Pune, India, April 29, 2019 (GLOBE NEWSWIRE) -- As per a recent report on the residential security market by Market Research Future, the market is expected to accomplish a CAGR of 8.53% while earning revenues valued at USD 44.8 billion in the forecast period. The development of a better understanding related to home safety against threats is boosting the growth of the market. The escalated crime rate in urban areas has prompted growth in the adoption of residential security tools. Previously, residential security used was not prioritized or was outsourced to unreliable third-party contractors. As technology has percolated in society, the use of tools that ensure better safety rate has grown in demand globally.
The rise in the number of self-installed security systems is expected to create a surge in the growth of the residential security market globally. The progress of DIY solutions and the substantial expansion of distribution channels is expected to promote the growth of the residential security market in the impending years. The price sensitivity related to residential security products has decreased significantly, due to better awareness of security threats in the urban areas as well. The market for residential security market is expected to see considerable expansion due to an escalation in the crime rates around the world. Moreover, the prospects made available by the approval of IoT and sensor technology are expected to reinforce the residential security market in the approaching period.
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Market Segmentation
The segmental overview of the residential security market has been carried out on the basis of solution, residential type, product, and region. The segmentation of the residential security market on the basis of product, the residential security system market has been segmented into security alarms, smart locks, fire sprinklers & extinguishers, sensors, and security cameras. Based on the solution, the residential security market is segmented into audio-video surveillance, fire protection, home integrated system, alert system, and access control management. On the basis of the type of residency, the market for residential security is segmented into independent and apartment. The geographies included in the residential security market are Asia Pacific, North America, Europe, and Rest of World.
An Escalated Need for Security Coupled with Rising Income Level to Fuel the Residential Security Market
The regional investigation of the residential security market covers regions such as Asia Pacific, North America, Europe and the rest of the world. The North American region is controlling the market for residential security. The regional market share of the North American market was 41.5% in the year 2016 and had been assessed at USD 10.1 billion in the year 2016. The Asia Pacific region has appeared as the fastest rising market and is anticipated to attain a market size of USD 12.2 billion by the end of forecast period due to the developing nations in the Asia Pacific region. The Asia Pacific region has huge growth potential and offers a promising environment for product producers.
Key Players
The noteworthy contenders in the Residential Security Market are Tyco International Ltd., ADT Security Services, ASSA Abloy AB, Allegion, UTC Fire & Security, Godrej & Boyce Manufacturing Company, Honeywell International Inc., Control4, Nortek Security and Control, Bosch Security Systems, and others.
Key Updates
Mar 2019 Wyze, the maker of a $20 residential security camera, has launched a similarly priced home sensor starter kit. The company announced that its $20 Wyze Sense kit would begin shipping in early May with a PIR motion sensor, two contact sensors, and the Wyze Bridge, which plugs directly into the back of the Wyze Cam.
Mar 2019 Robot Meibao, a first-of-its-kind "robot watchman" that integrates facial recognition, man-machine communication, and infrared thermal imagery is effectively replacing human night patrol. The robot monitors illegal activities and also offers beneficial information to residents at the Meiyuan community in Beijing where it has been deployed. It was created by the BAACI with the backing of the China Academy of Launch Vehicle Technology, an organization in China's space industry, to swap the human night patrol.
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Apr 2019 Danalock, a top Danish supplier of smart lock products for smart homes and businesses, recently announced that it now fits in with the new 2GIG GC2e Security Panel from Nortek Security & Control, making it simple for dealers to provide a best-in-class front door experience. Danalock is extending reasonable and easy installation without altering the door handle and lock thus saving resources, compared to other systems, which also frequently demand physical changes at the users’ home.
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