Residential
security refers the practice of maintaining the security & safety of both
residential buildings and the individuals in them. Residential security is an
electronic system which takes complete care of the security of the residence,
especially when the resident is away from home. It is proposed to provide
guidance in taking precautions to decrease the risk of burglary & minimize
the opportunity for crime around the home. The key benefits are crime
deterrence, lower homeowner’s insurance, notify fire or gas problems, allow remote
access to home, help keep tabs on kids and maintain records. Moreover, it has
an extensive range of protective services for different public figures,
including corporate CEOs & executives, politicians & government
officials, celebrities & athletes, foreign dignitaries & prominent
families and high net-worth individuals.
According
to study, “Global
Residential Security Market by Product (Smart Locks, Security Cameras,
Sensors), By Solution (Home Integrated System, Access Control Management), By
Residential Type (Independent, Apartment) - Forecast 2023” the key
companies operating in the global residential security market are Tyco
International Ltd., ASSA Abloy AB, Honeywell International Inc., Ingersoll-Rand
Plc, Frontpoint Security Solutions, UTC Fire & Security, Control4 Corp.,
Allegion PLC, ADT LLC dba ADT Security Services, Godrej & Boyce
Manufacturing Company, Nortek Security and Control, Bosch Security Systems
GmbH.
Based
on product type, global residential security market is segmented into smart
locks, security alarms, security camera, sensors, fire sprinklers and
extinguishers. Smart locks include keypad locks, electronic door locks,
biometric locks and wireless locks. Based on solution, market is segmented into
access control & management, alert system, audio-video surveillance system,
home integrated security, intercom system and fire protection. Based on
residential type, market is segmented into independent residential and
apartment residential.
The
residential security market is driven by growth in urbanization &
globalization, followed by increase in crime rates, rise in adoption of smart
security devices, increase in awareness about the most recent technologies
& their utilization in private security, rise in adoption of cloud based
security technologies, increase in digitalization, rise in need for advanced
residential protection plans & security solutions, decrease in cost of
security equipment such as security cameras, increase in the disposable income
and shortage of security personnel. However, lack of infrastructure in emerging
countries and non-cooperation of the residents may impact the market. Moreover,
growth of internet of things (IoT) & sensor technology is a key opportunity
for market.
Nowadays,
real-time updates of activities are taking place which are accessed through
security devices over smart-phones or tablets. Additionally, smart intercom
& app based security systems (wireless) are also gaining interest of
independent as well as residential communities & societies. Such systems
also provide services such as notifications by e-mails, text, phone calls to
law enforcement, if a suspicious activity is detected.
Based
on geography, the North-American region holds major share in residential
security market owing to rise in the number of burglary and theft incidents and
increase in need of a better security system in the region. Asian-Pacific
region is expected to witness higher growth rate due to increase in smart city
initiatives launched by the government and increase in per capita income over
the forecast period. It is estimated that the market will be reached at US
$60,765.2 million, by 2023.
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Ankur
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