NEWARK, Del, April 16, 2024 (GLOBE NEWSWIRE) -- The industrial security system market is expected to be valued at US$ 55.9 billion in 2024. The market's progress is projected to invigorate at a CAGR of 7.5% from 2024 to 2034. By 2034, the market value is forecasted to hit US$ 115 billion.
The demand for industrial security systems is expected to increase due to the growing number of security threats and breaches. Industries such as manufacturing plants, power plants, and chemical processing plants are particularly vulnerable to such attacks and are investing in security systems that can help them detect, prevent, and respond to security threats in real time.
With the adoption of automation and digitalization in industrial processes, the use of IoT devices, cloud computing, and other digital technologies has increased, leading to new security challenges. As a result, industrial companies are taking measures to prevent cyber threats by investing in security solutions that protect their digital assets and networks.
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Regulatory compliance is also driving the industrial security system market, as companies are turning to security solutions to mitigate regulatory risks and create a safe and secure work environment that meets all requirements.
The importance of security in industrial operations is also gaining recognition as industries realize that it is a critical factor that can impact their productivity, profitability, and reputation. By investing in security solutions, industrial companies can improve their operational efficiency, reduce downtime, and enhance their overall competitiveness.
“The industry is poised to witness a surge in demand for integrated security systems, which is expected to create profitable opportunities in the coming years. To tap into the growing demand, manufacturers are focusing on developing advanced integrated security systems that can be tailored to the unique needs of various industries,” - says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Key Takeaways from the Industrial Security System Market
- The industrial security system market is estimated to register a CAGR of 7.5% and reach a valuation of US$ 115 billion by 2034.
- The scanning segment is anticipated to dominate the market by registering a 7.3% CAGR from 2024 to 2034.
- The system segment is expected to grow at a 7.0% CAGR through 2034.
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Competitive Landscape
The market is highly competitive, with multiple major players continuously striving to enhance their offerings through innovation. To gain an edge over their competitors, many companies are adopting growth strategies such as mergers and acquisitions, partnerships, and product launches.
Key Market Players
- Honeywell International Inc.
- Siemens AG
- ABB Ltd.
- Schneider Electric SE
- Rockwell Automation Inc.
- Cisco Systems Inc.
- IBM Corporation
- Kaspersky Lab
- Belden Inc.
- Fortinet Inc.
Recent Developments
- In 2022, Siemens, a worldwide leader in digitalization and automation, and Zscaler, a prominent cloud security provider, have joined forces to provide a reliable approach that combines Siemens' devices with the Zscaler Zero Trust Exchange cloud security framework. This collaboration aims to assist clients in accelerating their secure transformational change for Operational Technology systems.
- In 2021, Bosch Security Systems has recently unveiled its latest range of high-definition surveillance cameras specifically designed for industrial applications. These cutting-edge cameras are equipped with advanced analytics capabilities and superior image quality that can help improve operational efficiency and security for industrial organizations.
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Key Market Segmentation
By Technology:
- Scanning
- Imaging
- Sensing
By Offering:
- Systems
- Service
By End User:
- Defense
- Manufacturing
- Educational
- Service
- Others
By Region:
- North America
- Latin America
- East Asia
- South Asia
- Europe
- Oceania
- MEA
Authored By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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