GLOBAL RESIDENTIAL SECURITY MARKET
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Industry Overview The global residential security market is anticipated to become USD 63.4 billion by 2024 and is expected to witness 8.1% CAGR during the forecast period (2018 – 2024). The growth of this market is attributed towards increasing demand for systems and components. Additionally, expanding awareness regarding innovative technology along with extensive growth of IOT and increasing utilization of these security systems at residence are the crucial factors pertaining towards the growth of the market. Moreover, increasing rates of crime and less number of security workforce is further driving the growth of the market across the globe. Explore Full Report Description at: https:// www.vynzresearch.com/ict-media/residential-security-market
market segmentation  The residential security market, on the basis of product, is segmented into security cameras, smart locks, fire sprinklers & extinguishers, sensors and security alarms. Among all these product categories, security cameras have been generating largest revenue and is expected to witness a CAGR of 9.1% during the forecast period. The increasing market revenue of this segment is attributed towards increasing adoption of security cameras for generating secure and safe residential surroundings with the help of superior quality visual and audio surveillance.
Geographic Overview  Geographically, North America the largest residential security market and is expected to generate revenue of USD 25.1 billion by 2024. The Asia-Pacific market is expected to witness fastest growth of 11.0% CAGR during the forecast period. The rapid growth of this market in the region is attributed towards, progression in new technology, enhanced digitalization, and extensive adoption for connected technologies. Moreover, technological upgradation in construction activities that includes automation of security devices and increasing initiatives undertaken by the government authorities such as development of smart city projects are the major factors bolstering the growth of the residential security industry in the region.
Competition among key players  Some of the key players operating in the residential security industry are Bosch Security Systems Inc, Honeywell Security Group, Alarm.Com, Allegion PLC, Nortek Security & Control LLC, United Technologies Corporation, Ingersoll Rand, Control4 Corporation, and Godrej & Boyce Mfg. Co. Ltd.
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