Residential Security Market Latest Innovations, Drivers, Dynamics And Strategic

Posted by Devanshu Shrivastava on February 28th, 2020

An estimate by P&S Intelligence said that the residential security market would experience remarkable growth at an 8.7% CAGR and garner ,765.2 million revenue in the coming years. Residential security is the safety and security of the residence, which is done with the help of an electronic system that achieves it via the use of input and output devices. The input devices comprise actuators and sensors, which sense any suspicious activity or movement, and the output devices include alarms and hooters that alert people about these. 

Residential security is provided by security alarms, smart locks, sensors, security cameras, and fire sprinklers and extinguishers. Security cameras have been the most reliable way of security monitoring in the past and would continue to be the most sought-after devices for residential security in the near future. Consumers are now able to access smart and expanded residential security features due to technical advancements. This has contributed immensely in the popularity of residential security solutions across the globe. 

Such solutions and systems are being increasingly adopted due to the increasing investments by residential security providers in new technologies to provide connected, smart, and user-friendly security services and products. Among the device types that have helped raise the popularity of connected residential security are smart locks and alert systems, which notify the user of any unauthorized activity. 

Real estate agents, home developers, and contractors are equipping their new projects with advanced security solutions to keep up with the demand for efficient residential security. The solutions available in the residential security market include alert systems, audio–video surveillance, fire protection, access control & management, intercom system, and home-integrated security. In 2016, audio–visual surveillance systems remained the most popular among buyers and are predicted to continue being so in the future. 

However, in the coming years, home-integrated security systems, touted as the “next big-thing” due to their ability to seamlessly integrate the new security equipment and technology in the current residential infrastructure without having to upgrade it, thereby providing cost-effective residential security solutions, are expected to gain rapid popularity. Now, the only problem with these systems is the high cost incurred due to their installation and maintenance.