The growth of this market is propelled by the necessity to safeguard individuals as well as assets from rapidly evolving threats, increasing consumer awareness & security concerns, willingness to pay for security systems.
Northbrook, IL -- (SBWIRE) -- 01/14/2019 -- 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-use Industry, and Geography - Global Forecast to 2022", The security solutions market is expected to grow from USD 206.69 Billion in 2016 to reach USD 372.90 Billion by 2022, at a CAGR of 10.16%.
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The growth of the security solutions market is expected to be driven by the necessity to protect individuals as well as property from rapidly evolving threats, increasing consumer awareness & security concerns, willingness to pay for security systems, growing demand for the use of wireless technology in security systems, and adoption of IoT-based security systems.
The commercial end-use industry in the security solutions market held the largest share in 2016.
The increasing incidences of crimes such as theft of physical as well as data/information have led to a need for security systems to protect not only the property owners but the property as well. With this intention, corporate organizations are investing substantial amounts to protect sensitive data and their employees. For instance, access control systems or biometric security systems are used in server rooms of organizations that deal with sensitive data. Such security solutions prevent unauthorized access and thus safeguard property and people from untoward incidences.
The wireless systems segment is projected to grow at the highest rate in the security solutions market between 2017 and 2022.
Wireless systems are not only easy to install but can also improve the interactive monitoring services of a system. They can be remotely operated, which makes them easy to use. Considering these benefits that wireless systems offer, the segment is expected to grow at the highest rate during the forecast period. Big players such as Frontpoint Security Solutions (U.S.) and ADT Corporation (U.S.) provide wireless security systems.
Americas held the largest share of the security solutions market in 2016.
Most (commercial and residential) building structures in the Americas are fitted with fire protection systems due to the mandatory fire protection and safety regulations in the region. Several fire protection systems and equipment manufacturers in this region offer different fire protection systems such as smoke detectors, flame detectors, heat detectors, sprinklers, extinguishers, fire alarms, sirens, control panels & interfaces, and fire analysis software, among others.
The security solutions market comprises major players such as ASSA ABLOY AB (Sweden), Bosch Security Systems (Germany), Honeywell International, Inc. (U.S.), Tyco International Ltd (U.S.), UTC Fire & Security (U.S.), ADT Corp(U.S.), Alarm.com (U.S.), Allegion (U.S.), Control4 (U.S.), Godrej & Boyce Manufacturing Company Limited (India), Ingersoll Rand Solutions (Ireland), Nortek Security & Control LLC (U.S.), Hikvision Digital Technology Co.Lt (China), SECOM Co., Ltd (Japan), Stanley Security Solutions (Indiana), Axis Communications AB (Sweden), and Zhejiang Dahua Technology Co., Ltd (China).
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