The growth of this global residential security market is attributed towards increasing demand for systems and components. Additionally, expanding awareness regarding innovative technology along with extensive growth of IoT and increasing utilization of these security systems at residence are the crucial factors pertaining towards the growth of the market.

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The residential security market, on the basis of product, is segmented into security cameras, smart locks, fire sprinklers & extinguishers, sensors and security alarms. Among all these product categories, security cameras have been generating largest revenue and is expected to witness a CAGR of 9.1% during the forecast period.

Diminishing cost of security cameras, extensive increase in IOT devices, increasing utilization of smart security devices and extensive demand for progressive residential protection plans are the major factors driving the growth of residential security market across the globe. Increasing technological upgradation has resulted in generating improved security devices and solutions at affordable prices.

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Some of the key players operating in the residential security industry are Bosch Security Systems Inc, Honeywell Security Group, Alarm.Com, Allegion PLC, Nortek Security & Control LLC, United Technologies Corporation, Ingersoll Rand, Control4 Corporation, and Godrej & Boyce Mfg. Co. Ltd.

Source: VynZ Research