security solutions market is likely to catapult to USD 410.27 Bn by 2023 from USD 222.52 Bn in 2017, at a CAGR of 10.73% over the forecast period.
— Security Solutions Market – Overview
Security solutions safeguard physical infrastructure as well as software data from the theft or damage. Market Research Future (MRFR) has recently published a comprehensive report on the global security solutions market, covering the essential trends and patterns that can impact the market over the forecast period. As per MRFR's analysis, the security solutions market is likely to catapult to USD 410.27 Bn by 2023 from USD 222.52 Bn in 2017, at a CAGR of 10.73% over the forecast period.
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Not only cyber-attacks are increased considerably, but cyber-threats are also evolving to become resistant to firewalls have necessitated the need for advanced security solutions to safeguard enterprises from the loss of valuable assets. Mounting concerns among consumers regarding the security of valuable data has led to increased investment in security systems, which is fueling the growth of the security systems market. The rise in the number of fraudulent and criminal activities has led to the proliferation of security systems in the residential sector as well. Development of smart homes induces a high demand for security solutions since they form an integral part of smart home offerings. Development of efficient, user-friendly, and sophisticated security solutions along with the development of advanced capabilities such as remote monitoring, wireless connectivity, and easy interoperability.
Contrarily, the growth of the market might be hindered by high costs aligned with the installation and maintenance of these systems and lack of awareness among consumers.
Tyco International Ltd (US), SECOM Co., Ltd (Japan), Godrej & Boyce Manufacturing Company Limited (India), Bosch Security Systems (Germany), ASSA ABLOY AB (Sweden), Honeywell International, Inc. (US), ADT Corp (US), Nortek Security & Control LLC (US), Hikvision Digital Technology Co.Ltd (China), and UTC Fire & Security (US) are the eminent players in the security solutions market.
The global security solutions market has been segmented based on product, service, and end-user.
By product, the security solutions market has been segmented into entrance control, thermal cameras, wireless systems, intruder alarms, video surveillance, access control, fire control, and others.
By service, the security solutions market has been segmented into video surveillance services, remote monitoring services, access control service, security systems integration, fire protection services, and others.
By end-user, the security solutions market has been segmented into commercial, energy & utility, transportation, industrial, retail, banking & finance, education, residential, government, transportation, and others. The banking & finance sector is anticipated to exhibit considerable growth.
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Region-wise, the security solutions market has been segmented into North America, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
The largest share of the market has been commanded by North America. High adoption of security solutions across diverse industries along with the fast adoption of technologically advanced solutions is favoring the growth of the market in the region. Owing to high crime rates in the region, the use of security solutions has increased in the residential sector as well. Other driving factors include strict regulatory requirements related to security, which induces market demand.
The APAC market is estimated to be the fastest growing market for security solutions. Major market players are venturing into the region to capitalize on the opportunities provided by the commercial and residential sector in the region. The rise in the number of criminal activities and the growing threat of terrorist activities has led to the deployment of security solutions in the region. Moreover, due to rise in disposable income, the use of security solutions has increased in the residential sector as well. Moreover, growing smart home market is also fostering the market growth.
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