Connect with us

Technology

US Interactive Residential Security Market to Grow by USD 2.97 Billion (2024-2028), Rising Crime Rates and AI Innovations Drive Market – Technavio Report

Published

2 months ago

on

NEW YORK, Sept. 12, 2024 /PRNewswire/ — Report with market evolution powered by AI- The interactive residential security market size in US is estimated to grow by USD 2.96 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  10.26%  during the forecast period. Rising crime rates across US is driving market growth, with a trend towards increasing focus of vendors on new product launches. However, high initial costs related to interactive residential security solutions  poses a challenge. Key market players include ADT Inc., Alphabet Inc., AT and T, Comcast Corp., Cove Smart LLC, East West Manufacturing, Frontpoint Security Solutions LLC, Honeywell International Inc., Leviton Manufacturing Co. Inc., LG Electronics Inc., Link Interactive, Monitronics International Inc., NETGEAR Inc., Nice SpA, Nortek Security and Control LLC, Ring LLC, Samsung Electronics Co. Ltd., Scout Security Ltd., Simplisafe Inc., Somfy Group, Vivint Inc., and Wyze Labs Inc..

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report

Interactive Residential Security Market In US Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 10.26%

Market growth 2024-2028

USD 2967 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

10.06

Regional analysis

US

Performing market contribution

North America at 100%

Key countries

US and North America

Key companies profiled

ADT Inc., Alphabet Inc., AT and T, Comcast Corp., Cove Smart LLC, East West Manufacturing, Frontpoint Security Solutions LLC, Honeywell International Inc., Leviton Manufacturing Co. Inc., LG Electronics Inc., Link Interactive, Monitronics International Inc., NETGEAR Inc., Nice SpA, Nortek Security and Control LLC, Ring LLC, Samsung Electronics Co. Ltd., Scout Security Ltd., Simplisafe Inc., Somfy Group, Vivint Inc., and Wyze Labs Inc.

Market Driver

The interactive residential security market in the US is witnessing significant growth due to vendors’ increasing focus on new product development. As competition intensifies and consumer expectations evolve, companies are investing heavily in creating innovative security solutions to differentiate themselves and capture market share. This new product development includes integrating advanced technologies such as AI and machine learning for enhanced threat detection and improving system compatibility with smart home ecosystems for greater convenience and control. For instance, Brinks Home, a leading home security and alarm monitoring company, introduced Vacation Watch and Package Detection features in August 2024. Vacation Watch allows users to create temporary rules for automatic recording during their absence, while Package Detection alerts homeowners upon package delivery and retrieval, providing video clips for identification. In May 2022, Vivint unveiled a suite of new products, including the Doorbell Camera Pro, Outdoor Camera Pro, Spotlight Pro, and Indoor Camera Pro, each integrating with Vivint’s AI platform and offering advanced functionalities. Such new innovations by vendors will continue to drive the growth of the interactive residential security market in the US during the forecast period.

The Interactive Residential Security market in the US is thriving, with a focus on advanced safety measures for homes. Security systems are becoming smarter, featuring energy-saving solutions and low consumption wireless technology. Miniaturized sensors and cameras enable DIY installation, while home automation integrates security with other smart devices. Video Surveillance Systems, Alarm Systems, Access Control Systems, and Fire Protection Services are in high demand. Internet usage and cloud services are essential for remote monitoring and cybersecurity. Security concerns include theft and robbery statistics, particularly for single-parent families. Smart City projects are exploring integrated security solutions. Installation costs and system complexities are key challenges, but AI, facial recognition, and cloud-based surveillance offer innovative solutions. Home Security Systems and Smart Home Security are merging, with sensors, cameras, and remote monitoring at their core. Personal security is also a growing concern, with hardware and software offerings addressing these needs.

Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution!

Market Challenges

The interactive residential security market in the US faces a significant challenge due to high upfront costs, which can deter potential customers. Installing comprehensive security solutions involves substantial expenses for hardware, such as cameras, sensors, smart locks, and control panels, as well as fees for professional installation services. For instance, leading providers like ADT and Vivint offer full-featured systems with several hundred to thousands of dollars in initial costs and monthly monitoring fees. These ongoing commitments can be prohibitive for budget-conscious consumers or those uncertain of the systems value. Furthermore, the need for regular maintenance and technology upgrades adds to the financial burden. To make these systems more accessible, companies must provide flexible financing options, such as installment plans or leasing agreements. Failure to address cost concerns may limit market growth potential in the US interactive residential security market during the forecast period.The Interactive Residential Security market in the US is experiencing significant growth due to increasing security concerns among homeowners. Key products include Access Control Systems, Intruder Alarm Systems, Remote Monitoring Services, and Cloud services. Challenges include the integration of Smart City ideas, cybersecurity, and system complexities. Home Security Systems and Smart Home Security are popular solutions, utilizing Sensors, Cameras, and Remote Monitoring. Theft and robbery statistics, especially for single-parent families, fuel demand. Smart Homes, with Fire Protection Services, Home Automation, Property Monitoring, Power Management, Visit Management, and more, offer enhanced security. Installation costs and DIY installation are concerns, but advancements in Artificial Intelligence, Facial Recognition, Cloud-Based Surveillance, and Personal Security are driving innovation. Hardware and Software solutions, including Alarm Systems, Access Control Systems, and Video Surveillance Systems, are essential components. Fire Protection Services ensure safety, while Apartment and Unit security is a growing niche. Overall, the market is dynamic, with ongoing advancements and evolving consumer needs.

Discover how AI is revolutionizing market trends- Get your access now!

Segment Overview 

This interactive residential security market in US report extensively covers market segmentation by

Type 1.1 Property monitoring1.2 Visit management1.3 Phone and wireless security1.4 Power managementApplication 2.1 Apartment2.2 Standalone unitService 3.1 Intrusion protection3.2 Remote monitoring3.3 Security system integration service3.4 OthersGeography 4.1 North America

1.1 Property monitoring-  The Interactive Residential Security Market in the US is experiencing significant growth. Homeowners are increasingly investing in advanced security systems that offer remote monitoring and control. These systems include features like motion sensors, door and window sensors, and smartphone app integration. Major players in the market include ADT, Simplisafe, and Vivint. These companies provide customizable plans to meet various home security needs. The market is expected to continue expanding due to the rising demand for enhanced home security solutions.

Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics

Research Analysis

The Interactive Residential Security market in the US is experiencing significant growth due to the increasing demand for advanced safety measures in homes. Residential Security systems are no longer just about deterrence against burglary and theft, but also include energy-saving solutions, remote monitoring, and smart features. These systems use wireless technology, miniaturized sensors, and cameras to provide comprehensive security. Smart Home Security systems are becoming increasingly popular, integrating with other smart devices and the internet for convenient and efficient control. However, technical flaws and cybersecurity concerns are areas of improvement. The market caters to various demographics, including single-parent families, apartments, and units, as well as larger properties and smart city projects. Property Monitoring, Power Management, Visit Management, and Burglary Statistics are key considerations for potential buyers. The market is expected to continue growing due to increasing crime rates and the desire for peace of mind and convenience.

Market Research Overview

The Interactive Residential Security market in the US is a growing industry focused on providing advanced security solutions for homes. Residential Security systems encompass various safety measures such as Alarm Systems, Access Control Systems, Fire Protection Services, and Video Surveillance Systems. These systems leverage Smart Features like wireless technology, miniaturized sensors, and Internet usage to enhance security and offer energy-saving solutions with low energy consumption. Smart Home Security is a popular trend, integrating Home Automation, remote monitoring, and cloud services. DIY solutions are also gaining traction, allowing homeowners to install their systems without professional help. Security concerns include technical flaws, cybersecurity threats, and theft and robbery statistics. Single-parent families, apartments, and units also benefit from these systems. Home Security Systems can include hardware like sensors, cameras, and software for remote monitoring and artificial intelligence capabilities like facial recognition. Smart City projects are exploring the integration of these systems into larger community security networks. Installation costs and system complexities are ongoing considerations, with the potential for significant savings through DIY installation and power management. Property Security is a top priority for homeowners, with solutions addressing both personal and property monitoring needs.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeProperty MonitoringVisit ManagementPhone And Wireless SecurityPower ManagementApplicationApartmentStandalone UnitServiceIntrusion ProtectionRemote MonitoringSecurity System Integration ServiceOthersGeographyNorth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/us-interactive-residential-security-market-to-grow-by-usd-2-97-billion-2024-2028-rising-crime-rates-and-ai-innovations-drive-market–technavio-report-302245109.html

SOURCE Technavio

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Typeform Delivers New Solutions to Empower B2C Businesses to Better Engage Customers

Published

24 minutes ago

on

November 14, 2024

By

Brands can now use video, data enrichment, and AI-powered capabilities to create interactive, hyper-personalized experiences and uncover deeper insights

SAN FRANCISCO, Nov. 14, 2024 /PRNewswire/ — Typeform, the intuitive form builder and conversational data collection platform, today announced new features that provide business-to-consumer (B2C) businesses with the context, clarity, and convenience needed to better engage and understand their customers. Now businesses can further enhance the respondent experience, all while gathering richer, actionable data. 

Today, 70% of consumer decisions are based on emotion, including brand preference.¹ Buyers expect brands to tailor experiences to their personal preferences more than ever, but at the same time, they’re also becoming more cautious about sharing personal information. Typeform’s latest features help brands collect data directly from customers through interactive, personalized experiences they trust, then automatically enhance it with third-party insights to deepen their understanding. This empowers companies to deliver more targeted, data-driven marketing.

“Businesses can’t thrive on surface-level insights,” said Aleks Bass, Chief Product Officer, Typeform. “Our latest innovations give you the ability to dig deeper into truly knowing your customers by providing dynamic data collection experiences that encourage quality responses. Whether boosting conversions with a personalized product recommendation quiz or gathering feedback through video surveys, the common denominator is that your customers enjoy the experience.”

The offerings were unveiled at Typeforum 2024, Typeform’s first-ever virtual product spotlight event, designed to showcase the latest innovations from the company. Newly released features include: 

Enhanced Video Capabilities: Typeform now allows customers to respond with video, providing businesses deeper insights through voice and expressions, not just text. This builds on Typeform’s existing feature that enables creators to record, edit, and embed personalized videos into forms, boosting engagement and conversions. Typeform research found that 65% of marketers believe video is an effective tool for engaging and interacting with customers in ways that feel more human and create connection and loyalty.²Clarify with AI: Typeform’s Clarify with AI acts as a virtual interviewer, prompting follow-up questions based on customer responses. When a customer is asked about their experience and answers vaguely, like “good,” the AI encourages more detailed feedback, asking, “Good, how? What stood out?” For customers, it feels like a personalized conversation. For brands, it delivers more insights. Automated B2C Data Enrichment: Earlier this year, Typeform introduced automated B2B data enrichment, making it easier than ever to understand customers at a deeper level without needing to ask additional questions. Now, consumer-level enrichment is available in the Typeform platform. With just a personal email address, companies can pull in key data points from trusted third-party sources, providing a more complete picture of who’s on the other side of the screen.AI-powered Qualitative Analysis: With this feature, businesses can instantly analyze large volumes of text and video responses to surface key themes and insights, saving hours of manual work. Data Quality Tools: Invisible reCAPTCHA ensures data integrity by blocking bots and automated submissions, allowing only genuine responses to be collected. This safeguard enhances data reliability, helping teams make accurate, data-driven decisions.Klaviyo Integration: Typeform will soon be launching a new integration with Klaviyo, designed for B2C and direct-to-consumer (DTC) marketers. It will ensure that every insight gathered flows seamlessly into Klaviyo. Manual data transfers are eliminated as segments automatically update with Typeform data, enabling hyper-targeted campaigns customized to each customer’s unique profile. This integration combines Typeform’s interactive data collection with Klaviyo’s automation, facilitating more natural, personalized customer connections while driving business growth.

“We built a powerful product recommendation quiz not just to help our customers, but to generate invaluable data that allows us to better segment and engage them with relevant marketing,” said Addison Wennar, Digital Communications Manager, OGEE. “With the holiday shopping season approaching, these insights will be key. Typeform already delivers the highest response rates for us, and I’m excited to see how the new features will amplify that impact.”

The features are available today in Typeform for Growth plans. Watch the Typeforum 2024 recordings and learn how to use Typeform to better understand and engage customers here. 

About Typeform
Typeform is a distinctly intuitive form builder that helps over 150,000 customers collect and validate the data they need to grow their businesses. Designed with striking visuals, a conversational flow, and powerful data capabilities, Typeform empowers brands to give and get more with each form. Typeform drives more than 500 million responses each year and integrates with essential tools including Zapier, HubSpot, and Slack. For more information, visit www.typeform.com.

1         Pendell, R. (2024, October 15). Customer brand preference and decisions: Gallup’s 70/30 principle. Gallup.com. https://www.gallup.com/workplace/398954/customer-brand-preference-decisions-gallup-principle.aspx#:~:text=70%25%20of%20decisions%20are%20based,Making%20Process:%20Rational%20or%20Emotional?

2          Data from a survey of 105 Typeform customers conducted on September 30, 2024.

View original content to download multimedia:https://www.prnewswire.com/news-releases/typeform-delivers-new-solutions-to-empower-b2c-businesses-to-better-engage-customers-302305917.html

SOURCE Typeform S.L.

Continue Reading

Technology

Electronic Drives and Controls Celebrates Impressive Growth and Strong Demand for Industrial Automation Solutions

Published

24 minutes ago

on

November 14, 2024

By

EDC has announced 39% revenue growth over the past year and a strengthened presence in the metals converting and composites industries. The company has also maintained key certifications, including CSIA, UL508A, Rockwell Automation, Siemens, and Ignition.

PARSIPPANY, N.J., Nov. 14, 2024 /PRNewswire-PRWeb/ — Electronic Drives and Controls, Inc. (EDC), a leading control system integrator and field service company for industrial automation and drive technology, today announced that the company has experienced a year of growth and success, achieving a 39% increase in revenue year-over-year. To meet the growing demand for automation and drive solutions, EDC has expanded its team, hiring Ricky Arcky as human resources manager and Tyler Schaberick as systems engineer. EDC attributes this growth to maintaining industry certifications, digital marketing efforts, a dedicated team, and strong, long-term partnerships.

“We are proud of the growth we’ve achieved this year, which is a testament to the hard work of our team and our commitment to delivering exceptional service to our clients.”

“We are proud of the growth we’ve achieved this year, which is a testament to the hard work of our team and our commitment to delivering exceptional service to our clients,” said Chuck Dillard, Vice President of EDC. “Our recent hires and increased project load reflect our strategy to grow both wider and deeper with our existing clients, as well as entering new industries.”

“We’ve put in years of preparation and invested heavily in digital marketing to get the word out about our services, knowing that growth was inevitable,” Dillard added. “Our team has worked tirelessly and the results speak for themselves: clients continue to return to us because of our technical expertise and the strong results we deliver.”

EDC’s expertise in coating & laminating, wire and cable, PLC programming and upgrades, as well as drive service, has allowed the company to strengthen its presence in the metals converting industry, securing new and expanded projects across multiple client plants. EDC has also successfully completed upgrades for a new client in the composites industry, widening the portfolio of industries it caters to.

In addition to recent growth, EDC remains committed to maintaining the highest industry standards through its CSIA certification, which ensures adherence to best practices in control system integration. Several certifications, including UL508A recertification and certifications from Rockwell Automation, Siemens, and Ignition, further emphasize EDC’s dedication to safety, technical proficiency, and continuous improvement.

About Electronic Drives and Controls, Inc.
Founded in 1968, Electronic Drives and Controls, Inc. (EDC) is a CSIA Certified control system integrator with deep domain expertise in the coating and laminating, and converting industries. The company’s large field service team specializes in AC and DC drives, PLCs and factory automation. Family owned and operated for more than 50 years, EDC’s team of engineers and technicians has a vast experience integrating new control systems and breathing life into older equipment. EDC has the engineering capability to design, build, start-up and service projects from the sophisticated to the simple and the service support team on call 24/7/365 to keep it all running at peak efficiency from day one and for years to come. In addition to the company’s certification as a Siemens Solution Partner and a Rockwell Automation Recognized System Integrator, EDC is a factory authorized/factory trained service center for over 40 drive brands. For more information, visit the company’s website, LinkedIn, Twitter, Facebook, and YouTube.

Media Contact

Georgia Whalen, Rivergate Marketing, (978) 697-2664, Gwhalen@rivergatemarketing.com, www.electronicdrives.com/home/

View original content to download multimedia:https://www.prweb.com/releases/electronic-drives-and-controls-celebrates-impressive-growth-and-strong-demand-for-industrial-automation-solutions-302305739.html

SOURCE Electronic Drives and Controls, Inc. (EDC)

Continue Reading

Technology

Allstate Financial Services Selects Covr to Provide Life Insurance, Long-Term Care, and Disability Insurance Solutions

Published

24 minutes ago

on

November 14, 2024

By

Covr’s Digitally Enabled Insurance Platform Will Simplify the Buying Process

HARTFORD, Conn., Nov. 14, 2024 /PRNewswire/ — Covr, a leading digital insurance provider, has partnered with Allstate Financial Services, LLC to offer a streamlined suite of life, long-term care (LTC), and disability income insurance solutions through Covr’s digital platform. This partnership provides Allstate Financial Services customers with a simple, connected experience, featuring an intuitive, paperless process that makes it easier than ever to purchase insurance tailored to their diverse needs.

Covr’s platform offers an easy-to-use, self-guided experience to efficiently compare and recommend insurance products. Additionally, Allstate Financial Services will offer a range of products through Covr’s platform, including guaranteed issue life insurance through Gerber Life and disability insurance through Assurity, Ameritas, MassMutual, Mutual of Omaha and Principal. Traditional long-term care will also be available through Mutual of Omaha.

“We are extremely pleased to add Allstate’s network of 7,000+ representatives to our insurance platform,” said Michael Kalen, CEO of Covr. “Their business owners and individual customer base fits perfectly with our portfolio of simplified life, LTC, and disability income solutions for agents and their customers.”

“We’re committed to expanding solutions that better meet our customers’ protection needs,” said Scott Delaney, President and CEO, Allstate Financial Services. “With Covr’s digital platform, our representatives can deliver a more connected experience and offer a broader range of insurance options tailored to each customer’s unique needs.”

Allstate representatives will collaborate closely with Covr’s sales team to ensure ongoing support. Allstate Financial Services will also benefit from Covr’s top-tier case management services, providing end-to-end support throughout the entire insurance process.

View original content to download multimedia:https://www.prnewswire.com/news-releases/allstate-financial-services-selects-covr-to-provide-life-insurance-long-term-care-and-disability-insurance-solutions-302306004.html

SOURCE Covr Financial Technologies

Continue Reading

Trending