Residential security market report contains detailed information on factors influencing demand, growth, opportunities, challenges, and restraints. It provides detailed information about the structure and prospects for global and regional industries. In addition, the report includes data on research & development, new product launches, product responses from the global and local markets by leading players. The structured analysis offers a graphical representation and a diagrammatic breakdown of the Residential security market by region.

The study reveals that the 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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Insights on market segments

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.

COVID-19 Impact

The COVID-19 pandemic in 2019 engulfed the world. It caused a worldwide halt. The entire global economy was affected. In addition, many people have also lost their lives. Around 252,297,094 cases and 5,091,465 deaths have been reported worldwide so far for COVID-19. The pandemic spread to almost every country in the world. In most industries, the pandemic resulted in some form of loss. As a result of the pandemic, the Residential security market also experienced a slowdown. Statista estimates that the Residential security market total worldwide revenue stood at approximately US$ 3.94 trillion in 2019. In 2014, the Residential security market generated revenues of US$ 5.4 trillion at a record high.

The degree of competition among prominent global companies has been developed by analyzing several leading competitors operating globally. In addition, specialist analysts examine various aspects of the Residential security market, including market competition, market share, the most recent advancements in the industry, innovative product launches, partnerships, mergers, and acquisitions by leading companies. 

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The market to witness the fastest growth in Asia-Pacific 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: the largest home security product market

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.

High competition among key players in the market

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 Marketare actively focused on enhancing their offerings to meet the ongoing demand.

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Market Segmentation: Global Residential Security Market
By Product
, Security Cameras
, Smart Locks
o Electronic Door Locks
o Biometric Locks
o Keypad Locks
o Wireless Locks
, Sensors
, Security Alarms
, Fire Sprinklers & Extinguishers

By Solution
, Audio-Visual Surveillance
, Access Control & Management
, Home Integrated Security
, Alert System
, Intercom System
, Fire Protection

By Home Type

, Independent
, Apartments

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By Region

, North America
, Europe
, Asia Pacific
, LATAM
, MEA

What is the goal of the report?
• The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
• During the forecast period, the report analyzes the growth rate, market size, and market valuation.
• The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
• The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance

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Tags: Residential Security Market, Residential Security Market Share, Residential Security Market trend, Residential Security Market Size

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