New York, US, June 29, 2022 (GLOBE NEWSWIRE) -- Security Solutions Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Security Solutions Market” information by Product, by End-User, by Services and Region – Forecast to 2030” market size to reach USD 510 billion, growing at a compound annual growth rate of 9.4% by 2030.
Security Solutions Market Scope:
The growing need for the usage of wireless technology in security systems coupled with the use of IoT-based security systems will offer robust opportunities for the market over the forecast period.
Report Scope:
| Report Attribute/Metric | Details |
| Market Size in 2030 | USD 510 billion |
| CAGR | 9.4% (2020-2030) |
| Base Year | 2019 |
| Forecast Period | 2020-2030 |
| Historical Data | 2018 |
| Forecast Units | Value USD billion |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product , Service |
| Geographies Covered | North American, European, Asian Pacific |
| Key Vendors | ADT Corp(US), Tyco International Ltd (US), Bosch Security Systems (Germany),SECOM Co., Ltd (Japan), Godrej & Boyce Limited (India), ASSA ABLOY AB (Sweden), Nortek Security & Control LLC (US), Hikvision Digital Technology Co.Lt (China), UTC Fire & Security (US) |
| Key Market Opportunities | It exposes these businesses to serious cyber threats. |
| Key Market Drivers | It is a crucial factor that drives demand for the security solutions market. |
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Security Solutions Market Drivers
Rise in Criminal Acts to Boost Market Growth
Terrorist attacks, criminal acts, and fraud have raised the adoption rate of these solutions across a wide range of businesses, including residential, industrial, and transportation, as well as government and military and defence which will boost market growth over the forecast period.
High Maintenance and Installation Cost to act as Market Restraint
The high maintenance and installation cost of security solutions may act as a market restraint over the forecast period.
Lack of Awareness to act as Market Challenge
The lack of awareness about technological advances and low adoption rate may act as market challenges over the forecast period.
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COVID-19 Analysis
The global security solutions market was hampered by supply chain interruptions, variations in demand share, economic conditions, and the immediate and long-term effects of the new coronavirus. This outbreak has put a halt to economic activity, plunging the global economy into a deep slump. Furthermore, because the origins are in China, the global supply chain is experiencing closure and extraordinary disruption. With the lifting of global lockdowns and restrictions, the market is expected to return to normal in the coming days.
Segmentation of Market Covered in the Research:
The global security solutions market is bifurcated based on product, services, and end users.
By product, video surveillance will lead the market over the forecast period.
By services, access control service will dominate the market over the forecast period.
By end users, commercial will spearhead the market over the forecast period.
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Regional Analysis
North America to Rule Security Solutions Market
North America holds the largest market share for security solutions. The United States will dominate the market in 2023. Security solutions are being used at an exponential rate in North America. It is one of the first regions in the world to implement video surveillance, access control, and other security technologies. The rate of growth is higher due to the government's strict security regulations. This region also has a high level of network & home security awareness. In the approaching years, leading market players will improve US secure solutions. It will facilitate the expansion of security services within the region. An increase in security system OEMs & service providers are present in the region, which is projected to aid market expansion over the forecast period. Furthermore, North America is the fastest adopter of technology and the first to deploy these solutions to improve safety and security. Furthermore, the region's strong market share is due to increasing use of video surveillance systems, stringent safety standards, and the mandated installation of fire prevention systems in commercial buildings. During the projected period, the Americas are expected to hold the greatest share of the market. The Americas was one of the first regions to implement security technologies like surveillance, access control, and fire alarm systems.
The region is leading the way in terms of introducing access control systems to improve safety and security. Second, most building constructions in the Americas are equipped with fire protection systems as a result of obligatory fire protection & safety standards. The Americas is also a forerunner in the use of video surveillance systems in public safety. Due to strict fire and safety protection standards, the majority of residential and commercial structures in this region are fitted with fire protection systems. Flame detectors, sprinklers, fire detectors, fire alarms, heat detectors, extinguishers, fire analysis software, sirens, and control panels & interfaces are all available from several vendors in this region. North America grabbed the largest share in the security solutions industry, accounting for over 42 percent of the total market share. The increase in construction sites in the residential sector might be related to the increased need for home security systems. The increase in terrorist & criminal activity in the region has fueled this demand. Factors like these have increased demand for intelligent and automated home security services in North America, boosting the market's growth. Because of the high demand from the defence industry and the advancement of technology in surveillance and monitoring, North America is likely to contribute significantly to the growth of the security solutions market.
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APAC to Have Favorable Growth in Security Solutions Market
Due to the start of defence modernization programs to improve the nation's security, the market in the region is likely to rise significantly over the forecast period. Aside from transportation, smart cities, airports, and home automation, Asian countries like India, China, Japan, Singapore, South Korea, and Australia have seen growth in a variety of areas. These industries have a high need for these solutions, which is projected to drive market expansion in Asia Pacific. Due to rapid infrastructure construction in trains, airports, and highways, Asia Pacific is expected to be the fastest-growing area. For the next eight years, strong expansion in banking & financial services is predicted to create abundant growth possibilities for the security solutions industry. The regional market is expected to benefit significantly from rising disposable incomes & changing infrastructure, such as the development of highways, railways, and airports. As external and internal risks continue to grow, need for security solutions in Asia Pacific is projected to stay strong in the coming years. During the projection period, the rising incidence of thefts, crime, and robberies is expected to boost sales of various types of security systems in the region.
Dominant Key Players on Security Solutions Market Covered are:
- Honeywell International Inc. (U.S.)
- Tyco International Ltd (U.S.)
- Godrej & Boyce Manufacturing Company Limited (India)
- Bosch Security Systems (Germany)
- ASSA ABLOY AB (Sweden)
- Hikvision Digital Technology Co.Lt (China)
- ADT Corp (U.S.)
- Nortek Security & Control LLC (U.S.)
- UTC Fire & Security (U.S.)
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