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.
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. Residential Security Market demand is growing rapidly over 8.28% of CAGR and is expected to reach at USD 91.64 Billion by 2030
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.
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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.
The residential security market is a rapidly growing industry that includes a wide range of products and services designed to protect homes and their occupants from various forms of security threats. According to market research reports, this market is expected to continue growing rapidly in the coming years, with an increasing number of homeowners investing in security solutions such as security cameras, smart locks, sensors, security alarms, and fire sprinklers & extinguishers.
Several key drivers are fueling the growth of the residential security market, including rising concerns about property crime and burglaries, increasing awareness of the benefits of home security solutions among homeowners, and advancements in technology that have made security systems more affordable and accessible.
The market is experiencing significant innovation due to the introduction of technologies such as the Internet of Things (IoT), cloud computing, artificial intelligence, and machine learning. These technologies are enabling security companies to offer more sophisticated and comprehensive solutions to their customers, including remote monitoring and control of security systems, real-time alerts and notifications, and intelligent analytics that can identify unusual activity and provide insights for improving security.
Overall, the residential security market is poised for continued growth in the coming years as more homeowners recognize the importance of protecting their homes and families, and as technological advancements continue to drive innovation in the industry.
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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