All about Home and Family Matters

While there are a lot of people who overlooked the significance of a security system, the demand for the technology has dramatically gone up compared to the previous decades. Statistically, the percentage of global demand per year is increasing at least seven percent every year, based on the reports from The Freedonia Group.

This figure will be an essential element to the quest of the residential security market to greater heights. Experts are optimistic regarding the future of this security system. In fact, a new study concluded that it will perform steadily in the next five years and will increase its aggregated market value.

Residential security solutions are security systems designed to protect houses and family buildings. The security of residential areas serves as a pre-requisite of a peaceful and harmonious life in the city or province. A common security solution for residences consists of perimeter protection, interior protection, fire protection systems, and other system measures.

Driven by Higher Demand

According to experts, there are two important factors that will boost the demand for the technology: the advancement in technology and the growing rate of terrorist attacks.

The major improvement in technologies including the significance of the internet will help the market to gain major traction. Devices such as wireless alarms and locks make the global security market more attractive to consumers and the further development to these are to look forward to by both consumers and security alarm contractors.

According to research, security cameras are the largest contributor to the security market. High definition CCTVs with high quality audio-visual features plus infrared and wireless technology are the kind of surveillance cameras most people are seeking for nowadays. Features such as night vision, motion sensors and real time upload/streaming are already great characteristics present on modern alarm systems and devices but are still expected for further advancement in the years to come.

Another factor for its high demand is the increasing rates of crimes such as robbery, burglary, and terrorist attack. Industry analysts stressed that major terrorist attack happening in major countries like UK and USA sparked higher demand for security systems. The growing number of tragedies has forced people to seek out the service of security firms.

Bringing in More Cash

With the demand spiking higher, expect the residential security solutions market to bring in more cash and will grow in terms of market value. According to a market research conducted last July 2017, the global security market will breach past the $60 billion-mark in the coming years.

This latest research revealed that home security solutions market will climb to an estimate of sixty billion US dollars in 2023, on the back of strong demand boosted by technological advancement and rising crime rates in the world. This amount is accounted to nearly nine percent compound annual growth rate. For the past years, it has recorded a near 40% market share in the global industry.

Based on the research, North America, which contributed more than thirty percent market share annually, will likely remain as the top consumer of residential security solutions while Asia Pacific will emerge as the region with fastest growth rate.

HOME and FAMILY MATTERS

Residential Security Solutions Market and Its Journey to Greater Heights