Penetration of Internet of Things (IoT) to Drive Residential Security Market Growthby navdeep kaurav Research Analyst
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. Independent home owners and real estate builders are installing security solutions that offer features, such as fire extinguishers, burglar alarm systems, and smart locks, to keep up with the changing requirements and social status.
Another trend in the residential security market is the emergence of wireless home security. A large number of service providers have entered this domain owing to the rapidly evolving wireless security solutions and their reducing costs. They provide a better coverage around the house as compared to wired home security systems. Wireless variants provide a better security solution as no wired connections are involved and these cannot be dismantled by burglars before breaking-in to the house.
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The residential security market is segmented by product, geography, solution, and residential type. The solution segment is categorized into access control & management, intercom system, audio-visual surveillance, home integrated security, and fire protection. The largest revenue-generating solution category in 2013–2016 (historical period) was audio-visual surveillance. However, during the forecast period, home integrated security is expected to be the fastest-growing category due to the ability to seamlessly integrate the new technology in the existing residential infrastructure.
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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Created on Sep 26th 2019 06:25. Viewed 195 times.