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Residential security refers to security and safety of residential buildings and individuals. It is an electronic system that primarily takes care of the overall security of consumer’s residence, especially when away from home. In the past few years, global residential security market witnessed significant growth, owing to the development of new technologies such as Internet of Things (IoT), along with various advanced residential security equipment. Residential security solutions can further be described as a combination of various input and output security devices. The input residential security devices include sensors and actuators that sense suspicious acts or movements, while the output residential security devices include hooters and alarms, to notify in case of a breach. Growth in the global residential security market is further reinforced by the introduction of new security software solutions such as wireless locks and smart apps for home safety. Market Dynamics The global residential security market is expected to witness a CAGR of 8.7% during the forecast period, with the market expected to reach $60,765.2 million by 2023. On account of increasing adoption of advanced technologies such as IoT in home automation, advancement in real-time monitoring, etc. significant growth in demand for residential security is anticipated during the forecast period. In addition, increase in demand for advance security solutions such as smart alert systems and wireless locks is further propelling the global residential security market growth.
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