Residential and commercial security: Key market research findings
- Americas dominate the market geographically
- The commercial segment accounts for the majority market share
- Key vendors—Axis Communications, Bosch Security Systems, Checkpoint Systems, Honeywell Security Systems, Qognify, and Tyco International
Technavio’s market research analysts estimate the global residential and commercial security market to grow at CAGR of almost 16% between 2016 and 2020. The rising instances of security in residential buildings is the fundamental driver for the market. Residential buildings are now being equipped with special platforms such as energy management, lighting control, controlling safety and security, and electronic locks. These systems enable residents to remotely control electronic devices at home with the help of mobile devices such as smartphones, tablets, and laptops. At present, the Americas dominate the global residential and commercial security market by holding around 45% of the overall market share. The penetration of security solutions in the region is the primary driver for market growth in this region in the coming years.
The new market research report from Technavio presents a breakdown and analysis of the residential and commercial security segments by end-user.
“The remote deployment of smart home alarm systems is the latest trend in the security solutions market across the globe. Such alarm systems enable users to set their security system remotely through an app. Users can check for the presence of anyone at home and get alerts when the home is vacant through these apps. These alarm systems also alert the law enforcement agencies by text message, phone call, or e-mail in the case of any unusual movement being detected inside the house,” says Amrita Choudhury, Lead Analyst, ICT, Technavio Research.
In 2015, the commercial segment dominated the global residential and commercial security market by accounting for around 75% of the overall market share. The increase in the installation of security solutions to monitor organizational premises and prevent unauthorized access is the fundamental driving force behind the growth of this segment. For example, Academia Competition, a sports gym in Brazil, installed 105 AXIS 206 network cameras and acquired three video servers.
The key vendors in the global residential and commercial security market include Axis Communications, Bosch Security Systems, Checkpoint Systems, Honeywell Security Systems, Qognify, and Tyco International. The global residential and commercial security market is anticipated to witness stiff competition due to the presence of a few global firms and several regional and local companies. The vendors compete on the basis of product personalization, product differentiation, and pricing. With the entry of new players, the market competition is expected to intensify over the forecast period.
A more detailed analysis is available on the Technavio report, Global Residential and Commercial Security Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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