Residential Security – One Solution to Multiple Threats

February 2020

“Every once in a while, a new technology, an old problem, and a big idea turn into an innovation.” – Dean Kamen.

FBI has reported a 7.6% decrease in burglaries in 2017 which was in line with the increasing installation of residential security systems. It was only when people were losing faith in the conventional alarm systems that advanced home security systems came to rescue. The providers of residential security solutions are emphasizing on providing a feeling of security to its customers. They are leveraging technological advancements for harnessing the fear of robbery. This, in turn, has led to the evolution of security systems which are now available with different layers of security.

The exponential crime rates have pushed the demand for making a house look occupied even when the owners aren’t home. The goal came to the realization with the emergence of IoT and home automation. These advanced systems offer provisions for turning lights on and off without supervision at the time of intrusion. However, the sophistication of robbery technology is a constant challenge for the security industry. Thus, product innovation is observed to be a continuous process and is expected to keep the market for residential security lucrative in the years to come.

Developed economies exhibit higher adoption of advanced security systems for their homes than the developing and under-developed ones. The major economies of the world such as the U.S., Germany, etc. have emerged as the prime hubs for market participants. However, the technology is gaining traction in the fast-developing economies of Asia Pacific. The regional market in the Asia Pacific has been forecasted to scale valuation of USD 12.2 towards the end of 2023. A steady but constant rise in the purchasing power is prognosticated to support the accelerated demand generation for home security systems in the region.

The number of assaults on homes has witnessed an upswing over the last few years while the number of arrests made is too low. People are getting increasingly aware of the need for putting these robbers behind bars. And, this has led to large-scale adoption of industry-leading security solution – security cameras. Although cameras have always been a major cog in the wheel for commercial applications, their proliferating applications in the residential sector is a significant revolution witnessed in the industry. Honeywell International Inc., Nortek Security, and Control, Bosch Security Systems, and Godrej & Boyce Manufacturing Company are some of the significant players in the market.

One of the key advantages of these security systems is that it not only provides for the deterrence of intruders but also detects hazards inside the residential establishments. The advancements in sensor technology have led to the development of security systems that alert family members in cases of emergencies.  Protection from fire and the invisible killer, carbon monoxide, are the primary areas of focus for the manufacturers. The security systems are entirely equipped with the latest technologies for the prevention of any unfortunate event.

Fact Check:

  • In 2017, 7.7 million property crimes took place in the U.S. alone.
  • 70% of all the burglaries take place in residential properties.
  • In the U.S., a home fire is reported approximately every twenty seconds.

The above figures substantiate the need for the installation of advanced security systems across residential complexes. Thus, technological innovations are projected to drive the advancements in product portfolios to address the ongoing problem of intrusion and robbery. It is poised to continue over the next couple of years and gain larger customer base in 2019 and beyond.

For More Information, Visit: https://www.marketresearchfuture.com/reports/residential-security-market-2803

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