Security Solutions Market Growing at a CAGR of 10.2% and Expected to Reach $373 Billion by 2022 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 24, 2019 /PRNewswire/ -- The report "Security Solutions Market by Type (Products (Fire Protection, Video Surveillance, Access Control) and Services (System Integration, Remote Monitoring, Fire Protection, VSaaS, ACaaS)), End-user Industry, and Geography - Global Forecast to 2022", published by MarketsandMarkets™, the market is anticipated at USD 373 billion by 2022, growing at a CAGR of 10.2% from 2017 to 2022. The market's growth is driven by factors such as the necessity to protect individuals & assets from rapidly evolving threats, growing demand for wireless technology in security systems, adoption of IoT-based security systems, and increasing consumer awareness about security and the willingness to pay for the same.
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The commercial end-use industry held the largest share of the security solutions market in 2016
The commercial sector includes shopping malls, hotels, and warehouses. The requirement for security in these establishments has risen due to the increasing incidences of crimes, not only of the physical kind but that of theft related to data/information as well.
Growing incidents of security breach have led organizations to demand various security solutions, such as access control, fire protection, and video surveillance systems. An access control system protects people and properties by way of providing access only to authorized personnel to the physical locations or properties. Corporate organizations are investing substantial amounts in protecting their sensitive data as well as employees. For instance, access control systems or biometric security systems have come to be used increasingly in server rooms of organizations that deal with sensitive data. Thus, the increased demand for security solutions from commercial establishments has led to the commercial end-use industry accounting for the largest market share in 2016.
The demand for security products will be higher than services between 2017 and 2022
The security solutions market has been segmented by type into products and services. Security products, including fire protection systems and video surveillance systems, are widely implemented in financial institutions, government offices, and residential and commercial buildings. Of the various security products, wireless systems are expected to have the highest demand during the forecast period. These systems are easy to install, can improve the interactive monitoring services of a system, and can also be remotely operated.
The security services include security systems integration service, remote monitoring service, fire protection service, video surveillance as a service (VSaaS), and access control as a service (ACaaS).
The Americas dominated the security solutions market in 2016
Based on the region, the market has been segmented into the Americas, Europe, Asia Pacific, and Rest of the World. The Americas accounted for the largest share of the market in 2016.
This region is an early adopter of security technologies, such as access control, video surveillance, and fire protection, among other systems. Owing to stringent fire protection and safety regulations, most of the commercial and residential building structures are required to be fitted with fire protection systems in the region. Therefore, various fire protection systems, such as smoke detectors, flame detectors, heat detectors, sprinklers, extinguishers, fire alarms, sirens, control panels & interfaces, and fire analysis software, are being offered by several fire protection systems and equipment manufacturers in this region.
Browse in-depth TOC on "Security Solutions Market"
78 – Tables
94 – Figures
220 – Pages
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The top players in the security solutions market include ASSA ABLOY AB (Sweden), Bosch Security Systems (Germany), Honeywell International, Inc. (US), Tyco International PLC (US), UTC Fire & Security (US), ADT Corp. (US), Alarm.com (US), Allegion PLC (US), Control4 (US), Godrej & Boyce Manufacturing Company Limited (India), Ingersoll Rand Solutions (Ireland), Nortek Security & Control LLC (US), Hangzhou Hikvision Digital Technology Co., Ltd. (China), SECOM Co., Ltd. (Japan), Stanley Security Solutions (US), Axis Communications AB (Sweden), and Zhejiang Dahua Technology Co., Ltd. (China).
Please Explore Relevant Reports:
Access Control Market by Component (Hardware Card-Based Readers, Biometric Readers, Electronic Locks, Controllers, and Software), Service (Installation, Maintenance, & ACaaS), Vertical, and Geography - Global Forecast to 2024
Video Surveillance Market by System (Analog, & IP), Offering (Hardware, Software, & Service), Vertical (Commercial, Infrastructure, Military & Defense, Residential, Public Facility, & Industrial), and Geography - Global Forecast to 2023
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