SecurityWorldMarket

11/07/2018

Global wireless alarm market to experience healthy growth

Pune, India

The global wireless security system market is projected to grow at an 11% CAGR during the forecast period of 2017-2023 and it is predicted to reach USD 140 BN by 2023, according to the latest information published by Market Research Future (MRFR). The report suggests that this market is exhibiting growth due to an increasing demand for security measures, an increasing usage of Internet of Things (IoT) and advancements in wireless technology.

Technological advancements which assist in developing cost-effective security systems can stimulate the wireless security system market growth. Growing pervasiveness of smartphones for wireless security options, emergence of solar-powered wireless security systems, and demand for wireless home-security cameras provide lucrative opportunities to the wireless security system market globally. Wireless security systems also provides security to critical infrastructure projects such as airports without any additional wiring and maintenance costs.

Various trends in this market include development of flood detectors used as an alarm for potential weather threats, fire sensors, and mobile devices monitoring and many more. These upgrades provide further security through wireless systems. However, high costs may prove to be detrimental for the wireless security system market.

The report from MRFR refers to different types of wireless security system and differentiates between wireless network security and wireless home security. Wireless network security is sub-segmented again into wireless security cameras, wireless alarm system, and wireless monitoring systems. Increasing wireless networks in enterprises and growing adoption of mobile devices at workplaces are primary factors driving the growth of wireless network security. Wireless home security systems are further segmented into firewall, intrusion prevention/detection systems, identity and access management systems, and others. Analysts found that an increase in crime rates and growing consumer awareness of home security are factors driving the growth of the home security system.

Various industries making use of wireless security systems are construction and architecture, retail, healthcare, defense, manufacturing, government, commercial and residential, and BFSI. There is an increase in dependency from military organisations on the internet network due to growing frequency of cyber attacks. Therefore, the defence sector makes heavy use of wireless security systems to counter these vulnerabilities.

The wireless security systems market has been geographically segmented into Asia Pacific, North America, Europe, and Rest-of-the-World (RoW). Researchers observed that North America will dominate the market for wireless security system till 2023 due to technological advancement and high concerns for security. Moreover, the large number of devices being connected under IoT and control of these devices from remote locations could drive the growth of the market in this region. Also, the highly advanced aerospace & defence industry in this region helps the market gain a foothold.

On the other hand, Asia-Pacific is projected to exhibit a positive growth rate in the wireless security system market during the forecast period. Countries like China, Japan, and South Korea have a sizeable share in the wireless security system market. These countries are investing more in defence and automation in industries like retail, banking, and transportation.

Investments in research and development of better products with sophisticated technologies have enhanced the market growth in the European region. Also, the relatively high standard of living and growing awareness about security among the masses could also fuel the market growth in Europe.

The key players cited by the analysts as competing in the wireless security system market include Cisco Systems, Inc, Assa Abloy, Flir Systems, Honeywell International, Fluke Corporation, Symantec, Fortinet and others.

In terms of the industry itself, the Wifi Alliance, a non-profit organisation, has introduced the Wifi Certified WPA3 security system, the next generation of Wifi security, which will enhance Wifi protections in personal and enterprise networks. WPA3 has new features to simplify Wifi security, enable robust authentication, and offer increased encryption for highly data sensitive markets. This system prevents many casual types of data theft that could otherwise occur with older systems. 


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