Market overview:
The global residential security market is witnessing rapid revenue growth. Factors such as the rising security concerns and adoption of residential security solutions push the market value. Besides, the increasing awareness of the advantages of residential security solutions drives the growth of the market.
The rising uptake of security devices such as video surveillance solutions, medical alert systems, and others escalates the market valuation. According to Market Research Future (MRFR), the global residential security market is poised to create a substantial valuation by 2027, registering a colossal CAGR throughout the review period (2020-2027).
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On the flip side, low awareness of advanced security solutions is a major factor projected to impede the market growth. Additionally, privacy and data breach issues, alongside the costs associated with the purchase and maintenance of residential security devices, pose challenges to the growth of the market. Nevertheless, increasing uptake of the advanced technologies would support market growth throughout the assessment period.
Major Players:
Players leading the global residential security market include Allegion Plc., Bosch Security Systems GmbH, CONTROL4 CORPORATION, Frontpoint Security Solution, Godrej Boyce Mfg. Co. Ltd., Honeywell International Inc., Ingersoll-Rand Plc., Nortek Security and Control, United Technologies, Tyco International Ltd., ASSA Abloy AB, UTC Fire Security, among others.
Global Residential Security Market – Competitive Analysis
Highly competitive, the residential security market appears to be fragmented due to several well-established players forming a competitive landscape. These players incorporate market strategies, such as mergers acquisitions, collaborations, expansion, and technology/product launch, expanding their operations and offerings.
Global Residential Security Market – Segments
The report is segmented into systems, services, security (technologies), home types, and regions. The system segment is sub-segmented into fire protection systems, video surveillance systems, access control systems, entrance control systems, intruder alarm systems, and regions.
The service segment is sub-segmented into security system integration services, remote monitoring services, fire protection services, video surveillance services, access control services, and others.
The security segment is sub-segmented into professionally installed monitored, self-installed professionally monitored, do-it-yourself (DIY), and others. The home type segment is sub-segmented into condominiums/ apartments and others. The region segment is sub-segmented into Europe, North America, Asia Pacific, the Middle East Africa, and others.
Global Residential Security Market – Regional Analysis
North America dominates the global residential security market. The largest market share attributes to the rising needs for in-residential safety solutions and growing smart residential projects. Besides, the extensive adoption of advanced residential security solutions in residential facilities drives the market's growth in the region. The US market accounts for the dominating share in the region.
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Industry/ Innovation/ Related News
Oct. 04, 2021 -- Rentigo, a leading rent processing platform, and HelloRented, the rental finance platform, announced their merge to form Qira. The new end-to-end financial services platform can support residential owners, property managers, and renters through every financial interaction of the rent lifecycle. Rentigo serves real estate operators, whereas, HelloRented offers cutting-edge AI-based underwriting capabilities and a unique, cash-based, alternative security deposit solution.
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