The global residential security market was valued at US$ 53.8 billion in 2020 and is projected to reach ~US$126 billion by 2030. The market is forecast to grow at a compound annual growth rate (CAGR) of more than 8.9% during the forecast period from 2021-2030.
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Market Influence
The global residential security market growth is attributed to the advancements in IoT devices, the growing adoption of smart security devices, and the introduction of progressive residential protection plans.
Technological advancements in security devices, including sprinklers and fire extinguishers, are creating a huge demand for improved security solutions. Instant fire extinguishers and sprinklers are in great demand due to their advanced features.
Smart devices are helpful in rapidly taking control of critical situations. Thus, it will create ample opportunities for the growth of the market, majorly in urban areas. Advancements in IP-based cameras have majorly boosted the adoption of residential security measures.
People are more concerned about theft and illegal practices. Thus the adoption of video surveillance cameras has been widely increased. It allows the live detection of the events and reduces manpower costs. Moreover, as data can be retrieved later for reference, people have started adopting residential security technologies.
Additionally, authorities of several developed states have been funding to improve residential security technologies. This, in turn, would fuel the growth of the market.
Lack of awareness regarding the right solution, privacy concerns, and the high cost of security solutions would act as a major restraint in the growth of the global residential security market.
Apart from that, prominent players anticipate contributing to the market growth by introducing advancements in accordance with the changing needs and demands of the population.
Geographic Overview
Geographically, North America is expected to be the leading contributor to the growth of the global residential security market. Meanwhile, the Asia-Pacific market would also present promising growth during the analysis period. Advancements in new technology, growing adoption of residential security systems, and significant development in digitalization would boost the growth of the market. Apart from that, increasing government initiatives for the development of smart cities would boost the growth of the
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COVID-19 Impact Analysis
The COVID-19 infection primarily impacted China. The global residential security market was highly disrupted during the pandemic because most of the key players are headquartered in China. Various companies, including Hikvision, ZKTeco, and Dahua, witnessed a sudden decline in revenue generation due to the shortage of workforce and production delays throughout the country.
Apart from that, the onset of the infection had affected the global supply of security equipment.
Competitors In the market
- Bosch Security Systems Inc
- Honeywell Security Group
- Alarm.Com
- Allegion Plc
- Nortek Security & Control Llc
- United Technologies Corporation
- Ingersoll Rand
- Control4 Corporation
- Godrej & Boyce Mfg. Co. Ltd.
- Dt Llc. (Adt)
- Johnson Controls International Plc.
- Secom Co. Ltd.
- Other prominent players
Market Segmentation
By Product
- Smart Locks
- Electronic Door Locks
- Biometric Locks
- Keypad Locks
- Wireless Locks
- Fire Sprinklers & Extinguishers
- Security Cameras
- Sensors
- Security Alarms
By Solution
- Home Integrated Security
- Intercom System
- Audio-Visual Surveillance
- Access Control & Management
- Fire Protection
- Alert System
- By Residential Type
- Independent
- Apartment
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By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
What is the goal of the report?
The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
During the forecast period, the report analyzes the growth rate, market size, and market valuation.
The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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