast to 2023

  • Published: February 2018
  • Report Code: IM10058
  • Available Format: PDF
  • Pages: 260

Residential Security Market Overview

The global residential security market is projected to attain a value of $60,765.2 million by 2023, demonstrating a CAGR of 8.7% during the forecast period (2017–2023). Increasing integration of the Internet of Things (IoT) technology in home security solutions, growing adoption of smart security solutions in the residential sector, and entry of multiple-system operators are some of the key factors supporting the market growth.

GLOBAL RESIDENTIAL SECURITY MARKET, BY PRODUCT, $M (2013 – 2023)

RESIDENTIAL SECURITY MARKET

On the basis of product, the residential security market has been categorized into security cameras, smart locks, sensors, security alarms, and fire sprinklers & extinguishers. Among these, security cameras held the largest share in the market in 2016. The demand for security cameras is primarily driven by the fact that these help the users record all activities in the vicinity, including untoward actions.

Based on solution, the residential security market has been categorized into audio–visual surveillance, access control & management, home integrated security, alert system, intercom system, and fire protection. Of these, audio–visual surveillance solutions held the largest share in the market in 2016. This can be attributed to the high efficiency and a wide range of applications of these solutions.

Residential Security Market

Residential Security Market Dynamics

Trends

Emergence of wireless technologies is one of the key trends observed in the residential security market. With advancements in technology and lowering cost of security solutions, a large number of players have entered the market and started offering innovative home security solutions. Moreover, wireless solutions facilitate easier installation of complex home security solutions.

Furthermore, wireless home security provides occupants with better all-round service, with more accessible monitoring points than those provided by wired security systems. The demand for wireless systems is expected to rise in the coming years, as wireless technology also makes security systems less vulnerable as compared with traditional home security systems.

Residential Security Market

Growth Drivers

Increasing adoption of smart security solutions in homes is one of the key factors driving the growth of the residential security market across the globe. Advancements in smart security technology have resulted in enhanced security features. Moreover, new smart security solutions enable end users to exercise more control, from adjusting thermostat to turning on or off the lights or other appliances, which further facilitate energy savings. Such benefits have provided an impetus to the demand for smart security solutions in the residential sector, globally.

Opportunities

Do-it-yourself (DIY) residential security solutions are fast gaining traction worldwide. Due to the high product, installation, and maintenance costs of security systems, wireless DIY security solutions are witnessing rapid adoption in the residential sector, globally. These solutions are easy to install and maintain and do not demand the expertise of a skilled technician for operations. Further, new DIY security solutions have allowed the players to serve a larger customer base, by catering to consumers with budget constraints. This can, therefore, be viewed as an opportunity for the players in the residential security market to expand their market presence across the globe.

Residential Security Market Competitive Landscape

The global residential security market is highly fragmented due to the presence of a large number of global and regional players. With high competition in the market, major players are actively upgrading their products and services to meet the evolving customer needs.

Players in the residential security market are taking strategic measures in the form of partnerships, product launches, and geographical expansions to gain a competitive edge. For instance, in January 2018, Control4 Corporation acquired the intellectual property and key operating assets of Ihiji Inc., a U.S.-based remote management services provider, for an undisclosed amount. With this acquisition, the company aimed at providing professional integrators with device monitoring and management capabilities to efficiently and proactively support their connected-home customers.

Residential Security Market Segmentation

Further, in January 2018, Nortek Security & Control LLC launched Stove & Grill Guard, an addition to the company's 2GIG Security offering. The solution provides alerts on burners that have been left on accidentally, whether after cleaning or cooking. Moreover, the user can modify the time from once a burner has been turned on to when the notification would be sent. Notifications can be sent either via smartphone or security panel system.

Some of the key players operating in the residential security market are Honeywell International Inc., Nortek Security & Control LLC, Alarm.com Inc., Allegion PLC, United Technologies Corporation, Bosch Security Systems Inc., Ingersoll Rand PLC, Control4 Corporation, and Godrej & Boyce Mfg. Co. Ltd.

Key Questions Answered in the Report

  • What is the current scenario of the global residential security market?
  • What is the historical and the present size of the market categories and their future potential?
  • What are the major catalysts for the market and their impact during the short, medium, and long terms?
  • What are the evolving opportunities for the players in the market?
  • Which are the key regions from the investment perspective?
  • What are the key strategies adopted by the major players to expand their market share?
Place An Order
USD 4900 USD 5900 USD 7500
Customized Report Solution

Get a bespoke market intelligence solution

 
We are committed to ensuring the highest level of client satisfaction
Quality Acknowledgement
Quality Acknowledgement

Our dedication to providing the most-accurate market information has earned us verification by Dun & Bradstreet (D&B). We strive for quality checking of the highest level to enable data-driven decision making for you

Unmatched Standards
Unmatched Standards

Our insights into the minutest levels of the markets, including the latest trends and competitive landscape, give you all the answers you need to take your business to new heights

Reach Us
Reach Us Whenever You Need Us

With 24/7 research support, we ensure that the wheels of your business never stop turning. Don’t let time stand in your way. Get all your queries answered with a simple phone call or email, as and when required

Data Security
Complete Data Security

We take a cautious approach to protecting your personal and confidential information. Trust is the strongest bond that connects us and our clients, and trust we build by complying with all international and domestic data protection and privacy laws