What Are the Top 3 Trends Impacting the Global Residential Security Systems Market?
The global residential security systems market is forecast to grow at a consistent pace through 2020 due to increased safety measures required by residential dwellings, according to Technavio.
ELMHURST, Ill. – Technology research and advisory company Technavio has released its latest report on the global residential security systems market, providing an analysis on what it deems the most important trends expected to impact the market outlook from 2016-2020.
“The global residential security systems market will grow at a consistent pace on account of increased safety measures required by residential dwellings. This is due to rising incidents of security concerns,” says Navin Rajendra, who specializes in research on embedded systems sector for Technavio. “With the advances in technology and emergence of smart homes, there is a proliferation of integrated residential security systems that can be connected to smartphones and help monitor homes from remote locations.”
The top three emerging trends driving the global residential security systems market according to Technavio’s hardware and semiconductor research analysts are:
Emergence of IoT in residential security systems – Earlier, security solutions such as access control, intrusion alarms and video surveillance were self-contained and not connected to other systems. Also, they were configured for specific purposes. However, with the emergence of Internet of Things (IoT) in residential security systems there has been a significant change in the home security market.
IoT can deliver smarter technology that connects homeowners with more areas of the home on a real-time basis. Vendors like Cisco Systems and Tyco Security Products offer home security solutions that detect changes in heat, sound, and motion and send an alert to the customer. The IoT analyzes this data and automatically adjusts temperature, lights, and other electronics to maintain the users’ preferences.
IoT helps to improve existing security features because it provides data, which helps predict security features that respond to situations relating to the property or people. For instance, a family with young children will be protected by devices that trigger safety gates when babies approach a flight of stairs up to a certain distance.
Remote access for residential security systems – A remote-controlled arm and disarm helps connect easily with the residential security system. A residential security system cannot function effectively unless it is armed. Icontrol Networks offers Piper, an all-in-one home security system that features smart arming that allows users to set their system remotely via the Piper app. The feature of arming via app was developed by the integration of Life360, a family-tracking app, into Icontrol’s Piper.
The app enables users to check if anyone is at home and sets the alarm when it detects the home is vacant. It also provides notifications by text, phone call, or email to the law enforcement, if it detects any suspicious activity. Piper uses a Z-Wave compatible and Wi-Fi-enabled camera to monitor residences by panoramic video and sound detection. Some of the other vendors that provide a remote arming solution to the residential segment customers are Honeywell, ADT Security Services and Gallagher Group.
Collaboration with leading multinational consumer product companies – ADT Security Services collaborated with LG in May 2015 to produce a smart all-in-one security product. The product was launched in January 2016. It aims to target customers who are looking for an innovative and premium security product. Teaming up with multinational product companies will help security and automation companies to capture a larger consumer base among urban households. This will also assist the company to come up with more innovative solutions and help in the platform and product enhancements.
ADT Security Services also teamed up with Nest to integrate the Nest Learning Thermostat with its Pulse ecosystem. Through this collaboration, the company aims to leverage the growing home automation market and increasing broadband connections.
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