|11-26-2018 08:00 PM CET - IT, New Media & Software||
Residential Security Market Trends, Demand and Key Players - Bosch Security and Safety Systems, Honeywell, Alarm.Com, Allegion, PLC, Nortek Security & Control and United Technologies
Press release from: P&S Intelligence
Global residential security market is projected to reach $60,765.2 million by 2023, growing at a CAGR of 8.7% during 2018 - 2023. 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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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.
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.
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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.
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