Global Residential Security Market to Reach $60,765.2 Million by 2023

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Global Residential Security Market to Reach
60,765.2 Million by 2023
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Global Residential Security Market
According to a new market research report Global
Residential Security Market Size, Share,
Development, Growth and Demand Forecast to 2023 -
Industry Insights by Product (Security Cameras,
Smart Locks, Sensors, Security Alarms, and Fire
Sprinklers Extinguishers), by Solution
(Audio-Video Surveillance, Access Control
Management, Home Integrated Security, Alert
System, Intercom System, and Fire Protection), by
Residential Type (Independent and Apartments)
published by PS Market Research, the global
residential security market is projected to reach
60,765.2 million by 2023, growing at a CAGR of
8.7 during 2017 - 2023. Browse Report
Description https//www.psmarketresearch.com/mark
et-analysis/residential-security-market
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Global Residential Security Market
Global Residential Security market to reach
60,765.2 million by 2023
The study reveals that the global residential
security market is estimated to reach 60,765.2
million by 2023. On account of significant
advancement in technologies such as Internet of
Things (IoT), adoption of cloud based security
technologies and rapid increase in demand for
advanced security solutions, such as alert
systems and wireless locks, the global
residential security market is gaining traction.
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Global Residential Security Market
Insights on market segments
As per the findings of the research, security
cameras have been the largest market among
residential security products. Further, security
camera segment is expected to continue its
highest revenue contribution during the forecast
period. Security cameras are one of the
fundamental devices for residential security,
which are sought by everyone looking to immune
their abode against security threats. Among
various solutions, audio visual surveillance
segment witnessed the highest growth in demand
during 2013-2016. However, home integrated
security segment is expected to lead the market
with highest growth rate, during the forecast
period.
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Global Residential Security Market
The market to witness fastest growth in
Asia-Pacific during the forecast period
Geographically, North America has been the
largest market for residential security, whereas
Asia-Pacific is expected to witness the fastest
growth among all regions, during the forecast
period. The anticipated growth in market can be
attributed to increasing digitalization,
advancement in new technologies, growth in
security equipment industry, and increasing
adoption of connected technologies such as
Internet of Things (IoT) by residential security
providers in the region. Further, due to rapid
technological advancements in automation of
security in building infrastructure, in addition
with various government initiatives such as
development of smart city projects, the region
has higher propensity to adopt residential
security solutions at a rapid scale in near
future.
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Global Residential Security Market
Security camera the largest residential security
product market
Security camera segment has been the largest
contributor to the global residential security
market. Security cameras help in developing a
safe and secure residential environment through
high quality audio/visual vigilance. Factors such
as motion detection, night vision, and wi-fi
capabilities are further propelling the adoption
of advanced security cameras for residential
security globally. Security cameras with motion
detection can send its user with alerts and
notifications, whenever a motion or suspicious
activity is observed by it. In addition, security
cameras with night vision can allow recording
images and videos in low light situations and
such cameras have huge impact in lowering down
the instance of criminal offence taking place at
night.
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Global Residential Security Market
Increase in demand for advanced security
solutions escalates the global market growth
Factors driving the global residential security
market include significant growth in IoT and
sensor technology, decreasing cost of security
equipment such as security cameras, increasing
need for advanced residential protection plans
and security solutions, and amplified adoption of
smart security devices, globally. Real-time
updates of activities taking place can be
accessed through security devices over
smartphones or tablets. In addition, smart
intercom and app based security systems
(wireless) are also gaining interest of
independent as well as residential communities
and societies. Such systems also provide services
like notifications by text, e-mails, phone calls
to law enforcement, if a suspicious activity is
detected. Apart from this, having residential
security in place is becoming more of a status
symbol and is gaining hype globally. A safe
community equipped with advanced security
solutions such as fire sprinklers
extinguishers, security cameras, biometric locks
attracts more number of people to reside in
it. Though fire sprinklers and extinguishers have
been used for residential security for long, with
advancement in technologies, automatic sprinklers
and instant fire extinguishers are gaining more
popularity. Residential complexes particularly in
areas that are prone to fire, such as the ones
close to gas pipelines, are the major sources
contributing to the growing demand for automatic
activation fire sprinklers.
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Global Residential Security Market
High competition among key players in the global
residential security market
The research states that the global residential
security market is highly competitive, with
players developing new residential security
applications and smart security solutions. Some
of the key players in the residential security
ecosystem are Bosch Security Systems Inc,
Honeywell Security Group, Alarm.Com, Allegion
PLC, Nortek Security Control LLC, United
Technologies Corporation, Ingersoll Rand,
Control4 Corporation, and Godrej Boyce Mfg. Co.
Ltd. Most of the vendors operating in the global
residential security market are actively focusing
on enhancing their offerings to meet the ongoing
demand for advanced residential security
solutions, including wireless security solutions
and smart locks.
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Global Residential Security Market
Download report sample at
https//www.psmarketresearch.com/market-analysis/r
esidential-security-market/report-sample
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