Residential security system develops secure and safe environment for the household that helps in improving the security environments for the complete area. The global residential security market is projected to become USD 63.4 billion by 2024 and is expected to witness a CAGR of 8.1% during the forecast period. It has been observed that increasing momentum of latest technologies such as IOT and excessive utilization of these systems are the major factors that are pertaining towards the growth of the global market. Furthermore, other factors that are driving the growth of market include swelling crime rates and a smaller number of security workforces.
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Among all the type of products, security cameras have been estimated result in the largest revenue throughout the estimated period and is further expected to witness a CAGR of 9.1% during the forecast period. The growth of this segment is attributed towards the benefits availed to the users such as motion detectors that provide notifications and alerts to its users wherever a suspicious event is witnessed by it. Of all the solutions offered by key players in the market, audio-visual surveillance solution held the largest share of around 23% in 2017 in the residential security market, globally.
Geographically, Asia-Pacific is expected to witness fastest growth of 11.0% during the forecast period in the residential security market, globally. The rapid growth of this market is accredited towards technological advancements, extensive adoption for connected technologies such as IOT, enhanced digitalization and increasing security material industries. Moreover, it has been observed that North America is expected to contribute largest revenue of USD 25.1 billion by 2024.
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Globally industry players are leveraging market growth through consistently advancing their offerings in accordance to the rapidly changing needs and demands of the customers. Some of the key players operating in the global residential security industry include 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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