Residential security system develops a secure and safe environment for the household that helps in improving the security environments for the complete area. The global residential security market is projected to become USD 63.4 billion by 2024 and is expected to witness a CAGR of 8.1% during the forecast period. It has been observed that increasing momentum of latest technologies such as IOT and excessive utilization of these systems are the major factors that are pertaining towards the growth of the global market. Furthermore, other factors that are driving the growth of the market include swelling crime rates and less number of security workforces.
Technological advancement in fire extinguishers and sprinklers are another factors that are pertaining towards the growth of the residential security market. The growth of this market is attributed towards technological advancements that provide extensive application due to automatic sprinklers and fire extinguishers. Furthermore, it has been observed that these smart devices are helping the users in controlling and tackling the fire in comparatively less time duration.
Improved security devices at affordable price ranges are developed due to technological upgradation and advancements. However, lack of accessibility and awareness regarding choosing of right solution, threat to the privacy of the users and the high cost of residential security solutions are the major factors hindering the growth of the residential security market.
Browse Market Insight and In-depth TOC on “Global Residential Security Market – Analysis and Forecast (2014 - 2024)"
Among all the type of products, security cameras have been estimated result in the largest revenue throughout the estimated period and are further expected to witness a CAGR of 9.1% during the forecast period. The growth of this segment is attributed towards the benefits availed to the users such as motion detectors that provide notifications and alerts to its users wherever a suspicious event is witnessed by it. Of all the solutions offered by key players in the market, the audio-visual surveillance solution held the largest share of around 23% in 2017 in the residential security market, globally.
Geographically, Asia-Pacific is expected to witness the fastest growth of 11.0% during the forecast period in the residential security market, globally. The rapid growth of this market is accredited towards technological advancements, extensive adoption for connected technologies such as IOT, enhanced digitalization and increasing security material industries. Moreover, it has been observed that North America is expected to contribute to the largest revenue of USD 25.1 billion by 2024.
Globally industry players are leveraging market growth through consistently advancing their offerings in accordance with the rapidly changing needs and demands of the customers. Some of the key players operating in the global residential security industry include Bosch Security Systems Inc, Honeywell Security Group, Alarm.Com, Allegion PLC, Nortek Security & Control LLC, United Technologies Corporation, Ingersoll Rand, Control4 Corporation, and Godrej & Boyce Mfg. Co. Ltd.
Global Residential Security Market Coverage
Product Insight and Forecast 2014 - 2024
Solution Insight and Forecast 2014 - 2024
Residential Type Insight and Forecast 2014 - 2024
Residential Security Market by Region
Rest of the World (RoW)
About VynZ Research
VynZ Research is a global market intelligence company providing research reports, industry intelligence and business advisory services to companies and institutions across the globe. We have a recognized trajectory record and our research database is used by many renowned companies and institutions in the world to strategize and revolutionize business opportunities.
VynZ Research helps clients to make informed decisions in their businesses! We build market intelligence reports with fact-based research that includes comprehensive analysis and quantification of market drivers, dynamics, opportunities, restraints, threats, market shares and emerging trends arising across a wide range of industries. VynZ Research team is fully committed to providing the highest level of market intelligence reports that help its client in gaining competitive advantage and obtaining requisite strategic insights. We provide syndicated research reports or custom research requirements based on rigorous market studies and consulting services to our esteemed clients across the globe.
165 Broadway, 23rd Floor,
New York City, New York - 10006
United States of America