The report on the global Residential Security market covers historical market trends, current market dynamics, market valuation by segmentation as well as region, key player's market share analysis, competitive landscape and supply chain analysis.
Pune, India - February 21, 2019 /MarketersMedia/ —
Market Highlights
The global residential security market is expected to reach an estimated $40.42 billion by 2023 and it is forecast to grow at a CAGR of 8.9% from 2018 to 2023. Prominent factors driving the global residential security market are, increasing rates of home burglary, rapid growth in IoT and attractive insurance policies to residents for installation of security system. However, huge instalment and maintenance cost of security solutions may hamper the market growth. Apart from high cost, low rate of IT literacy, particularly in the under-developed nations and older age people are also ruining the growth of this market also inadequate IT knowledge makes it difficult for the owner to operate the home security solutions system.
Security solutions such as access control and intruder alarms among others were not connected through any other systems but nowadays, the emergence of internet of things has led to the change in the home security. The growing awareness of consumers about internet of things has enhanced security and safety in an individual’s household or property.
Factors such as rapid urbanization, changing lifestyle, changing income, remote access for residential security and emergence of smart homes are expected to drive the market over the forecast period, 2017-2023.
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Major Key Players:
• Honeywell International Inc. (U.S.),
• Tyco International Ltd.,
• ASSA Abloy AB,
• Allegion,
• UTC Fire & Security,
• Control4,
• Nortek Security and Control,
• ADT Security Services,
• Bosch Security Systems,
• Godrej & Boyce Manufacturing Company and others.
According to MRFR, the global Residential Security market is growing rapidly over ~8.53% of CAGR and is expected to reach at USD ~ 44.8 billion by the end of forecast period
Industry News
Johnson Controls introduces Tyco’s Software House C•CURE 9000 v2.70 Service Pack 2 (SP2)
It is one of the industry’s most powerful security management systems, providing 24x7 mission critical security for people, buildings and assets. This new service pack supports Phase 2 of Tyco’s Innometriks High Assurance Security Solution and a deeper integration with C•CURE 9000 for identity credential and access management. It also provides enhancements to Open Supervised Device Protocol (OSDP), the standard for secure reader-to-panel communication.
Godrej Security Solutions (GSS), launched Wi-Fi enabled cameras and video door phones
Godrej Security Solutions has launched three Wi-Fi enabled home cameras under the EVE (Easy Viewing Everywhere) Series, which can be installed and controlled through a mobile app. Seethru Pro, the latest variant of its video door phone, is also launched which allows home owners to view and attend to visitors at the door even when they are away from home.
Key Findings:
By product, security cameras hold the major market share and has generated USD 6.6 Billion in 2016 and is expected to grow at 9.61% CAGR through the forecast period.
By solution, audio-video surveillance holds the major market share and generated USD 7.2 Billion in 2016 and is expected to grow at 9.35% CAGR through the forecast period.
Asia Pacific has emerged as fastest growing market with 10.22% of CAGR and is expected to reach at market size of USD 12.2 billion by the end of forecast period.
Segmentation:
According to Market Research Future, market has been segmented into product, solution, residential type and region.
On the basis of product, the market has been bifurcated into smart locks, sensors, security alarms, fire sprinklers & extinguishers and security cameras. Out of these product, security cameras accounted for the largest market share, majorly due to technological innovations such as rechargeable batteries and wireless connectivity. Also, the introduction of IP based cameras is expected to boost the market over the forecast period, 2017-2023. For instance, Zicom Home manufactures home watch IP cameras which helps to stay connected to home 24 hours, access video anytime, records videos when someone enters the house, password protected cameras and it also records audios.
Regional Analysis:
By Region, MRFR analysis shows that, North America accounted for the largest market share because of the growing adoption of new technologies, strict security concerns, devices at cheaper cost, adoption of sensor based technologies and also the advancement in the cloud computing are boosting the residential security market in this region.
However, Asia-Pacific is expected to grow over the forecast period, 2016-2022. Countries such as China, Japan contributes largely to the overall growth of the market. The reason of this growth are attributed to emergence of new technological solutions, increasing security concerns such as demand for wireless locks and changing lifestyles.
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Intended Audience:
• Manufacturers
• Distributors
• Research firms
• Consultancy firms
• Software Developers
• Vendors
• Semiconductor Manufacturers
• End-user sectors
• Technology Investors
List of Tables
TABLE 1 Market Factor analysis
TABLE 2 Global Residential Security Market, By Product (USD Million) (2017-2023)
TABLE 3 Global Residential Security Smart Locks Market, By Region (USD Million) (2017-2023)
TABLE 4 Global Residential Security Sensors Market, By Region (USD Million) (2017-2023)
TABLE 5 Global Residential Security, Security Alarms Market, By Region (USD Million) (2017-2023)
TABLE 6 Global Residential Security Fire Sprinklers & Extinguishers Market, By Region
TABLE 7 Global Residential Security, Security Cameras Market, By Region (USD Million)
TABLE 8 Global Residential Security Others Market, By Region (USD Million) (2017-2023)
TABLE 9 Global Residential Security Market, By Solution (USD Million) (2017-2023)
Continued……
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Contact Info:
Name: abhishek Sawant
Organization: Market Research Future
Phone: +1 646 845 9312
Website: https://www.marketresearchfuture.com/reports/residential-security-market-2803
Source: MarketersMedia
Release ID: 484552
