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.
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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.
The global residential security market size 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.
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.
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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.