According to the latest market research study released by Technavio, the global residential security systems market is expected to grow at a CAGR of more than 7% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global residential security systems market based on products:
Global residential security systems market share by product 2015
|
Security Cameras |
22.03% |
|
Electronic and smart locks |
20.37% |
|
Sensors and detectors |
19.11% |
|
Alarms |
16.95% |
|
Security solutions |
14.67% |
|
DIY residential security |
06.87% |
Source: Technavio
The top three revenue contributing product segments are discussed below:
Security cameras
The security cameras segment accounted for around 22% of the global residential security systems market in 2015 and will continue its dominance over the forecast period. Security cameras form the most basic package for residential security systems and are easy to operate and install by a user. The security cameras segment is going through several technological advancements to meet the demand from the customers. Manufacturers are features like integrating replaceable and rechargeable batteries, Wi-Fi connectivity, motion and sound alerts, two-way talk, and activity logs in these apps.
“Video quality is a major buying factor among end-users and has propelled vendors to come up with newer product innovations with sharpness and clarity. Most of the cameras are currently offered in 720 pixel resolutions. Nest Cam, Samsung SmartCam HD Pro, and Piper are some of the variants that offer 1080 pixel resolutions as well,” says Navin Rajendra, an industry expert at Technavio for research on embedded systems.
The market for the IP-based camera is estimated to grow significantly during the forecast period. Several analog-based camera users will switch to IP-based cameras, which offer the option of storing video footages on the cloud or other platforms integrated to it. The improved capability of remote monitoring using smartphones is also one of the driving factors for the growth of this segment. With consumers becoming more vigilant and aware about home security, the market for high-definition and advanced cameras will grow rapidly during the forecast period.
Electronic and smart locks
The electronic and smart locks segment will grow at a steady pace during the forecast period owing to the emerging trends in the market such as smart locks and electromechanical products. The growing preference among consumers for entrance automation is major growth driver for this segment. The demand for electronic door locks, which are integrated with other home security products in the resident, is high. Vendors are focusing on this trend and are offering products that can be easily integrated with digital and mobile platforms. Besides providing digital locks that are integrated with the other security products, vendors are emphasizing energy efficiency factor in their products. For instance, Securitron by ASSA ABLOY has received GreenCircle certification and provides energy savings up to 99%. GreenCircle. The growth of smart locks is also fueled by the development of connected homes and internet of things (IoT). With newer innovative offerings, smart locks are equipped with Wi-Fi connectivity and seamless integration with Bluetooth devices. Key vendors of smart locks include Goji, Schlage, August, Danalock, Lockitron, and Haven.
Sensors and detectors
The sensors and detectors segment in the global residential security systems is expected to grow significantly over the forecast period. Much of the segment’s growth is attributed to the increased expenditure of residential consumers on home security products. With the increase in burglary rates in residences, consumers are massively spending on residential security products to safeguard their houses and property from intruders. New product innovations in the sensors and detectors segment have led to the development of various types of sensors including motion sensors, door and window sensors, and glass break sensors in the market. For instance, SadoTech Wireless Passive Infrared (PIR) Motion Sensor is integrated with the doorbell and has an operating range of approximately 500 feet. With more innovations and venture of big security system players in the market, the sensors and detectors segment will gain traction during the forecast period.
The top leading vendors operating in the global residential security systems market are:
- ADT Security Services
- ASSA ABLOY
- Bosch Security Systems
- Honeywell International
- Nortek Security and Control
- Tyco Security Products
Other prominent vendors in the market include A2 Systems, Alarm.com, Axis Communications, DvTel, Gallagher, Genetec, Hikvision Digital, Intergraph, Ketec, Lenel Systems, MOBOTIX, Monitronics International, Moonblink, and Vivint.
A more detailed analysis is available in the Technavio report titled, ‘Global Residential Security Systems Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Residential and Commercial Security Market 2016-2020
- Global Electronic Security Market 2016-2020
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