Global Residential Security Market Outlook 2018 – 2024:- Bosch Security Systems Inc, Honeywell Security Group, Alarm.Com, Allegion PLC, Ingersoll Rand, Nortek Security & Control LLC etc…
Lucrative opportunities which firms a positive future of the Global Residential Security Market include the introduction of predictive intelligence in Residential security solutions and growth in the do it yourself (DIY) security solutions. Emerging trends which promises a continuous growth of the global Residential security market comprises of rapid emergence of the wireless residential security which acts as a status trend in many developing regions. The future of the global Residential security market is predicted to be attractive with an increasing number of threats in the residential sector across the globe. As per the study, the market is estimated to reach above USD 67,588 million by 2024. On the account of substantial development in technologies, such as the Internet of Things (IoT), adoption of cloud based security technologies and rapid increase in demand for advanced security solutions, like alert systems and wireless locks, this market is gaining more traction.
Global Residential Security Market: Key Stakeholders
- Security Equipment Providers
- Industrial & Home Security Providers
- Software & Hardware Providers
- Electrical & Electronic Device Suppliers
- Telecommunication Providers
- Cloud Service Providers
- Professional & Managed Service Providers
- Real Estate Builders
- Safety Standard Providers
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Global Residential Security Market Insights:
According to BlueWeave Consulting, the key findings of the report “Global Residential Security Market Size, Share, Development, Growth and Demand Forecast to 2024” are:
- As per the research, sale of security cameras was highest amongst other residential security products. Further, security camera segment is expected to continue with its highest revenue contribution during the forecast period. Security cameras are one of the fundamental devices for Residential security, which are purchased by every Residential owner who wants to immune their property against unexpected intrusions.
- Among various solutions, demand for audio visual surveillance segment witnessed the highest growth during 2014-2017. However, Residential integrated security segment is anticipated to lead the market with highest growth rate, during the forecast period. Among smart locks, electronic door locks contributed highest revenue to the global market, however, the sales of next generation wireless locks is expected to grow fastest in the coming years
- North America has been the largest market for Residential security due to mass adoption of Residential security solutions by the citizens, and an updated mindset for securing their Residential with security solutions
- Asia-Pacific is likely to grow fastest among all regions, during the forecast period. The anticipated growth of Asia-Pacific market is due to 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 countries like India, China, and Singapore
- In addition to this, with several government initiatives for instance development of smart city projects, the Asia-Pacific Residential security market has high propensity to witness a rapid scale of revenue generation in near future.
Global Residential Security Market: Research Methodology
Extensive secondary research was conducted using paid data sources including Bloomberg, Factiva, Capital IQ, OneSource, and Hoovers. Additionally, several publicly-available data sources were used including journals, statistics articles, and industry associations. These data sources were used to gather relevant information to develop an understanding of the global residential security market. The research was conducted covering desk research and primary research. Data sources used for primary research included online forums and blogs, CATI/CAWI, CAPI interviews, and video conferences. Additionally, interviews were conducted through connecting with various industry respondents including C-level executives, directors, divisional heads, regional heads, expert consultants, and independent consultants. The primary research was conducted to gain market insights from industry respondents and validate the gathered information through desk research.
Global Residential Security Market: Competitive Dynamics
The research states that the global Residential security market is highly competitive, with players developing new Residential security applications and smart security solutions. Some of the key players in the global Residential security ecosystem are Bosch Security Systems Inc, Honeywell Security Group, Alarm.Com, Allegion PLC, Ingersoll Rand, Nortek Security & Control LLC, United Technologies Corporation, Control4 Corporation, and Godrej & Boyce Mfg. Co. Ltd.
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