How is Wireless Technology Encouraging Residential Security System Adoption?

Rapid advancements in smart security technology have resulted in the large-scale adoption of residential security products across the world. The deployment of new smart security solutions in residential structures allows end users to exercise more control over their property. Additionally, these solutions also facilitate energy savings. 

The increasing adoption of advanced security solutions will, therefore, help the residential security market advance at a CAGR of 8.7% during 2017–2023. According to P&S Intelligence, the market will generate $60,765.2 million revenue by 2023. The APAC residential security market is expected to exhibit the fastest growth throughout the forecast period, on account of the mounting disposable income of people and increasing automation and digitization in building infrastructure security in developing countries of the region. 




The major providers of the residential security products and solutions are Godrej & Boyce Mfg. Co. Ltd., Ingersoll Rand PLC, Nortek Security & Control LLC, Control4 Corporation, Bosch Security Systems Inc., Honeywell International Inc., United Technologies Corporation, Allegion PLC, and Alarm.com Inc. 
 
In addition, the rising number of smart city projects will also catalyze the market growth in APAC countries. For instance, the Smart Cities Plan of the Australian Government aims to incorporate smart technologies in smart cities to improve the sustainability of cities and encourage innovation. These companies are actively upgrading their existing products and services to cater to the evolving needs of customers. 

Additionally, these firms are also engaging in partnerships and geographical expansions to meet the security needs of house owners. Thus, the increasing technological advancements in smart home solutions will accelerate the deployment of residential security products in the upcoming years.

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