Europe Residential Security Market Size, Share, Trends, Key Players, Demand and Growth Opportunities by 2023
The growing market of internet of things (IoT) in Europe is one of the dominant opportunities for the Europe residential security market. Aging population in Europe, increasing crime rates, increase in remote monitoring (using mobile devices), ease of installation of wireless technology, attractive insurance policies, and growing interest of consumers in home convenience and safety are driving the European residential security market. Also, the awareness about integrated security systems, combined with the need for medical assistance at home is also growing, which in turn is driving the residential security market in Europe.
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On the basis of products, Europe residential security market can be categorized as sensors, fire sprinklers and extinguishers, cameras, electronic locks, alarms, and panic buttons. Electronic locks can be further categorized as magnetic strip locks, electrochemical door locks, keypad locks, wireless locks, electric strip locks and biometric locks. Based on different security solution, the European residential security market can be segmented as intruder alarm solution, medical alert system, video surveillance system, integrated solution system, access control solution, fire protection system, and intercom system. On the basis of end users, the European residential security market can be categorized as apartments, independent homes and condominiums.
As the end-users of residential security becoming less price-conscious, with the stabilization of the European economy, the adoption of residential security is increasing in the region. Adoption of cloud based technologies for residential security is one of the recent developments in the residential security system market. Some of the factors restraining the growth of residential security system market are high initial investment to install the security system, insecure economic environment and high cost of maintenance of the security system.
Some of the competitors in Europe residential security market are Robert Bosch GmbH, ASSA ABLOY, TYCO, Honeywell International Inc., Schneider Electric, H3C Technologies Co., Limited, Lenel Systems International, Inc., Napco Security Technologies, Inc., AxxonSoft Inc., Siemens AG, Panasonic Corporation, Intergraph Corporation and NICE Systems Ltd.
