The global residential security market is expected to reach $60,765.2 million by 2023, registering a CAGR of 8.7% during 2017–2023 (forecast period). Adoption of cloud-based security solutions, technological developments such as the Internet of Things (IoT), and growth in demand for advanced security solutions such as alert systems and wireless locks are some of the major factors driving the market.
Insights into market segments
Among various products, security cameras are expected to witness the highest demand in the residential security market during the forecast period. This can be attributed to the rising crime rate across the globe. Since security cameras facilitate recording of all activities in the vicinity, a user can keep a watch on any untoward activity as well. Moreover, security cameras offer safe and secure residential environment through high-quality audio–visual vigilance. Technologies such as motion detection, night vision, and Wi-Fi are further propelling the adoption of advanced security cameras for residential security, globally.
Among the various types of smart locks, wireless locks are projected to witness the highest demand in the market during the forecast period. This can be ascribed to advancements in wireless security solutions and emergence of connected home technologies. Moreover, rapid proliferation of IoT and connected home technologies continue to influence the demand for wireless smart locks worldwide.
On the basis of solution, the home integrated security category is expected to witness the fastest growth in the residential security market during the forecast period. This can be attributed to the features such as real-time monitoring, improved security, and centralized control offered by this type of security systems. With the help of integrated security systems, owners can monitor and manage all their security devices from one place.
Market to witness the fastest growth in Asia-Pacific (APAC)
Geographically, the residential security market is expected to witness the fastest growth in APAC during the forecast period. Developing economies in APAC, increasing disposable income of the populace, growing digitization and automation in building infrastructure security, and government initiatives such as the development of smart city projects are supporting the market growth in the region.
Rising penetration of IoT propelling market growth
Growing adoption of IoT across the world is positively impacting the residential security market. Advancements in connected technologies are driving the demand for smart security systems in the residential sector. IoT allows occupants to control their locking systems, lights, heating, ventilation, and air conditioning (HVAC) systems, and audio–video surveillance equipment from a single device, such as a smart phone or a tablet. Additionally, the IoT technology offers remote monitoring of home and other property from anywhere, anytime, as per the convenience of the user.
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Residential security market competitive landscape
Owing to the presence of a large number of players, the global residential security market is highly competitive in nature. In recent years, product launches have been the major activities of market players. For instance, in April 2017, Bosch Security Systems Inc. launched the B6512 intrusion control panel for its B-series family of integrated security solutions in North America. The system can monitor 96 points of protection and 6 key areas. In addition, it features on-board ethernet and USB connections to simplify installation and decrease the installation cost.
Some of the key players operating in the residential security market are Honeywell International Inc., Alarm.com Inc., Bosch Security Systems Inc., Allegion PLC, Nortek Security & Control LLC, United Technologies Corporation, Ingersoll Rand PLC, Control4 Corporation, and Godrej & Boyce Mfg. Co. Ltd.
GLOBAL RESIDENTIAL SECURITY MARKET SEGMENTATION
Market Segmentation by Product
Market Segmentation by Solution
Market Segmentation by Residential Type
Market Segmentation by Region