The 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 the 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 fewer security workforces.
Improved security devices at affordable price ranges are developed due to technological up-gradation and advancements. However, lack of accessibility and awareness regarding choosing the right solution, the 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.
Get Free Report Sample At https://www.vynzresearch.com/ict-media/residential-security-market/request-sample
Among all the types of products, security cameras have been estimated to 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 by 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
- Smart Locks
- Fire Sprinklers & Extinguishers
- Security Cameras
- Sensors
- Security Alarms
- Electronic Door Locks
- Biometric Locks
- Keypad Locks
- Wireless Locks
Solution Insight and Forecast 2014 - 2024
- Home Integrated Security
- Intercom System
- Audio-Visual Surveillance
- Access Control & Management
- Fire Protection
- Alert System
Residential Type Insight and Forecast 2014 - 2024
- Independent
- Apartment
Contact Us:
VynZ Research
Direct: +91-9960288381
Toll-Free: +1-888-253-3960
Website: https://www.vynzresearch.com
Email: enquiry@vynzresearch.com
