Residential Security Market Analysis, Drivers, Trends, Challenges and Forecast to 2023

The increasing adoption of smart security, together with the penetration of internet of things (IoT), and the entry of multiple system operators are driving the residential security market. It is expected to reach $60,765.2 million by 2023, growing at an 8.7% CAGR during the forecast period (2017–2023). Residential security systems are employed for the surveillance of a property in the absence of owners. They can be divided into input and output devices: the former sense the suspicious movement using sensors and actuators and the latter notify owners about the same using hooters and alarms.

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The residential security market is observing a trend of having home automation and residential security as a status symbol. Technological advancements in security solutions and home automation systems have enabled users to activate and deactivate not only controls for heat and temperature, but also alert systems and smart locks as per their need.

The inclusion of IoT in home security is driving the residential security market. The demand for smart security solutions in the residential sector is increasing due to rapid advancements in connected technologies. These help customers control numerous devices fitted in their homes, such as audio-video surveillance equipment, lights, locking systems, and heating, ventilation, and air conditioning systems, using their mobile phones. IoT also allows the monitoring of the property without having to be there.

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he residential type category of the residential security market is subdivided into apartment and independent residences. All throughout the historical period, the independent category was the more-significant contributor in terms of revenue. However, in the forecast period, the apartment category is expected to achieve faster growth. This can be ascribed to the rising number of break-ins happening in housing societies.

Therefore, the market for residential security systems is expected to prosper in the forecast period as people are becoming aware of the convenience and advanced features these offer amidst the increasing cases of burglary.

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