The global residential and commercial security market is projected to expand at a substantial CAGR during the forecast period. This growth is attributed to the increasing urbanization, surging disposable income, and rising adoption of security surveillance in commercial sectors.
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The most rudimentary description of any security system can be observed in its name. It is simply a method or means by which a home, building, or any object is protected by a structure of inter-networking devices and components. A standard security system has components such as a control panel, sensors for doors & windows, interior & exterior motion sensors, an alarm or siren, wireless or wired cameras for security, and window stickers. Demand for enhanced security solutions has significantly grown with the growing rate of property crime, burglaries, and home invasions in recent years. Increasing awareness among customers, rising adoption and investments in the latest, high-level security solutions and services that are boosting the market growth.
Market Trends, Drivers, Restraints, and Opportunities:
- Increasing urbanization, surging disposable income which has led to high investments in home safety goods and solutions is fueling the market growth.
- Rising number of crimes/thefts in several countries around the globe is driving demand for sophisticated home security systems including security cameras and digital alarm detectors. This is aiding the growth of the market.
- Increasing need of overseeing traffic congestions, monitoring crowd, avoiding terror attacks and security breaches under commercial application is boosting the growth of the market.
- High prices of the gadgets for securing homes, offices, and other places is expected to hamper the growth of the market.
- Installation complexities, technical malfunctions, maintenance, and troubleshooting is a key restraint of the market.
- Increasing adoption to the internet of things (IoT) technology, cloud-based services, and smart phones coupled with do it yourself (DIY) security systems are expected to augment the growth of the market during the forecast period.
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Major companies in the global residential and commercial security market include Bosch Sicherheitssysteme, NICE, Honeywell International, Axis Communications, Hangzhou Hikvision Digital Technology.
The Global Residential and Commercial Security Market has been segmented on the basis of
- Surveillance Systems
- Access Control Systems
- Asia Pacific
- North America
- Middle East & Africa
- Latin America
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Table of Contents
- Executive Summary
- Assumptions and Acronyms Used
- Research Methodology
- Residential and Commercial Security Market Overview
- Global Residential and Commercial Security Market Analysis and Forecast by Type
- Global Residential and Commercial Security Market Analysis and Forecast by Application
- Global Residential and Commercial Security Market Analysis and Forecast by Sales Channel
- Global Residential and Commercial Security Market Analysis and Forecast by Region
- North Residential and Commercial Security Market Analysis and Forecast
- Latin Residential and Commercial Security Market Analysis and Forecast
- Europe Residential and Commercial Security Market Analysis and Forecast
- Asia Pacific Residential and Commercial Security Market Analysis and Forecast
- Middle East & Africa Residential and Commercial Security Market Analysis and Forecast
- Competition Landscape
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