Global Residential Security Market Size Expands to Cross USD 87 Billion by 2029

Published | 01 March 2023

Global residential security market is flourishing due to an increasing demand for sophisticated security systems that can detect and alert smoke and fire, intruder activity, and medical emergencies.

BlueWeave Consulting, a leading strategic consulting and market research firm, estimated global residential security market size was USD 60.08 billion in 2022. During the forecast period between 2023 and 2029, global residential security market size is expected to grow at a CAGR of 5.6% reaching USD 87.14 billion by 2029. The desire for quick and easy access solutions to deter trespassing, robbery, and other crimes is driving the expansion of home security systems. Solutions for securing a customer's home against intrusion are referred to as "home security solutions." The greatest approach to protect house and family against the risk of intrusion, robbery, theft, fire, and poison appears to be through installing home security solutions. Devices used as part of home security solutions include motion detectors, access control, video surveillance, and more. Closed-circuit television is widely used in apartment complexes to keep an eye on the doors, hallways, and elevators. Because of the need to prevent break-ins and monitor intruder movement around the property, demand for these systems is rising.

Global Residential Security Market – Overview

The process of protecting people and their properties from invasions of privacy, disruptions, and other risks that could endanger the health of those who live there is known as residential security. The risks are the same whether you live in a gated community, an apartment building, or another type of residential setting. These include assaults, burglaries, theft of property, vandalism, and theft of goods. A residential security system is composed of various mechanical and technological components that work in concert to protect a building. The division of the study's scope has been done using the elements of hardware, software, and services. The hardware category is further divided into electronic locks, security cameras, fire sprinklers, window sensors, door sensors, and other hardware devices. These components are used in numerous systems, such as access control.

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Opportunity: Implementation of deep learning and AI in home security systems

Automated health assessment and medical alert systems may now be linked with a whole home security system. Along with the growing acceptance of home security systems for video surveillance, danger detection, and access control applications, the monitoring of residents' cognitive and physical health is also gaining ground, particularly home-based monitoring of the elderly. The cognitive analysis is built on at collects and examining data about the occupant's activities and state of health. To assure safety, it also examines people's behavioral, physiological, and medical histories. The remote devices scan user behavior to identify emergencies and then alert the base station. The circumstance is then sent by the base station to the necessary authenticators. The medical alert system is useful for both when children are left alone at home and when a specific medical condition requires special attention. A medical alert system is useful in a variety of additional ways when employed as a part of the home security system. In the event of additional situations, such as burglary, entry, and gas leaks, it can be utilized to notify the monitoring station.

Challenge: System complexities May Hinder the Market Growth

As more separate devices are connected to a single platform, the complexity of home security systems is increasing. The main design problem with security systems is the integration of several devices, with variable degrees of compatibility, on a single platform. Home security systems utilize a variety of wireless sponsors, actuators, and other gadgets that produce a lot of data. Data traffic is produced by real-time monitoring and control utilizing the created data. Additionally, wireless sensor networks' communication protocols, hardware, and processing resources create limits for both data-handling capacity and smooth connection. Comprehensive data processing and efficient transmission of the processed data with all system components are essential for overcoming these obstacles.

Impact of COVID-19 on Global Residential Security Market

The COVID-19 pandemic significantly impacted several other businesses in addition to the residential security sector. The pandemic's biggest impact on the domestic security market has been a shift in customer priorities and behavior. Due to lockdowns and other limitations, more individuals were spending time at home, which raised the market for home security systems. The extra security offered by a home security system was considered an appealing alternative by many people seeking methods to feel safer and more secure while spending more time at home. Networked cameras, video security systems, and video doorbells have found some early success, but providers are aiming for sales throughout all device categories, including energy and convenience.

Global Residential Security Market - By Resident Type

Based on resident type, global residential security market is segmented into Independent and Apartments. The apartment segment is expected to record significant growth during the forecast period owing to rapid urbanization and increased investment in building smart cities globally. The construction of new apartments is often driven by the need to accommodate a growing population in urban areas, as well as by increased investment in building smart cities. Smart cities are cities that use technology and data to improve the lives of their citizens and to make the city more efficient and sustainable. One of how smart cities are often built is through the construction of high-tech, energy-efficient apartment buildings. These types of buildings are expected to be in high demand in the coming years as more cities around the world invest in building smart cities.

Competitive Landscape

Global residential security market is fragmented, with numerous players serving the market. The key players dominating the global residential security market are 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, Azena, United Technologies, Tyco International Ltd., Ingersoll-Rand Plc, Alarm.Com Holdings Inc., ASSA Abloy AB, THE ADT CORPORATION, and UTC Fire & Security.

Don’t miss the business opportunity of the Global Residential Security Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and the Global Residential Security Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Residential Security Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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