Residential Security Market – Overview
Increase in the development pace of the technology sector has benefitted the product portfolio in the residential security market. Market focused reports connected to the information and communication technology industry amongst others recently have been made accessible by Market Research Future which publishes reports on this industry. The market is projected to achieve USD 44.8 billion in revenues while growing swiftly with an 8.53 percent CAGR over the forecast period.
Many individuals are relying on residential security devices to ensure the safety and security of their residences. Increase in the level of crime rates has prompted the development of the market to counter attack these threats effectively. Development and subsequent rise in awareness related to IoT concepts in the market have led to an uptick in the speeding up the expansion of the market. The market is expected to sustain its growth in the forecast period owing to new security software solutions.
- By product, security cameras holds 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.
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The basis of segmentation such as product, solution, residential type, and region have been used to segment the residential security market globally. The residential security system market’s segmentation on the basis of product comprises of sensors, smart locks, security alarms, fire sprinklers & extinguishers and security cameras. On the basis of solution, the market segmented comprises of home integrated system, audio-video surveillance, fire protection, alert system and access control management. The market’s segmentation on the basis of type of residency comprises of apartment and independent. The geographical segmentation of the market covers North America, Europe, Asia Pacific and Rest of World.
Detailed Regional Analysis
The region wise analysis of the Residential Security Market includes regions such as Asia pacific, North America, Europe and Rest of the World. The North American region is leading the market of residential security with a market share of 41.5 percent in the year 2016 and has been valued at USD 10.1 billion in the year 2016. The Asia Pacific region has appeared as the most rapidly growing market and is likely to touch the market value of USD 12.2 billion by the end of forecast period due to the emerging countries in the Asia Pacific region that have demonstrated huge growth potential and will provide a positive environment for product manufacturers.
Global Competitive Analysis
The companies in this market are adjusting to the state of events by using portfolio upgrades and continuing financial fluidity. Moreover, the challengers are handling the competitive environment by driving the market growth elements to their advantage. The proficiency to fuel competitive capabilities is among the main reasons powering their efforts in this period. The continual delivery of customer value has enhanced the market value of the industry. The growing levels of diversification in the industry, have permitted the companies to use many chances available in the industry. The forecast for growth in the market appears to be promising through the forecast period. The market competitors are framing their plans for corporate strategy in a way can bring about the best value for growth in the current scenario, while also simultaneously improving their product’s value.
The market is being shaped by competitors such as Tyco International Ltd., UTC Fire & Security, Honeywell International Inc. (U.S.), ASSA Abloy AB, Allegion, ADT Security Services, Bosch Security Systems, Control4, Nortek Security and Control, Godrej & Boyce Manufacturing Company and others.
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Jan 2018 Kastle Systems International which is an established industry leader in advanced managed security solutions and services, recently announced that they had bought Urban Alarm which is a local DC-based security provider. The Urban Alarm has been the security provider and provided patrol service to quite a few of the area’s most important single-family residential neighborhoods. The firm has also completed security projects for several large developers and properties including, in partnership with Kastle, his acquisition, Kastle now has ann exclusive opportunity to take its innovations in technology and service, developed for multifamily and commercial real estate owners, into DC’s single-family residential homeowner market.
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