Security Solutions market heading for 400 Billion USD

Northbrook, Il (USA)

The security solutions market was valued by Marketsandmarkets at USD 257.9 billion in 2019 and is projected to reach USD 397.6 billion by 2024 at a CAGR of 9.0% during the forecast period.

The research company says that key factors contributing to the growth of the security solutions market include growing crime rates and terrorist activities globally, increasing consumer awareness and security concerns and willingness to pay for security systems, rapid development in wireless technologies for fire detection, and escalating demand for do-it-yourself and spy cameras.

The security solutions product market for fire protection systems is expected to hold the largest share in 2019 says the company's recent report. Enterprises across the world have increased their spending on fire protection measures to protect their infrastructures as well as to reduce risks to human lives. New intelligent sensors have networking capabilities, in which a group of sensors and detectors can communicate easily through control units, leading to increased efficiency in fire protection systems.

The market for security services is expected to hold a larger size of the market during the forecast period. Products such as video surveillance systems, access control systems, and fire protection systems are implemented for various application areas such as commercial, residential, government, transportation, retail, and banking and finance industries. For the smooth and continuous working of all security products, various services such as maintenance and integration services are required. Security systems are useful only when they are properly engineered, designed, installed, serviced, and maintained.

The highest CAGR on a geographical basis for the market during the forecast period lies with the APAC region, as many governments have laid down the safety norms for various sectors; the execution of these policies would create a significant demand for security systems in the future. Furthermore, the technological and economic advancements in the APAC region are expected to drive the overall demand for security solutions market.

ADT, Honeywell, Johnson Controls, Bosch, Hikvision, Dahua, Axis, Secom, UTC, Assa Abloy are just a few of those cited as being amongst the major players this latest report on the security solutions market.


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