In the last few years, security solutions have changed a lot. This shows how world security problems are always changing too. One big change is that more and more security solutions are using artificial intelligence (AI) and machine learning (ML). Companies are using these tools to increase threat identification and how they act, making security actions faster and more effective. AI and ML help security systems look at lots of data quickly. They find patterns that could show safety problems.
One more important change in the security market is that there's an increasing focus on using safety solutions from a cloud. As more companies move to cloud spaces, the need for security solutions that can grow and change is very important. Security tools that use the cloud can manage things from one place. This lets companies watch and control safety measures on networks all over different areas. This change matches the bigger move toward cloud computing in different businesses.
The growth of the Internet of Things (IoT) has also had a big impact on security solutions. With many devices getting connected, like smart homes and factory sensors, the chances of bad things happening have grown. Security companies are making special products to solve the unique problems found in IoT safety. This includes protecting messages between devices and keeping out those who shouldn't be using an IoT network.
More people are understanding the risks of cyberattacks, which has caused a big need for overall and connected security systems. Groups are leaving separate security methods behind and adopting solutions that give a complete picture of their safety status. Combined safety systems with features like protection on devices, network security and threat knowledge are becoming more popular. They give a better way to stop cyber dangers easily together than separate ones would do it.
The changing cyber threats have made us change from reacting to being active in security. Threat intelligence and guessing tools are very important in this change. They help companies see possible risks before they happen.
Also, the need to follow rules is pushing security solutions into many industries. Governments and rule-makers are making laws stricter on data protection. This makes companies spend more money to have strong safety measures, so they follow these rules well. This has made people pay more attention to keeping their data safe and start using coding methods to protect important information.
Report Attribute/Metric | Details |
---|---|
Market Opportunities | Rapid growth in wireless technologies for fire detection |
Market Dynamics | Increasing crime rates and terrorist activities around the world |
The Security Solutions Market size was valued at USD 248.52 million in 2023. The security solutions industry is projected to grow from USD 273.63 million in 2024 to USD 590.88 million by 2032, exhibiting a compound annual growth rate (CAGR) of 10.1% during the forecast period (2024 - 2032). Growing crime rates and terrorist activities worldwide, increased consumer awareness and security concerns, and willingness to pay for security systems are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for security solutions is being driven by the rising adoption of wireless technology is rapidly increasing with evolving technologies such as lot, cloud computing, and big data. These technologies have enhanced the development of advanced wireless security systems, including wireless fire detection systems and wireless access control systems. Growing home automation and smart city development are increasing the adoption of advanced security architecture.
Moreover, emerging technologies such as 5G and Al are promoting the growth of advanced home automation infrastructure. These advanced systems provide control of all electronic house products from mobile phones to prevent accidents, thus expanding home safety and security. With wireless technology, the monitoring of border checkpoints can also be improved. Besides, the end-user can monitor the house, industries, and patient health from remote locations just by taking access to CCTV cameras installed in earlier-mentioned locations. Therefore, adopting wireless security systems has improved the performance of Security Solutions.
Rising need for security solutions in smart cities to boost market growth. Smart city development activities such as the development of commercial places and buildings, government areas, highways, industrial areas, and airports, among others. The video surveillance system such as hardware and software components, including CCTV cameras, monitors, TV, storage devices, and video management software, among others. The continuous monitoring of commercial assets, personal assets, and other multiple infrastructures that require protection is possible with CCTV cameras. Therefore, rising criminal activities have increased the demand for video surveillance systems for continuous monitoring.
Rapid technological advances in the system, such as using security systems linked to the internet, have enabled real-time surveillance at remote and critical locations with enhanced accuracy driving the security solutions market revenue. For instance, in January 2022, The Indian regulating management for the protection and commodities markets, SEBI, established a mobile app known as Saathi for investor education. The app aims to educate investors on the essential concepts behind the securities market.
The Security Solutions Market segmentation, based on product, includes entrance control, intruder alarms, wireless systems, video surveillance, access control, fire control, thermal cameras, and others. The video surveillance segment dominated the market, accounting for 35% of market revenue (96.32 Billion). In developing economies, category growth is driven by the wide utilization of video surveillance systems in multiple end-use industries and sectors, such as commercial, residential, industrial, government, military & defense, and others. However, wireless systems are the fastest-growing category over the forecast period. These types of systems can improve interactive monitoring services. These can be remotely and easily operated. Residential premises are increasingly equipped with technological platforms enabling occupants to remotely access electronic devices using tablets, smartphones, and laptops.
The Security Solutions Market segmentation, based on services, includes remote monitoring services, fire protection services, video surveillance services, access control services, security systems integration, and others. The remote monitoring services category generated the most income (70.4%). This is owing to the enormous demand for end-to-end safety services that can take care of all activities, from conducting surveys and analyzing application specifications to implementing and deploying security systems. However, security systems integration is the fastest-growing category owing to easy controls and improved efficiency of the integrated systems.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Security Solutions Market segmentation, based on end-user, includes commercial, industrial, energy & utility, transportation, retail, banking & finance, education, residential, government, transportation, and others. The transportation category generated the most income. This is owing to the enhanced adoption of security systems in locations, such as railway stations, airports, and ports, for preventing intrusions and illegal activities. However, the commercial is the fastest-growing category owing to the increasing incidence of robberies and thefts. Property owners are purchasing security systems to protect their commercial assets.
By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American security solutions market will dominate, owing to the growing number of security breaches and the emergence of real-time and big data responses to risks & threats, which are expected to propel market growth in the region. Further, the US security solutions market held the largest market share, and the Canada security solutions market was the fastest-growing market in the North American region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe security solutions market accounts for the second-largest market share due to the government's increased focus on infrastructural development and security systems. Various emerging economies, including China and India, are making vast investments to fuel safety-related products and develop innovative products with advanced technology, including wireless connectivity and more efficient cameras. Further, the German security solutions market held the largest market share, and the UK security solutions market was the fastest-growing market in the European region.
The Asia-Pacific security solutions market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to enhanced demand for security camera solutions for city monitoring and the protection of important infrastructures and assets. Moreover, China’s security solutions market held the largest market share, and the Indian security solutions market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the security solutions market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the security solutions industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global security solutions industry to benefit clients and increase the market sector. Major players in the security solutions market, including Cisco Systems, Inc. (US), IBM Corporation (US), Intel Corporation (US), Infineon Technologies AG (Germany), Symantec Corporation (US), Gemalto NV (Netherlands), and others, are attempting to increase market demand by investing in research and development operations.
ADT Inc provides monitored security, interactive home and business automation services. The firm offers home and business security systems and services for video surveillance, access control, temperature monitoring, flood monitoring, fire and smoke, carbon monoxide monitoring, and other environmental conditions and hazards. It also offers personal emergency response system products and services, maintenance, and installation services. ADT serves owners of single-family homes, retail businesses, medical offices, financial institutions, food and beverage service providers, and professional service providers, among others. In June 2021, ADT Inc. was ramping up the growth in the security solutions market under the 2020 ADT- Google partnership agreement for the sales of Google's Nest product range to maintain its market share and position.
Teledyne FLIR LLC, formerly FLIR Systems Inc, a subsidiary of Teledyne Technologies Inc, provides technologies and sensing solutions. The company designs, develops, markets, and distributes advanced thermal imaging, sensor, threat detection, night vision, and infrared camera systems. The company's advanced imaging and sensor systems find applications in government and defense, industrial, public safety and transportation, security, professional tools, research, and development, marine, home and outdoor, and camera cores and components. In June 2021, Teledyne FLIR announced the new product launch of ruggedized advanced smart sensor-equipped thermal cameras A500f/700F cameras for high-temperature and fire detection for extreme environments, facilitating alarm capabilities and on-camera analytics. These features are ideal for early industrial fire detection and condition monitoring.
ADT (US.)
Honeywell International Inc. (US.)
Johnson Controls (US.)
Robert Bosch (Germany)
Hikvision (China)
Dahua Technology Co., Ltd (China)
Axis Communications AB (Sweden)
SECOM CO. LTD (Japan)
United Technologies (US.)
ASSA ABLOY (Sweden)
May 2022: Google Cloud introduces brand-new security products. Google Cloud used its annual Security Summit to introduce new security features, concentrating on zero-trust architectures, software supply chain security, and thwarting future attacks. Additionally, it emphasized technologies that make it simpler for businesses to use Google Cloud's security features.
November 2021: FLIR Systems has launched the FLIR VS290-32, an industry-specific video scope system in combination with thermal imaging and personnel safety while inspecting hard-to-reach underground utility vaults. The VS290-32 is a CAT IV 600 V safety-rated system for electrical inspections, with an IP67 camera and IP54 dust and water-resistant base unit.
Entrance Control
Intruder Alarms
Wireless Systems
Video Surveillance
Access Control
Fire Control
Thermal Cameras
Others
Remote Monitoring Services
Fire Protection Services
Video Surveillance Services
Access Control Service
Security Systems Integration
Others
Commercial
Industrial
Energy & Utility
Transportation
Retail
Banking & Finance
Education
Residential
Government
Transportation
Others
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
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