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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.
In recent years, the emergence of wireless technologies has become a prominent trend, because they facilitate easy installation of complex home security systems. Wireless home security solutions offer improved service to occupants, by providing more accessible monitoring points than wired security systems. Furthermore, the soaring popularity of do-it-yourself (DIY) residential security solutions will also offer ample growth opportunities to market players. DIY systems are easy to install and maintain and they are available at affordable costs. 
In contemporary times, independent house and apartment owners have focused on deploying security cameras, security alarms, sensors, fire sprinklers and extinguishers, and smart lockers, such as biometric locks, electric door locks, keypad locks, and wireless locks in their properties to increase the security of the premises. In the last few years, security cameras were adopted in the highest quantity due to the surging crime rate around the world. Security cameras provide a safe and secure residential environment by recording all the activities in the vicinity.   
The solution segment of the residential security market is classified into intercom system, home integrated security, fire protection, access control and management, alert system, and audio-visual surveillance. Under this segment, the audio-visual surveillance category accounted for the largest market share in 2016 due to the high efficiency and wide application base of these solutions. Whereas, the home integrated security category will demonstrate the fastest growth during the forecast period, owing to the ability of these solutions to provide improved security, centralized control, and real-time monitoring. 
The major providers of the aforementioned 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. 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. 
The Asia-Pacific (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. 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. 
Thus, the increasing technological advancements in smart home solutions will accelerate the deployment of residential security products in the upcoming years.