global security solutions market is expected to register 10.73% CAGR over the assessment period 2018 to 2023.
The growing threat of cyberattacks has led to rapid advancements in security solutions. It has been unfolded in Market Research Future (MRFR)’s report that the observation reveals that the market’s valuation is set to increase to USD 410.27 Bn by 2023 up from USD 222.52 Bn in 2017.
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These solutions offer protection to physical as well as software-based data of the organizations. Rising cases of data theft are likely to boost the adoption of the product over the next couple of years. The trend is expected to benefit the growth of the security solutions market in the years to come. Also, the innovations being introduced by the major participants are anticipated to drive the expansion of the security solutions market across the review period.
Increasing residential applications for the protection of physical infrastructure is further poised to reflect on the proliferation of the global market in the nearby future. However, on the other hand, the high cost of installation remains an impediment to market growth.
Top Key Players
Honeywell International, Inc. (US), Godrej & Boyce Manufacturing Company Limited (India), Tyco International Ltd (US), Bosch Security Systems (Germany), Hikvision Digital Technology Co. Ltd (China), ASSA ABLOY AB (Sweden), ADT Corp(US), UTC Fire & Security (US), Nortek Security & Control LLC (US), and SECOM Co., Ltd (Japan) are few of the major players of the global security solutions market.
A detailed analysis of the key developments and market shares of these players is included in the report. These players are assessed to invest in technological advancements in the years to come for staying ahead of the curve. In addition, efforts directed towards the expansion of global footprint is further anticipated to motivate competitiveness among the key players. Some of the approaches poised to be witnessed in the competitive landscape of the security solutions market are mergers & acquisitions, agreements, product portfolio development, research & development, collaborations, etc.
September 17, 2018: Airtel Digital TV partners with Irdeto for security solutions:
Bharti airtel partnered with Irdeto for securing all the contents offered on DTH-platform, Airtel Digital TV. Irdeto deploy its security solutions to secure content offered on Airtel’s hybrid Android TV platform and to secure the linear channels offered on set top box.
September 11, 2018: Policy Bazaar signs up for Trend Micro’s cloud security solutions: Policy Bazaar partnered with Trend Micro for protecting cloud applications and endpoints. Trend Micro provides deep security which enables the management of multiple security controls from a single dashboard.
In September 2019, Netatmo, a French company specializing in connected objects, has announced the launch of a smart alarm system that comprises three key components - windows and door sensors, a camera, plus a 'smart siren'.
In September 2019, Boundary, a home security technology specialist, has raised £1.22 Mn for the launch of its innovative smart home security alarm.
Security Solutions Market - Segmentation
Based on product, the market is segmented into entrance control, intruder alarm, wireless systems, thermal cameras, video surveillance, access control, fire control, and others.
Based on components, the market is segmented into remote monitoring services, fire protection services, video surveillance services, access control services, security systems integration, and others.
Based on end-users, the market is segmented into commercial, industrial, energy & utility, transportation, retail, BFSI, education, residential, government, and others.
Based on region, the market is segmented into North America, Europe, Asia Pacific and rest of the world
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The global security solutions market, by region, is segmented into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). The regional assessment of the market is further studied on a country-level basis for detailed analysis. North America is assessed to retain its pole position in the global marketplace through the forecast period. Implementation of laws mandating the deployment of fire protection and security solutions is prognosticated to ensure the accelerated growth pace of the regional market in the upcoming years. Also, the rising number of construction projects is expected to boost the residential application of the product in the years to come. This, in turn, is likely to propel the proliferation of the security solutions market over the evaluation period.
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