Security Solutions Market Growing at a CAGR of 10.16% During 2017 to 2022 - ReportsnReports
PUNE, India, April 5, 2017 /PRNewswire/ --
The overall security solutions market was valued at $206.69 billion in 2016 and is projected to reach $372.90 billion by 2022, at a CAGR of 10.16% from 2017. Fire protection systems segment leads the market & Asia-Pacific is expected to be the fastest-growing market during the forecast period.
Browse 78 tables and 94 figures, 18 Company profiles spread across 220 pages available at http://www.reportsnreports.com/reports/166240-home-security-solutions-market-global-forecast-analysis-2012-2017-.html .
The overall security solutions market was valued at USD 206.69 billion in 2016 and is projected to reach USD 372.90 billion by 2022, at a CAGR of 10.16% from 2017. The major factors driving the growth of the security solutions market include the necessity to safeguard individuals as well as assets 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. On the other hand lack of technical knowledge required to use security solutions and high cost of initial investment and maintenance are the restraining factors for the market.
The fire protection systems segment leads the market and is expected to witness the highest growth rate during the forecast period. Some of the major security systems considered under the fire protection systems is fire alarms, sprinklers, and extinguishers. As fire protection systems are widely used in residential and industrial verticals, the increasing use of fire protection systems in residential and industrial verticals is expected to drive the security solutions market during the forecast period.
Security is a major concern in residential complexes as well as commercial areas and public places. Such concerns are increasing the demand for security solutions such as biometrics-based electronic locks and sensor-based intruder alarm systems. Also, residential premises are being equipped with technology platforms to help their occupants remotely access electronic devices at home through mobile devices such as smart phones, tablets, and laptops.
Asia-Pacific is expected to be the fastest-growing market as it has witnessed economic development in terms of infrastructure (airports, railways, and highways) and robust growth in financial and banking services which would serve as opportunities for the security solutions market.
In the process of determining and verifying the market size of several segments and sub segments gathered through secondary research, extensive primary interviews have been conducted with key industry executives. The breakup of the profile of primary participants has been given below:
-By Company Type: Tier 1 - 45%, Tier 2 - 33%, and Tier 3 - 22%
-By Designation: C-Level Executives - 42%, Directors - 33%, and Others - 25%
-By Region: North Americas - 35%, Europe - 29%, APAC - 24%, and RoW - 12%
Order a copy of Security Solutions Market by Type [Products (Fire Protection, Video Surveillance, Access Control) and Services (System Integration, Remote Monitoring, Fire Protection, VSaaS, and ACaaS)], End-use Industry, and Geography - Global Forecast to 2022 research report at http://www.reportsnreports.com/purchase.aspx?name=166240 .
The report profiles the key players in the security solutions market with their respective ranking analysis. The prominent players profiled in this report are Honeywell International, Inc. (U.S.), Tyco International Ltd (U.S.), ADT Corporation (U.S.), Hikvision Digital Technology Co. Lt (China), and SECOM Co., Ltd (Japan), among many others.
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