The security solutions market is projected to grow at a CAGR of 9.0%
NEW YORK, Dec. 17, 2019 /PRNewswire/ --
The security solutions market is projected to grow at a CAGR of 9.0% from 2019 to 2024
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The security solutions market was valued at USD 257.9 billion in 2019 and is projected to reach USD 397.6 billion by 2024; it is expected to grow at a CAGR of 9.0% during the forecast period. A few key factors driving the growth of this 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.
Security solutions services market for security system integration expected to hold the largest share during the forecast period
Security solutions services market for security system integration is expected to hold the largest share during the forecast period.Integration services provided by various companies allow customers to update their security systems and also improve the interpretability of the system.
Therefore, to get the latest security system with advanced features, there is a huge demand for such services from residential as well as from the commercial sectors.
Security solutions market for residential vertical to grow at the highest rate during the forecast period
The security solutions market for the residential vertical is expected to grow at the highest CAGR during the forecast period.As theft and burglary rates are increasing globally, security is becoming a major concern for individuals, residential complexes, and private residential buildings.
The demand for security solutions, such as biometrics-based electronic locks and sensor-based intruder alarm systems, is increasing.
The Americas is expected to account for the largest market share of the security solutions market during the forecast period
This is mainly attributed to factors such as the increasing need for security because of the increase in crime rates.In addition, attractive insurance policies granted to consumers for the installation of security systems is one of the major factors driving the security solutions market across the world.
Furthermore, the Americas is more advanced in the implementation of other types of security systems such as access control systems and video surveillance systems compared with other regions.
Breakdown of the profile of primary participants:
• By Company Type: Tier 1 - 55 %, Tier 2 - 20%, and Tier 3 - 25%
• By Designation: C-Level Executives - 40%, Directors - 25%, Others - 35%
• By Region: Americas - 40%, Europe – 25%, APAC - 25%, and RoW - 10%
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) are among a few major players in the security solutions market.
Research Coverage
The security solutions market has been segmented, based on offering, into products and services.The security solutions product market is further subsegmented into fire protection systems, video surveillance systems, access control systems, entrance control systems, intruder alarms, and thermal cameras.
The security solutions services market is further subsegmented into security systems integration services, remote monitoring services, fire protection services, video surveillance services, and access control services.The security solutions market, based on vertical, has been segmented into commercial, residential, government, military & defense, transportation, retail, banking & finance, education, industrial, energy and utility, healthcare, and sports and leisure.
On the basis of geographic regions, the security solutions market has been classified into Americas, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Reasons to Buy the Report
The report would help market leaders/new entrants in the following ways:
1. This report segments the security solutions market comprehensively and provides the closest approximations of the overall market's size, as well as that of the subsegments across different offerings, verticals, and regions.
2. The report helps stakeholders understand the pulse of the market and provides information on key market drivers, restraints, challenges, and opportunities.
3. This report would help stakeholders understand their competitors better and gain more insights to enhance their position in the business. The competitive landscape section includes competitor ecosystem, product launches, product developments, agreements, acquisitions, collaborations, and partnerships in the security solutions market.
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