LONDON -- The European residential security market is in its development stage and has high growth potential. While security remains the most important driver, technologies such as wireless have also been propelling market growth. The markets move towards IP technology and video surveillance has positively reinforced this trend.
Frost & Sullivan (http://buildingtechnologies.frost.com) estimates that the European Residential Security Market was worth 1.6 billion in 2005 and estimates it to reach 2 billion by 2012.
The markets potential has not yet been fully exploited because of issues related to the vagaries of false alarms, perceived high prices of equipment and services and the lack of awareness about security products.
Using mature technologies such as wireless, market participants have been able to successfully reduce the number of false alarms and also provide equipment and services at competitive prices, notes Frost & Sullivan Research Analyst Shailaja Pradhan. The availability of technologies such as IP offers immense possibilities to security companies as well as end users. These factors, together with heightened awareness about residential security and increasing confidence in security products are supporting market expansion.