Global Security Solutions Market Size, Share, and COVID-19 Impact Analysis, By Services (Remote Monitoring Services, Security Systems Integration, Fire Protection Services, and Video Surveillance Services), By Product (Access Control, Intruder Alarms, Entrance Control, Thermal Cameras and Others), By End-User (Government, Commercial, Residential, Industrial, Transportation, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022-2030
KEY MARKET INSIGHTS
The Global Security Solutions Market is projected to grow from USD 270.6 billion in 2021 to USD 489.18 billion by 2030 at a CAGR of 9.3% during the forecast period. Security solutions are in charge of ensuring that the company's software and hardware are effectively safeguarded. The necessity for a data security threat is becoming more prominent as the frequency and complexity of data security threats increases. As a result, there are now various aspects to consider when selecting a security system.
There are a number of factors that are assisting the security solutions markets expansion. The rise in the frequency and complexity of data security threats, as well as the adoption of security solutions by businesses across industries, are among these factors. Increased stringency of government rules and legislation for data integrity oversight is another aspect that is positively boosting the Security Solutions market. Moreover, the odds of attacks are increasing as a result of rapid economic expansion, digitalization, adoption of the internet of things (IoT), and cloud-based systems. As a result, the demand for security measures is fast increasing in order to prevent illegal invasions and access. Growing defense modernization program to strengthen the nation's safety and security, as well as rising demand for security architecture as a result of increased smart city development activities around the world, are expected to propel the security solutions market forward during the forecast period.
The COVID-19 pandemic has impacted negatively on industries and businesses all around the world. The security solutions business has been impacted by the shutdown of IT and other industries. Home Security Systems & Solutions Market and Security Solutions Market are two areas in the security solutions market. The network security market is being impacted more than the home security sector. During the Covid-19, however, demand for home security products stays stable. There hasn't been a significant drop in this industry. During Covid-19, the demand for home security is increasing. As the rate of theft and robbery rises in Covid-19, so does the demand for home security solutions.
Increasing Adoption of Wireless Technology across Globe Boosting Market Growth
The adoption and awareness about the wireless technology is increased rapidly with evolving technologies such as cloud computing, IoT, and big data. Advanced wireless security systems, such as wireless fire detection systems and wireless access control systems, have benefited from these advancements. The adoption of enhanced security architecture is expanding as home automation and smart city development become more common. In addition, new technologies like 5G and AI are accelerating the development of smart home automation infrastructure. These modern systems allow users to control all home electronic devices, including mobile phones, in order to prevent accidents and improve home safety and security. Border checkpoint surveillance can also be improved with wireless technologies. Furthermore, by gaining access to CCTV cameras set in the above specified locations, the end-user can watch the residence, industries, and patient health from afar. As a result, the deployment of wireless security systems has increased Security Solutions' performance.
Increasing Demand in Smart Cities Propel Market Growth
In emerging regions, smart city construction has risen in tandem with economic expansion. Commercial sites and structures, industrial, and smart transportation are only a few of the smart city development activities. CCTV cameras, monitors, storage devices, TVs, and video management software are among the hardware and software components of a video surveillance system. CCTV cameras can be used to monitor commercial assets, personal assets, and other infrastructures that need to be protected on a continual basis. As a result, the need for video surveillance systems for continuous monitoring has increased as criminal activity has increased.
Furthermore, the growing usage of IoT and cloud computing technologies, as well as emerging AI technology, are projected to accelerate the adoption of access control systems. As a result, rising investment in and development of smart cities is primarily raising demand for high-level security and safety, propelling the market forward.
High Cost of Installing and Maintaining Security Solutions
Security Solutions has higher installation and maintenance costs than the original product. During the projection period, the high costs of installation and maintenance are projected to limit market growth. However, if these systems are not maintained, they may work poorly, resulting in a system collapse and a potentially dangerous situation. As a result, security measures must be purchased.
The Global Security Solutions Market is segmented by Services, Product, End-user, and Region. Based on the Services, the market is categorized into Remote Monitoring Services, Security Systems Integration, Fire Protection Services, and Video Surveillance Services. Based on Product, the market is categorized into Access Control, Intruder Alarms, Entrance Control, Thermal Cameras and Others. Based on End-user, the market is categorized into Government, Commercial, Residential, Industrial, Transportation, and Others. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
By Services Insight
Based on the Services, the market is categorized into Remote Monitoring Services, Security Systems Integration, Fire Protection Services, and Video Surveillance Services. During the projection period, the video surveillance system is expected to have a substantial market share. Video surveillance systems are widely used in a variety of end-use industries and sectors, including residential, industrial, commercial, military & defense, government, and others.
By End-user Insight
Based on End-user, the market is categorized into Government, Commercial, Residential, Industrial, Transportation, and Others. During the forecast period, the military & defense segment is expected to dominate this market. Due to heightened worldwide threats, this substantial share might be linked to the growing adoption of advanced security solutions. The defense sector's major goals are national safety and security. As a result, investments in the defense domain have expanded over the world in order to improve security. The United States is the world's largest defense spender. As a result of these investments, the acquisition and development of updated military security solutions has increased.
The Global Security Solutions Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
North America is dominating the market share of security solutions market due to the high number of security system OEMs and service providers are present in the region, which is projected to aid market expansion over the forecast period. Furthermore, North America is the quickest to accept new technology and the first to put these solutions in place to improve safety and security. Furthermore, the region's strong market share is due to a high adoption of video surveillance systems, strict safety standards, and the mandated installation of fire prevention systems in commercial buildings.
Europe is expected to the second largest market for a security solution due to the growing crime rate is significant factor for the security solutions market's tremendous demand. Another market driving element for security solutions is the fast increase of infrastructure and organizations. There is a continual flow of demand across Europe. In this region, the demand for home and network security solutions is growing every year.
The security solutions market in Asia-Pacific is likely to rise significantly over the forecast period due to the start of defense modernization program to improve the nation's security. Aside from transportation, smart cities, home automation, and airports Asian countries such as China, Japan, India, South Korea, and Singapore 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. During the review period, the Middle East and Africa were expected to increase at a moderate pace. The increase in demand for security camera solutions for city monitoring as well as the protection of vital facilities and assets is attributable to this expansion.
LIST OF KEY COMPANIES PROFILED:
- BAE Systems.
- Teledyne FLIR LLC.
- Hangzhou Hikvision Digital Technology Co., Ltd.
- Honeywell International Inc.
- IBM Corporation
- Johnson Controls
- Lockheed Martin Corporation
- Raytheon Technologies Corporation
- Robert Bosch GmbH
- Rohde & Schwarz
- Thales Group
KEY INDUSTRY DEVELOPMENTS:
· June 2021, ADT, a renowned smart home and enterprise provider, has filed patent infringement cases against Vivint's product lines, alleging that they infringed intellectual property regulations. Separate legal actions have been filed with the United States International Trade Commission.
- June 2021, In order to increase its market share and position in the security solutions market, ADT Inc. has been ramping up revenue growth in the security solutions market under a 2020 ADT-Google cooperation agreement for the sales of Google's Nest product range.
· 15 June 2021, Teledyne FLIR has announced the release of ruggedized advanced smart sensor-equipped thermal cameras A500f/700F for high-temperature and fire detection in severe situations, including alarm capabilities and on-camera analytics. These features are ideal for early identification and monitoring of industrial fires.
- Remote Monitoring Services
- Security Systems Integration
- Fire Protection Services
- Video Surveillance Services
- Access Control
- Intruder Alarms
- Entrance Control
- Thermal Cameras
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy, Spain, Rest of Europe
- Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
- South America- Brazil, Argentina, Colombia, Rest of South America
- The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa