The rising urbanization and its attendant evils of social and institutional crime have had people install sophisticated safety systems to ensure personal and household safety.
New analysis from Frost & Sullivan (autoid.frost.com), Asia Pacific Residential Security Markets, finds that the escalating incidence of crimes ranging from break-ins to contact crimes has intensified the need for advanced security systems and services to ensure the safety of homes and properties.
Although there have not been many technological breakthroughs in the mature residential security market, customers have shown a willingness to adopt novel systems, as they are more difficult to bypass.
While guards are still the most popular form of residential security due to their low costs, consumers have started tilting toward access control systems such as keypads and contactless smart cards, Internet protocol (IP) cameras, building control systems, and sensors. New alarm systems that use wireless communications to network with door and other sensors are gaining popularity, while technology convergence with IP systems is creating a shift in the market and business models.
"Biometrics is still in the moderate growth stage but holds the highest potential for growth," says Frost & Sullivan Industry Analyst Parul Oswal. "With the development of new software, smaller form factors, and integration with other technologies such as smart cards and IP technology, biometrics is expected to show tremendous growth in terms of revenue too."
The market will also get a boost with the resumption of construction activities that were deferred in 2008-2009 due to the lack of capital. The booming residential construction market in Singapore, Hong Kong, and China bodes well for the residential security systems market.
In Singapore, due to the strong demand for private housing, the Ministry of National Development (MND) is likely to place 18 sites on the 'confirmed list' in the second half of the 2010 Government Land Sales (GLS) Program. In Hong Kong, the luxury residential market is expected to increase in capital value while the residential property market in China is one of the biggest in Asia in terms of volume.
Despite this vast market, the revenue growth is not likely to be exponential as most end users are deterred by the high initial costs of acquiring a security system and the subscription costs of maintenance and monitoring; the recent decline in the cost of equipment and services notwithstanding.
"Large building management systems need to provide a one-stop solution," notes Oswal. "Security system integrators and manufacturers need to bridge the gap between security and IT, employ open standards, move away from proprietary solutions, and adopt the best-of-breed technologies."
Still, the economic growth in Asia has increased affordability among young professionals, who are demanding greater levels of security and safety which bodes well for the Asia Pacific Residential Security market.
If you are interested in more information on this study, please send an email to Donna Jeremiah, Corporate Communications, at djeremiah[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state, and country.
Asia Pacific Residential Security Markets is part of the Automatic Identification & Security Growth Partnership Services program, which also includes research in the following markets: APAC RFID Market, Profiles of Local Companies- Physical Security, World RFID Markets, and World EACS Markets. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
About Frost & Sullivan
Frost & Sullivan (frost.com), the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best-practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from 40 offices on six continents.
Asia Pacific Residential Security Markets / 9834