The growing market of internet of things (IoT) in Europe is one of the dominant opportunities for the European 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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Residential security is a part of physical security that deals with security and safety of residential buildings and individuals. It is an electronic system, which takes care of the security of consumer’s residence when they are away from home. The input device of residential security system is sensors and the output devices are hooters and alarms. Whenever, the sensors detect any suspicious activity inside the residence, they give the signals to the panel and the panel activates all the outputs of residential security system. As the theft and burglary rate is increasing, security is becoming a major concern for residential areas. Such concerns are further increasing the demands for security solutions such as biometrics based security equipment, electronic locks and intruder alarms. Some of the most common forms of residential security systems available in the market are simplisafe2 wireless home security system, GE 51107, and Pi sector S02 wireless home security system.
The wireless technology has witnessed greater application in hand-held and internet-enabled devices, voice and messaging devices, and data networking devices. In most of the Europe countries, the wireless solutions accounted for over 50% of the total new installations and it is further expected to grow during the forecast period.
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.
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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.