The global residential security market is expected to witness a CAGR of 8.7% during the forecast period, with the market expected to reach $60,765.2 million by 2023. The global residential security market is estimated to reach $60,765.2 million by 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.
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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.
Security camera segment has been the largest contributor to the global residential security market. Security cameras help in developing a safe and secure residential environment through high quality audio/visual vigilance. Factors such as motion detection, night vision, and wi-fi capabilities are further propelling the adoption of advanced security cameras for residential security globally.
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.
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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