Wireless Security System Market Surges to Hit USD 131.82 Bn By 2030 | A Detailed Research

New York, Aug. 09, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Wireless Security System Market” published by Consegic Business Intelligence, the market was worth USD 51.90 Billion in 2022 and is anticipated to reach over USD 131.82 Billion by the year 2030, growing at a CAGR of 12.6%.

Wireless security systems comprise of setup of integrated electronic devices that function together for protecting a property against thefts, unauthorized entries, and intruders. Additionally, wireless security systems including wireless network security are often utilized for protecting networks and devices connected in a wireless environment such as Wi-Fi networks.

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The increasing utilization of wireless security systems in construction sector is one of the key factors driving the market growth. Moreover, the increasing development of commercial buildings including banking & financial institutions, offices, retail stores, and others along with rising need for advanced security solutions in commercial buildings are primary factors fostering the market demand for wireless security systems. For instance, in July 2022, Citi Bank launched its Citi Commercial Bank in Canada, as a part of the company’s global expansion plan. Hence, the rising commercial construction involving banking & financial institutions is increasing the adoption of wireless security systems for ensuring the safety of financial institutions and alerting intruder access to locker rooms while enhancing security with extensive monitoring, in turn driving the growth of the market.

Additionally, the rising incidence of theft and burglary in residential buildings is expected to promote potential opportunities for the growth of the wireless security system market. Wireless security systems are often installed in residential buildings for protection of residential property against burglary, thefts, or unauthorized intruder access. Moreover, the ability of wireless security systems to offer improved security, ability to control multiple doors remotely, and reduce the risk of theft and robbery are major determinants for increasing its utilization in residential sector. However, limitations and operational challenges associated with the deployment of wireless security systems are hindering the growth of the market.

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Wireless Security System Market Growth Drivers:

• Rising utilization of wireless security systems in government sector is driving the market growth.
• Increasing adoption of wireless security system in commercial sector is spurring the market growth.

Restraints

• Limitations and operational challenges associated with wireless security system is restraining market growth.

Opportunities

• Rising cases of theft and burglary in residential buildings is expected to promote potential opportunities for market growth.

Global Wireless Security System Market Segmentation Details:

Based on type, the wireless network security segment contributed the largest shares to the market growth in 2022. The benefits of wireless network security systems including ease of utilization, high reliability, and protection of wireless networks from malicious and unauthorized access attempts or cyberattacks are prime aspects driving the growth of the segment. Moreover, the increasing utilization of wireless network security systems in governmental and commercial organizations is driving the growth of the wireless network security segment.

Based on end user, the commercial segment accounted for the maximum revenue share in the year 2022. Wireless security systems are deployed in the commercial sector including offices, banking & financial institutions, educational institutes, and hospitals among others for enhanced security. Factors including rising pace of urbanization, increasing development of commercial buildings, and growing demand for advanced security solutions are among the key prospects boosting the growth of the commercial segment.

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Based on region, North American region accounted for the largest revenue share in the year 2022. Factors including the growing investments in building and construction projects, rising occurrence of burglaries and robberies, and increasing integration of advanced security systems in commercial and residential buildings are driving the growth of the wireless security system market in North America.

Recent Developments

• In March 2023, ADT Inc. introduced its new ADT Self Setup smart home security system, which is an advanced DIY system from ADT and Google. The new home security system combines home automation, security, and analytics through one unified application.

Key Market Highlights

• Globally, wireless security system market is divided based on the type into wireless network security and wireless home security.
• In the context of end user, the market is separated into residential, commercial, industrial, government, and others.
• The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
• North America and Asia-Pacific are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in wireless security system market.

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List of Major Global Wireless Security System Market Players

The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —

• ASSA ABLOY

• Bosch Security Systems LLC

• ADT

• Cisco Systems Inc.

• Broadcom

• Honeywell International Inc.

• ZTE Corporation

• ALE International

• Juniper Networks

• Hewlett Packard Enterprise Development LP

Global Wireless Security System Market Segmentation: 

• By Type

• Wireless Network Security
• Wireless Home Security

• By End User
  • Residential
  • Commercial
  • Industrial
  • Government
  • Others

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Key Questions Covered in the Wireless Security System Market Report

• What is wireless security system?

• Wireless security systems consist of a network of integrated electronic devices that function together to protect property against unauthorized entries, thefts, and intruders. Moreover, wireless security systems also play a crucial role in protecting networks and devices connected in a wireless environment including Wi-Fi networks.

• What is the dominating segment in the wireless security system market by type?

• In 2022, the wireless network security segment accounted for the highest market share in the overall wireless security system market.

• Based on current market trends and future predictions, which geographical region will have the largest impact on the wireless security system growth in the coming years?
  • North America accounted for the largest revenue share in the year 2022. The increasing investments in building and construction projects and rising occurrence of burglaries and robberies in residential and commercial buildings are driving the growth of the regional market.
    
    
• Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030?
  • Asia-Pacific is anticipated to register fastest CAGR growth during the forecast period due to rapid pace of industrialization and rising building & construction activities in the region.

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