Residential Security Market Size, Share Report, Analysis, Trends, Growth, 2030

Residential Security Industry Prospective:

The global residential security market size was evaluated at $91 billion in 2022 and is slated to hit $101 billion by the end of 2030 with a CAGR of nearly 9% between 2023 and 2030.

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Residential Security Market: Overview

Residential security has become a need in current times subject to the rise in the rate of accidents and crimes. Furthermore, security tools that help in the detection of smoke & fire, burglary, and healthcare contingencies are increasingly used in the residential segment. In addition to this, the surge in economic development in the developed economies and rising awareness of the benefits of advanced security technologies have encouraged the builders in deploying residential security systems.

Key Insights

• As per the analysis shared by our research analyst, the global residential security market is projected to expand annually at the annual growth rate of around 9% over the forecast timespan (2023-2030)
• In terms of revenue, the global residential security market size was evaluated at nearly $91 billion in 2022 and is expected to reach $101 billion by 2030.
• The global residential security market is anticipated to grow rapidly over the forecast timeline owing to surging breakthroughs in security systems.
• In terms of product, the smart locks segment is slated to register the highest CAGR over the analysis period.
• Based on solutions, the system segment is expected to dominate the segmental growth over the assessment timeline.
• Based on resident type, the apartment segment is expected to register the fastest expansion over the years ahead.
• Region-wise, the Asia-Pacific residential security industry is projected to register the fastest CAGR during the assessment timeline.

Residential Security Market: Growth Factors

Technological innovations in security systems will prop up the expansion of the market globally

Surging breakthroughs in security systems will steer the expansion of the global residential security market. In addition to this, the massive need for effectively managing temperature, airflow, cooling, and lighting has strongly leveraged the demand for residential security systems. Surging urbanization along with a rise in industrialization will proliferate the size of the global market in the ensuing years. A surge in the disposable income of the global population has transformed into a humungous demand for residential security systems across the globe.

In addition to this, wireless DIY security tools are available at cost-effective rates and hence are in huge demand in emerging economies. Launching new security systems for residential purposes will increase the global market earnings in the coming years. For instance, in the last quarter of 2022, Arlo Technologies, a U.S.-based firm manufacturing wireless surveillance cameras, introduced home security tools having multi-sensor capability and performing a slew of remote sensing operations. Such strategic moves will boost the growth of the global market.

Residential Security Market: Restraints

High installation costs can hinder global industry expansion by 2030

Huge deployment costs related to residential security systems can restrict the expansion of the global residential security industry. Apart from this, the massive costs of residential security tools can put brakes on the global industry.

Residential Security Market: Opportunities

Huge demand for smart devices will create new growth opportunities for the global market

Escalating demand for smart device implementation will open new growth avenues for the global residential security market. Rise in the use of artificial intelligence and machine learning algorithms in residential security systems will drive the global market expansion.

Residential Security Market: Challenges

Stringent legislation regulating the application of residential security tools can put hurdles in the growth of the global industry

Strict laws governing the use of residential security systems can pose a huge challenge for the global residential security industry expansion. Less awareness about the product benefits and threat to the privacy of the users along with an increase in the ownership costs can obstruct the global industry expansion. 

Residential Security Market: Segmentation

The global residential security market is sectored into product, solution, resident type, and region.                

In type product, the global residential security market is segregated into smart locks, security cameras, fire sprinklers & extinguishers, and sensors & security alarms segments. Furthermore, the smart locks segment, which amassed nearly two-fifths of the global market revenue in 2022, is set to record the highest CAGR in the ensuing years. The expansion of the segment in the forecasting timeframe can be due to surging demand for security cameras in the residential sector for ensuring secured residential environments along with the offering of exceptional visual quality and audio surveillance. Additionally, with the help of smart locks, end-users can record various kinds of activities going on in the areas under surveillance.

Based on the solutions, the global residential security industry is sectored into system and services segments. Moreover, the system segment, which amassed a key chunk of the global industry share in 2022, is expected to lead the global industry over the analysis timeline. The segmental expansion over the predicted timeframe can be subject to an increase in the demand for video surveillance systems in the residential sector owing to the former’s ability in providing real-time detection of an event.

Based on the resident type, the residential security market across the globe is divided into independent resident and apartment segments. Among the resident type segment, the apartment segment is projected to record the fastest expansion owing to a rise in the fund allocation for developing smart cities and swift urbanization.

Residential Security Market: Report Scope

Residential Security Market: Regional Insights

North America is prognosis to maintain leadership position in the global residential security market in the forecasting years

North America, which contributed 55% of the global residential security market revenue in 2022, will be a dominating region over the assessment timespan. Furthermore, the regional market expansion can be due to a rise in security concerns among the people in the countries such as Canada and the U.S. Presence of key manufacturers of security systems in these countries will contribute notably towards the regional market revenue.

Asia-Pacific residential security industry is set to register the fastest CAGR in the ensuing years owing to a rise in the demand for home security systems in emerging economies such as India and Indonesia. Additionally, an increase in the implementation of smart city concepts in practice has further extended the scope of growth for the regional industry.

Residential Security Market: Competitive Space

The global residential security market profiles key players such as:

• Allegion Plc.
• Godrej & Boyce Mfg. Co. Ltd.
• United Technologies
• Bosch Security Systems GmbH
• UTC Fire & Security
• ASSA Abloy AB
• Tyco International Ltd.
• CONTROL4 CORPORATION
• Ingersoll-Rand Plc.
• Frontpoint Security Solution
• Nortek Security and Control
• Honeywell International Inc.

The global residential security market is segmented as follows:

By Product

• Smart Locks
• Security Cameras
• Fire Sprinklers & Extinguishers
• Sensors & Security Alarms

By Solutions

• System
• Services

By Residential Type

• Independent Resident
• Apartment

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa