Residential security refers the practice of maintaining the security & safety of both residential buildings and the individuals in them. Residential security is an electronic system which takes complete care of the security of the residence, especially when the resident is away from home. It is proposed to provide guidance in taking precautions to decrease the risk of burglary & minimize the opportunity for crime around the home. The key benefits are crime deterrence, lower homeowner’s insurance, notify fire or gas problems, allow remote access to home, help keep tabs on kids and maintain records. Moreover, it has an extensive range of protective services for different public figures, including corporate CEOs & executives, politicians & government officials, celebrities & athletes, foreign dignitaries & prominent families and high net-worth individuals.
According to study, “Global Residential Security Market by Product (Smart Locks, Security Cameras, Sensors), By Solution (Home Integrated System, Access Control Management), By Residential Type (Independent, Apartment) – Forecast 2023” the key companies operating in the global residential security market are Tyco International Ltd., ASSA Abloy AB, Honeywell International Inc., Ingersoll-Rand Plc, Frontpoint Security Solutions, UTC Fire & Security, Control4 Corp., Allegion PLC, ADT LLC dba ADT Security Services, Godrej & Boyce Manufacturing Company, Nortek Security and Control, Bosch Security Systems GmbH.
Based on product type, global residential security market is segmented into smart locks, security alarms, security camera, sensors, fire sprinklers and extinguishers. Smart locks include keypad locks, electronic door locks, biometric locks and wireless locks. Based on solution, market is segmented into access control & management, alert system, audio-video surveillance system, home integrated security, intercom system and fire protection. Based on residential type, market is segmented into independent residential and apartment residential.
The residential security market is driven by growth in urbanization & globalization, followed by increase in crime rates, rise in adoption of smart security devices, increase in awareness about the most recent technologies & their utilization in private security, rise in adoption of cloud based security technologies, increase in digitalization, rise in need for advanced residential protection plans & security solutions, decrease in cost of security equipment such as security cameras, increase in the disposable income and shortage of security personnel. However, lack of infrastructure in emerging countries and non-cooperation of the residents may impact the market. Moreover, growth of internet of things (IoT) & sensor technology is a key opportunity for market.
Nowadays, real-time updates of activities are taking place which are accessed through security devices over smart-phones or tablets. Additionally, smart intercom & app based security systems (wireless) are also gaining interest of independent as well as residential communities & societies. Such systems also provide services such as notifications by e-mails, text, phone calls to law enforcement, if a suspicious activity is detected.
Based on geography, the North-American region holds major share in residential security market owing to rise in the number of burglary and theft incidents and increase in need of a better security system in the region. Asian-Pacific region is expected to witness higher growth rate due to increase in smart city initiatives launched by the government and increase in per capita income over the forecast period. It is estimated that the market will be reached at US $60,765.2 million, by 2023.
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Ankur Gupta, Head Marketing & Communications