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(USGovernment-News.Com, March 28, 2016 ) As theft and burglary rate is increasing globally, security is becoming a major concern for individuals, residential complexes and private residential buildings, at commercial areas and public places. Such concerns are increasing the demand of security solutions, such as biometrics based electronic locks and sensor based intruder alarm systems. Some of the residential security systems available in the market are simplisafe2 wireless home security system, GE 51107, and Pi sector S02 wireless home security system.
On the basis of products, the global residential security market can be categorized as sensors, fire sprinklers and extinguishers, cameras, electronic locks, alarms, and panic buttons. Electronic locks can be further categorized as magnetic strip locks, electrochemical door locks, keypad locks, wireless locks, electric strip locks and biometric locks. The residential security market can also be categorized on the basis of security solutions, such as intruder alarm solution, medical alert system, video surveillance system, integrated solution system, access control solution, fire protection system, and intercom system. On the basis of end users, global residential security market can be categorized as apartments, independent homes and condominiums.
Considerable growth of internet of things market (IoT), coupled with the improvement in the electrical distribution channel in emerging countries offer potential growth opportunities for the residential security market. Increased crime rates, increase in remote monitoring using mobile devices, ease of installation of wireless technology, attractive insurance policies, and growing interest of consumers in home convenience and safety are some of the dominant factors driving the growth of residential security market. In addition, the awareness about integrated security systems and the need for medical assistance at home are also growing, are also supporting the growth of residential security market.
Adoption of cloud based technologies is one of the major trends noticed in the residential security system market. Some of the factors restraining the growth of residential security market are lack of technology awareness among consumers, low adoption rates of security solution system, high initial investment to install the security system, and high cost of maintenance of the security system.
North America had the largest market of residential security system in 2014. The large market share in this region is attributed to the high adoption of technically advanced security system in the U.S. and Canada. Some of the major residential security products provider in North America include Pinnacle Security, iControl Networks, Alarm.com, and FrontPoint Security. Asia-Pacific is exhibiting the most lucrative growth for the residential security market. Surge in construction of new and high end residential buildings, owing to the rapid urbanization in countries, including India and China, are most dominant factor behind the high growth in this region.
Some of the global companies operating in the residential security market are Alarm.Com, Allegion PLC, Robert Bosch GmbH, ASSA ABLOY, TYCO, Honeywell International Inc., Control4 Corporation, Nortek Security & Control LLC, United Technologies Corporation, Ingersoll Rand, and Godrej & Boyce Mfg. Co. Ltd.
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