Global Residential Security Market Set to Reach USD 84.2 Billion by 2031, With a Sustainable CAGR Of 10.1% | Growth Market Reports
PUNE, India, Feb. 9, 2023 /PRNewswire/ -- According to a recent market study published by Growth Market Reports, titled, "Residential Security Market by Product Type (Smart Locks, Security Cameras, Fire Sprinklers & Extinguishers, Sensors, Security Alarms, and Others), Solution Type (System and Services), Security Type (Professional-installed & Monitored, Self-installed & Professionally Monitored, and Do-It-Yourself), Residential Type (Independent Homes and Condominiums/ Apartments), and Region: Size, Share, Trends, and Opportunity Analysis, 2023-2031", the market size was USD 36.9 billion in 2022 and is expected to reach USD 84.2 billion, expanding at a CAGR of 10.1% by the end of 2031. The market growth is attributed to the rising burglary and crime rates across the globe.
Key Market Players Profiled in the Report
- ADT
- Honeywell International Inc
- Johnson Controls
- Hangzhou Hikvision Digital Technology Co., Ltd
- ASSA ABLOY
- SECOM CO., LTD
- Robert Bosch Smart Home GmbH
- CISA S.p.A.
- ABB
- Godrej
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The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include product type, solution type, security type, and competitor analysis.
This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping market players to expand their market share.
Highlights on the Segments of the Residential Security Market
Based on product type, the global market is segregated into smart locks, security cameras, fire sprinklers & extinguishers, sensors and security alarms, and others. The security cameras segment held a key share of the market and is anticipated to expand significantly during the forecast period. Security cameras are most used for deterrence.
On the basis of solution type, the global residential security market is bifurcated into systems and services. The system segment is projected to expand at a high CAGR during the forecast period owing to the involvement of the use of CCTV cameras.
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Based on security type, the global market is fragmented into professional-installed and monitored, self-installed and professionally monitored, and do-it-yourself. The professional-installed and monitored segment is expected to grow at a significant pace during the projected period as it provides advice and instructions regarding usage.
On the basis of residential type, the residential security market is bifurcated into independent homes and condominiums/ apartments. The independent homes segment accounted for a major market share in 2022 and is projected to generate a high revenue share during the assessment period. The rapid expansion of independent homes demands for security cameras, locks, alarms, and motion detectors for safety purposes.
In terms of region, the global residential security market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the market in 2022 and is projected to expand at a significant CAGR during the forecast period owing to rising consumer awareness regarding safety.
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Key Takeaways from the Study:
- Residential security system includes a network of electronic components and sensors that works to keep the home safe. It informs in case of smoke & fire and criminal activities.
- Increasing crime rates at a rapid pace boost the demand for residential security, further accelerating the market growth during the projected period.
- The emergence of various wireless technologies and the Internet of Things (IoT) enhanced the performance of security systems. It allows one to keep on track through smart devices from a long distance and it provides live information, which drives the growth of the market.
- Growing advancement in security cameras such as HD cameras, night vision surveillance systems, and infrared creates an immense growth opportunity.
- It is expected that the system will grow at a significant CAGR, during the forecast period. It includes a fire protection system, video surveillance system, access control system, entrance control system, and intruder alarm system, which enhance the overall performance and monitor consumers in case of smoke, fire, and illegal acts in residential structures.
- Professional-installed and monitored system is considered a good option for complex installation as it helps to provide usage instructions on-site.
- It is anticipated that the market in North America grows quickly during the projected period, due to the increasing technological advancements in residential security systems, which further boosts the adoption of residential security systems in the region.
Read 210 Pages Research Report with Detailed ToC on "Residential Security Market by Product Type (Smart Locks, Security Cameras, Fire Sprinklers & Extinguishers, Sensors & Security Alarms, and Others), Solution Type (System and Services), Security Type (Professional-installed & Monitored, Self-installed & Professionally Monitored, and Do-It-Yourself), Residential Type (Independent Homes and Condominiums/ Apartments), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast, 2023 – 2031"
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Key Segments Covered
Product Type
- Smart Locks
- Security Cameras
- Fire Sprinklers & Extinguishers
- Sensors and Security Alarms
- Others
Solution Type
- System
- Services
Security Type
- Professional-installed and Monitored
- Self-installed and Professionally Monitored
- Do-It-Yourself
Residential Type
- Independent Homes
- Condominiums/ Apartments
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Other Related Reports:
- Smart Homes Security Cameras Market by Products (Wired and Wireless), Application (Doorbell Cameras, Indoor Cameras, and Outdoor Cameras), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021–2028
- Global HD Security Cameras Market by Type (Indoor and Outdoor), Application (City Infrastructure, Commercial, and Institutional), and Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa), Forecast From 2022 To 2030
- Global Home Security Sensors Market by Type (Glass Break Detectors, Window and Door Sensors, Smoke Detectors, Heat Detectors, and Others), Application (Home Intrusion, Home Life Safety, and Others), and Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa), Forecast To 2028
- Global Building Security System Market by Type (Monitoring Systems, Access control, Intrusion Detection, Fire Safety, and Others), Application (Residential Building, Commercial Building, Industrial Building, and Others), and Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa), Forecast From 2022 To 2030
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