The study reveals that the Global Residential Security Market is estimated to reach $67,588.9 million by 2024. On account of significant advancement in technologies, such as the 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 home security market is gaining more traction.
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As per the findings of the research, security cameras held the largest market among all home security products. Further, the security camera segment is expected to continue its highest revenue contribution during the forecast period. Security cameras are one of the fundamental devices for home 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 2014-2017. However, home integrated security segment is expected to lead the market with the highest growth rate, during the forecast period.
Geographically, North America has been the largest market for home security, whereas Asia-Pacific is expected to witness the fastest growth among all regions, during the forecast period. The anticipated growth in the market can be attributed to increasing digitalization, advancement in new technologies, growth in the security equipment industry, and increasing adoption of connected technologies such as the Internet of Things (IoT) by home 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 the development of smart city projects, the region has higher propensity to adopt home security solutions at a rapid scale in near future.
Security camera segment has been the largest contributor to the global home security market. Security cameras help in developing a safe and secure home 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 home security globally. Security cameras with motion detection can send user alerts and notifications, whenever motion or suspicious activity is observed by it. In addition, security cameras with night vision can allow recording images and videos in low light situations and such cameras have a huge impact in lowering down the instance of criminal offense taking place at night.
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The research states that the global home security market is highly competitive, with players developing new home security applications and smart security solutions. Some of the key players in the home 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. Most of the major vendors in the Global Residential Security Market are actively focused on enhancing their offerings to meet the ongoing demand.
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