Residential Security Market Growth, Future Scope, Challenges, Opportunities, Trends, Outlook And Forecast To 2030
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
– 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.
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.
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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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