Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The residential security market is heavily influenced by various market factors that shape its dynamics and growth trajectory. One crucial factor is the rise in crime rates and security concerns among homeowners. With increasing instances of burglary, vandalism, and other criminal activities, there's a growing demand for effective security solutions to protect residential properties and ensure the safety of occupants. This heightened awareness of security threats drives homeowners to invest in advanced security systems and services.
Moreover, technological advancements play a significant role in shaping the residential security market. The emergence of smart home technology has revolutionized the way homeowners approach security. Integrated systems that offer remote monitoring, video surveillance, and automated alerts provide homeowners with greater control and peace of mind. As the adoption of smart home devices continues to rise, the demand for interconnected security solutions is expected to grow, further driving market expansion.
Economic factors also influence the residential security market. Economic stability and disposable income levels impact homeowners' willingness to invest in security solutions. During periods of economic prosperity, homeowners may be more inclined to allocate funds towards enhancing security measures for their properties. Conversely, economic downturns or financial uncertainty may lead to budget constraints, affecting purchasing decisions within the residential security market.
Government regulations and policies also play a role in shaping the residential security market landscape. Legislation related to home security standards, privacy regulations, and incentives for adopting certain security measures can influence market trends and consumer behavior. Additionally, initiatives aimed at promoting community safety or incentivizing the adoption of eco-friendly security solutions can impact market dynamics and create opportunities for industry players.
Competitive factors drive innovation and market competitiveness within the residential security sector. With numerous companies vying for market share, there's a constant drive to develop cutting-edge technologies and differentiated solutions. This competition fosters innovation and drives improvements in product functionality, reliability, and affordability. As a result, consumers benefit from a wide range of options and competitive pricing within the residential security market.
Consumer preferences and lifestyle trends also shape the residential security market. As homeowners seek convenience and integration in their daily lives, there's a growing demand for seamless and user-friendly security solutions. Integrating security systems with other smart home devices, such as voice assistants and home automation platforms, aligns with the preference for interconnectedness and ease of use. Additionally, evolving lifestyle trends, such as remote work and flexible schedules, influence the need for remote monitoring and access control capabilities in residential security systems.
Environmental factors, such as natural disasters and climate-related risks, contribute to the demand for resilient security solutions. Homeowners in regions prone to extreme weather events or environmental hazards may prioritize security features that can withstand such challenges. This includes robust construction materials, backup power systems, and disaster preparedness measures integrated into residential security solutions.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Systems, Services, Security, and Region |
Residential Security Market Highlights:
Residential Security Market Overview
The Residential Security Market is projected to grow from USD 54.16 billion in 2024 to USD 94.53 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.21% during the forecast period (2024 - 2032). Additionally, the market size for Residential Security was valued at USD 50.02 billion in 2023.
Increased developments in security systems have added appealing elements to the security systems, and shifting patterns in smart device implementation are the key market drivers contributing to market growth and expansion.
Figure 1: Residential Security Market Size, 2024 - 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Residential Security Market Trends
Growing developments in security systems are driving the market growth
The rising developments in security systems drive market CAGR for residential security. The rising developments in safety measures have added appealing elements to protection systems while also providing superb controls. Correcting technical flaws and refining technological advances and smart features such as managing the temperature, cooling, airflow, and lighting have drawn large audiences to Residential Security Systems. As developed nations seek energy-saving solutions, modern residential security systems may operate with low energy consumption and monitor total energy use. Such appealing characteristics have prompted industrialized countries to persuade people to install Residential Security systems. Wireless technology and miniaturized sensors have raised the need for the Residential Security Market. The growing usage of the internet, tablets, and smartphones has opened the path for adopting Residential Security systems.
Additionally, the expanding population and shifting patterns in smart device implementation are key growth opportunities for the industry. Growing urbanization and drive have brought comfort to the developed world. Residents' discretionary cash motivates them to install high-quality systems to feel safe. Furthermore, domestic security systems raise the total worth of the property. Currently, DIY solutions are used to cover the higher installation expenses of security systems. Residents of emerging nations choose wireless DIY safety features that are accessible at reasonable prices. These remedies do not require a trained employee or division to track or set up.
The governments of various countries have put severe limitations on mobility during COVID-19. The Residential Security sector, like other businesses, is experiencing a rapid fall due to the decreased employment and disturbed supply chain caused by COVID-19. In addition, building activities have been severely restricted in recent years to tackle the crisis. As a result, the builders have stopped working with the makers and providers of residential security systems. The market for home automation has grown and has driven people to devote longer to their homes for greater security, which has contributed to the expansion of the home security systems market.
For instance, ADT and Google collaborated to develop an innovative security system for homes solution. The new ADT + Google useful home security solution is expected to expand smart home goods and assist clients seeking superior technology, end-to-end intelligent home service, and dependable protection. Thus, it is anticipated that demand for Residential Security will increase throughout the projection period due to the rising security system developments. Thus, driving the Residential Security market revenue.
Residential Security Market Segment Insights
Residential Security Systems Insights
The Residential Security market segmentation, based on Systems, includes Fire Protection Systems, Video Surveillance Systems, Access Control Systems, Entrance Control Systems, and Intruder Alarm Systems. Video surveillance systems dominated the market, accounting for 42% of market revenue (USD 19.4 Billion) in 2022. One of the primary advantages of this system is that it provides safety, surveillance, and evaluation of unusual behavior of people around a defined area. It is also cost-effective and highly technologically sophisticated.
Residential Security Services Insights
The Residential Security market segmentation, based on Services, includes Security System Integration Services, Remote Monitoring Services, Fire Protection Services, Video Surveillance Services, and Access Control Services. The security system integration services category generated the highest market revenue of about 39% (USD 18.02 billion) in 2022. It consists of the right deployment of hardware items such as intelligent locks, controls and viewers, emerging safety systems, tracking devices, and enabling equipment to link and transmit communication signals.
Residential Security Security Insights
The Residential Security market segmentation, based on security, includes Professionally Installed and Monitored, Self-Installed and Professionally Monitored, and Do-It-Yourself (DIY). The professionally installed and monitored segment dominated the market, accounting for 46% of market revenue (USD 21.3 Billion) in 2022. Customers ready to pay more for professional setup of wireless detectors and CCTV cameras are in high demand to ensure proper equipment deployment and maintenance and obtain expert guidance in optimizing the view and lowering the danger of theft.
Figure 1: Residential Security Market, by Security, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Residential Security Regional Insights
By region, the research provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Residential Security market area will dominate this market during the projected timeframe, attributable to the growth in security concerns throughout the region. In addition, the rising number of prospective producers will boost the market growth in the North American region.
Further, the major countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Residential Security Market Share by Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe region’s Residential Security market accounts for the second-largest market share due to the Innovations in the video management field and technology such as IoT and cloud services. Further, the German Residential Security market holds the largest market share, and the UK Residential Security market is expected to grow and expand significantly in the European region during the projected timeframe.
The Asia-Pacific Residential Security Marketis expected to grow quickly during the projected timeframe. This is because of their high discretionary income rate; emerging nations are implementing smart city ideas and modernizing their buildings and lifestyle. Moreover, China’s Residential Security market dominates the market share, and the Indian Residential Security market is expected to expand and grow steadily in the Asia-Pacific region during the projected timeframe.
Residential Security Key Market Players & Competitive Insights
Leading market players invested heavily in research and Development (R&D) to scale up their manufacturing units and develop technologically advanced solutions, which will help the Residential Security market grow worldwide. Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their footprint, with significant market developments including new product portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings. The Residential Security industry must offer cost-effective and sustainable options to survive in a highly fragmented and dynamic market climate.
Manufacturing locally to minimize operational expenses and offer aftermarket services to customers is one of the critical business strategies organizations use in the Residential Security industry to benefit customers and capture untapped market share and revenue. The Residential Security industry has recently offered significant advantages to the Information technology industry. Moreover, more industry participants are utilizing and adopting cutting-edge technology has grown substantially. Major players in the Residential Security market, including Allegion Plc., Bosch Security Systems GmbH, CONTROL4 CORPORATION, Frontpoint Security Solution, Honeywell International Inc, Ingersoll-Rand Plc., Nortek Security and Control, United Technologies, Tyco International Ltd., ASSA Abloy AB, and UTC Fire & Security, and others, are attempting to expand market share and demand by investing in R&D operations to produce sustainable and affordable solutions.
Arlo Technologies, Inc. is working to improve how individuals engage with their digital lifestyle by merging smart cloud services and mobile applications with various smart connected gadgets. The organization is involved in developing products, wireless connectivity, cloud computing, and innovative AI technologies to provide its consumers with an effortless, intelligent home experience. Arlo introduced the Arlo Home Security System in November 2022, which includes a multi-sensor capable of performing eight distinct sensing operations. The system is designed to function in tandem with Arlo's newest 24/7 expert surveillance service, which provides consumers with a network of highly certified security specialists who track and react to crises.
Resideo Technologies, Inc. largely provides essential comfort, home thermal solutions, and security solutions in residential settings. The firm was created on the 24th of April 2018 and has its headquarters in Austin, Texas. It works in two segments: Products and Solutions and ADI Worldwide Distribution. Resideo Technologies acquired home safety equipment producer First Alert in April 2022. First Alert offers an extensive selection of monitoring and control equipment, including combination alarms, linked flames, extinguishers for fire, CO gadgets, smoke detectors, and connected devices.
Key Companies in the Residential Security market include
-
Allegion Plc.
-
-
CONTROL4 CORPORATION
-
Frontpoint Security Solution
-
Honeywell International Inc
-
Ingersoll-Rand Plc.
-
-
United Technologies
-
Tyco International Ltd.
-
ASSA Abloy AB
-
UTC Fire & Securit
Residential Security Industry Developments
November 2022: Arlo introduced the Arlo Home Security System in November 2022, which includes a multi-sensor capable of performing eight distinct sensing operations. The system is designed to function in tandem with Arlo's newest 24/7 expert surveillance service, which provides consumers with a network of highly certified security specialists who track and react to crises.
June 2022: Rhythm Energy unveiled the Simply Secure 24 plan in June 2022, an upgrade that offers Texans a fixed-rate power plan and a full security system for their homes from SimpliSafe.
April 2022: Resideo Technologies acquired home safety equipment producer First Alert in April 2022. First Alert offers an extensive selection of monitoring and control equipment, including combination alarms, linked flames, extinguishers for fire, CO gadgets, smoke detectors, and connected devices.
Residential Security Market Segmentation
Residential Security Systems Outlook
-
Fire Protection Systems
-
Video Surveillance Systems
-
Access Control Systems
-
Entrance Control Systems
-
Intruder Alarm Systems
Residential Security Services Outlook
-
Security System Integration Services
-
Remote Monitoring Services
-
Fire Protection Services
-
Video Surveillance Services
-
Access Control Services
Residential Security Security Outlook
-
Professionally Installed and Monitored
-
Self-Installed and Professionally Monitored
-
Do-It-Yourself (DIY)
Residential Security Regional Outlook
-
North America
-
US
-
Canada
-
Europe
-
Germany
-
France
-
UK
-
Italy
-
Spain
-
Rest of Europe
-
Asia-Pacific
-
China
-
Japan
-
India
-
Australia
-
South Korea
-
Australia
-
Rest of Asia-Pacific
-
-
Rest of the World
-
Middle East
-
Africa
-
Latin America
-
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
