Global Security Solutions Market Overview
Security solutions avoid unauthorized access and are significant tools to ensure security of people by preventing thefts and other crime related mishappenings. They provide state-of-the-art security systems that are used in numerous applications such as remote monitoring, audio-visual surveillance, fire alarm systems for fire accidents, and security system integration for physical security by entrance control, emergency notification, video surveillance and intrusion among others.The security system solutions are electronic based security systems to provide security raised by safety concerns such as casual outbreaks of public violence and crimes that are a threat to various organizations, profits, people and assets among others. Security systems also provide remote video monitoring which allows the convenience of observing camera activity from distant locations.Security systems are important to ensure protection and security in sectors such as commercial, residential and industrial among others. Rising trend towards advanced security systems is likely to foster the growth of security solutions market in near future.
Market Size and Forecast
Geographically, North America was the largest region in security solutions market and accounted for almost 42% of the total market share in 2017. This can be attributed to high demand for home security solutions due to rising number of construction sites in residential sector. This demand is further instigated by increasing rate of terrorist and criminal actions in the region. Factors such as these have anticipated the demand for intelligent and computerized home security service solutions further enhancing the growth of the market in North America and is estimated to generate fastest growing CAGR of around 20% by the end of forecast period. Followed by North America, Latin America, Middle East Africa and Asia Pacific are anticipated to grow in security solutions market during forecast period.
The demand for advanced security systems such as highly efficient security system integrators is anticipated to increase market share by the end of forecast period. Moreover, with its capability to support operations in every segment of security system such as intrusion, emergency notification and access control among others is anticipated for exponential growth of the global security systems market.Factors such as increase in residential enclaves across the globe coupled with rising concern for security based services are making headway for the growth of global security solutions market. Moreover, rising production of anti-theft alarm systems is anticipated to positively impact the growth of market.
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According to a recent study conducted by Research Nester, the global market for security solutions is expected to grow from around USD 23 Billion in 2017 at a moderate CAGR of around 18% during the forecast period 2018-2027. Worldwide sales of security systems are anticipated to generate more than USD 50 Billion in revenue by the end of 2027.Based on product type, security solutions market is segmented into wireless systems, access control, video surveillance, entrance control, intruder alarms, fire protection, thermal cameras and others. The home security solutions market is expected to dominate the worldwide security solutions market during the forecast period.
Market Segmentation:
Our in-depth analysis of the global security solutions market includes the following segments:
By Product Type
- Wireless Systems
- Access Control
- Video Surveillance
- Entrance Control
- Intruder Alarms
- Fire Protection
- Thermal Cameras
- Others
By Application
- Remote Monitoring
- Video Monitoring
- Fire Protection
- Security System Integration
- Others
By End Use Industry
- Residential
- Government
- Commercial
- Transportation
- Defense
- Retail
- Industries
- Sports
- Education
- Healthcare
- Banking
- Others
By Region
The global security solutions market is further classified on the basis of region as follows:
- North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis.
Growth Drivers and Challenges:
The growth of the market is driven by cost effective solutions for home security systems enabling everyone to avail the services of home security solutions while broadening its consumer base. The demand for proficient security system integrators is anticipated to increase market share by the end of forecast period.Execution of smart city infrastructures in government sector has grown the demand for security solutions. This can be attributed to strict government regulations to avoid terrorism and illegal activities increasing the adoption of intelligent security systems. This factor is anticipated for the growth of security solutions market globally.
The growth of security solutions market in estimated to grow in IT industry where protection against online threats and data is highly crucial. The security solutions help to detect and prevent the threats to digital information. This factor has led the IT firms to adopt smart security solutions to avoid leakage of data and has further anticipated the boom in global security solutions market.Moreover, the advantages of monitoring activities in both commercial & domestic sector, biometrics, maintaining records for observation and investigation and adoption of smart monitoring security solutions in defense & military has anticipated the growth of global security solutions market.However, less awareness of security solutions in senior citizens and under-developed nations combined with high cost might deter the growth of global security solutions market.
Top Featured Companies Dominating The Market
- Honeywell International
- Company Overview
- Key Product Offerings
- Business Strategy
- SWOT Analysis
- Financials
- Tyco International
- Allegion
- Godrej & Boyce
- Stanley Security Solutions
- Nortek Security & Control LLC
- Axis Communications
- Control4
- UTC Fire & Security
- Hikvision Digital Technology
Author Credits: Abhishek Verma
- Report ID: 1153
- Published Date: Feb 07, 2023
- Report Format: PDF, PPT
