Global Residential Security Market Expected to Reach USD 83.5 Billion by 2030

According to a recent market study published by Growth Market Reports, titled, “Global Residential Security Market by product types, solution type, security type, residential type, and regions: Size, Share, Trends and Opportunity Analysis, 2015-2030”, the market was valued at USD 36.2 Billion in 2021 and is expected to grow at a moderate growth rate of 9.8% by the year 2030. The growing emergence of wireless technologies and the rise in urbanization and disposable income in residential security are expected to fuel the market during the forecast period.

A residential security system protects people and their properties from invasions, intrusions, or other dangers that could jeopardize the well-being of those who reside there. Gated communities, apartment buildings, condominium complexes, and other residential living places are all vulnerable to the same hazards. A good residential security system should include dedicated on-site security that not only understand the unique hazards that each residential community faces, but are also well-equipped to respond to and deal with any kind of threat. Security hazards lying around residential areas can result in significant loss of life and property. Early detection aids in avoiding disastrous results. Residential burglar alarms intend to reduce crime. Professional monitoring ensures that the police or other emergency responders are contacted when necessary.

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Key factors that are anticipated to fuel the demand for the global residential security market during the forecast period are the emergence of wireless technologies and the internet of things (IoT), an increase in burglary and crime rates, growth in the use of residential security systems, rise in urbanization and disposable income. Conversely, high costs associated with maintenance, installation & operation, and system complexity hamper the growth of the residential security market. Increase in the adoption of artificial intelligence (AI) and machine learning and advancement in residential security systems to create opportunities in the market.

Supply chain management is a pivotal part of any business. A supply chain involves a series of steps to get products or services from their original state to the customers. These steps include moving and assembling components for manufacturers, vendors, warehouses, transportation companies, service providers, and customers.

The primary, as well as secondary research methodology, is used for keen observation and study about the residential security market. The primary research methodology involves commercial agreements made with the primary respondents as well as consulting partners to extract critical information pertaining to the syndicated as well as consulting projects.

Primary interviews were conducted with the stakeholders across industry verticals at regular intervals in line with the ongoing studies and to keep ourselves abreast with the latest market trends & developments. Validation of the estimated market size, and current and future trends done from the key opinion leaders (KOLs). These KOLs are the CXO level people from leading companies in the industry and possess experience of around 10-20 years in the industry. On the other hand, the secondary research methodology involves exhaustive desk research undertaken to understand the prevailing market trends & dynamics, market competition, customer insights, and other KPIs.

Company websites, their SEC filings, annual reports, broker & financial reports, and investor presentations are scanned for understanding the competitive scenario, details and developments, and the overall competitive landscape. Regional government and statistical databases were analyzed for macro & microanalysis. Research publications and paid data are referred to obtain and validate the market estimations, budget, expenditure, and other statistical insights.

The Coronavirus disease 2019 (COVID-19) pandemic highlighted economic disparities, global interdependence, and governance challenges. Pandemics are isolated concerns for businesses and prospects for emerging patterns and vulnerabilities. Companies investing in political, business, and financial stability, as opposed to decreasing global risks, implemented strategies to overcome the pandemic. COVID- 19 had a moderate effect on the global residential security market, owing to the closure of manufacturing sites of raw materials, disruption in the supply chain, and decline in consumer demand for certain products and services as disposable income diminished.

Though year-end 2019 indicates a big win for the residential security market, in 2020, it faced the COVID-19 pandemic and its economic implications. Security dealers who were previously buying directly from manufacturers were quickly impacted as factory production slowed down. There has been a disturbance in the supply chain of many industries due to restrictions in logistics and the closing of manufacturing facilities. The pandemic COVID-19 has impacted the growth of residential security systems globally.

The impact of COVID-19 on major markets such as the US and China has been adverse, as supply chain disruption in China resulted in a slowdown in the demand for residential security systems. The decrease in the number of new construction projects affected the demand globally. However, the pandemic forced people to stay in their homes and as a result, consumers started reinvesting in their houses like never before. This, in turn, has benefited certain smart homes and residential security companies that provide both products and services to the market.

Key Takeaways from the Study

• In terms of product types, the security cameras segment dominated the market in 2021 as they are the most frequently utilized and serve as a powerful deterrent to criminals and those who indulge in illicit activities.
• In terms of security types, the professionally-installed and monitored segment is projected to hold a substantial share of the market in 2021 and is expected to expand at a substantial CAGR during the forecast period.
• Based on solution types, the video surveillance system segment is anticipated to hold a dominant share of the market in 2021 and is expected to expand at a substantial CAGR during the forecast period.
• In terms of residential types, the independent homes segment is projected to hold a significant share of the market in 2021, and is expected to expand at a substantial CAGR during the forecast period.

Report Scope

Target Audience

• Supply-side: Manufacturers, raw material suppliers, and distributors
• Regulatory Side: Concerned government authorities, and other regulatory bodies.