Residential Security Market Revenue, Trends, Key Players and Demand by 2023

Global residential security market is projected to reach $60,765.2 million by 2023, growing at a CAGR of 8.7% during 2017 – 2023. On account of significant advancement in technologies such as Internet of Things (IoT), adoption of cloud based security technologies and rapid increase in demand for advanced security solutions, such as alert systems and wireless locks, the global residential security market is gaining traction.
Image result for Residential SecuritySecurity cameras have been the largest market among residential security products. Further, security camera segment is expected to continue its highest revenue contribution during the forecast period. Security cameras are one of the fundamental devices for residential security, which are sought by everyone looking to immune their abode against security threats. Among various solutions, audio visual surveillance segment witnessed the highest growth in demand during 2013-2016. However, home integrated security segment is expected to lead the market with highest growth rate, during the forecast period.
Geographically, North America has been the largest market for residential security, whereas Asia-Pacific is expected to witness the fastest growth among all regions, during the forecast period. The anticipated growth in market can be attributed to increasing digitalization, advancement in new technologies, growth in security equipment industry, and increasing adoption of connected technologies such as Internet of Things (IoT) by residential security providers in the region. Further, due to rapid technological advancements in automation of security in building infrastructure, in addition with various government initiatives such as development of smart city projects, the region has higher propensity to adopt residential security solutions at a rapid scale in near future.
Factors driving the global residential security market include significant growth in IoT and sensor technology, decreasing cost of security equipment such as security cameras, increasing need for advanced residential protection plans and security solutions, and amplified adoption of smart security devices, globally. Real-time updates of activities taking place can be accessed through security devices over smartphones or tablets. In addition, smart intercom and app based security systems (wireless) are also gaining interest of independent as well as residential communities and societies. Such systems also provide services like notifications by text, e-mails, phone calls to law enforcement, if a suspicious activity is detected.
Some of the key players in the residential security ecosystem are 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.
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