According to a new market report published by BlueWeave Consulting, The Global Residential Security Market was valued at USD 37,822.8 Million in 2017 and is projected to expand at a CAGR of 9.2% from 2018 to 2024, by value, reaching around USD 67,588.9 Million by the end of the forecast period. According to the report, North America was the largest contributor in terms of revenue to global Residential Security market in 2017.
Interactivity & home control systems are gaining momentum in the market driving the global residential security market
There has been rise in awareness of interactive and home control systems with plenty of ongoing innovations which is anticipated to take over the home security space in coming years. Many homeowners are using new security technologies, which are providing interactive and higher user-friendly security conveniences such as voice-controlled locks, and alerts which is driving the global residential security market over the forecast period.
The trend of implementing interactivity & home control systems is expected to gain higher revenue returns as companies are offering smart app-based home security systems which are cheaper and appealing systems, further residential security has the ability to evolve, to fit into the various need of home owners. Apart from this, substantial investments to support interactivity and home control features in the home security market will stimulate market demand over the forecast period.
Due to growing number of attacks on children in various countries, safety of children arriving home from school and from various other places has become a prime concern for parents. While the parents are out from home, they worry about their children when home alone. To curb this, companies has introducing special child safety features in their current and upcoming offering to give system owners a peace of mind when their children are alone at home which will trigger global residential security market demand over the forecast period.
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Scope of the Report
The Global Market for Residential Security is segmented by product, solution, home type, and region. The product segment is further segmented into security cameras, smart locks, sensors, security alarms, and fire sprinklers & extinguishers. The solution segment is further categories into audio-visual surveillance, access control & management, home integrated security, alert system, intercom system, and fire protection. By home type segmented is based on independent and apartments category.
Geographically, the global Residential Security market is bifurcated into North America, Asia Pacific, Europe, LATAM and MEA. North America Residential Security market was the most prominent market contributing significant revenue within the manufacturing industries. Thus, the demands for Residential Security products, like software and services will generate higher revenue returns over the forecast period.
Major industry players in global residential security market are adopting different strategic initiatives such as mergers and acquisitions, partnerships, and collaborations for strategic expansion in the Residential Security market. For instance, Bosch Security Systems partnered with Sony Corporation in the field of video security solutions. With this partnership, Bosch aims to deliver quality video security solutions to its customers for both existing and new market segments.
Market Segmentation: Global Residential Security Market
Electronic Door Locks
Fire Sprinklers & Extinguishers
Access Control & Management
Home Integrated Security
By Home Type
· North America
· Asia Pacific (APAC)
· Middle East & Africa
· Latin America
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