Security Solutions Market Leading Growth Drivers, Emerging Audience, Segments, Sales, Profits & Analysis | Impact of COVID-19

[Snehal Kale]

Market synopsis

Global security solutions market, according to MRFR, is poised to expand from USD 222.52 billion in 2017 to USD 410.27 billion by 2023, at a CAGR of 10.73% during the forecast period.

Market Scenario

The growing need to protect people, as well as properties from increasingly emerging cyber attacks, is one of the main drivers driving the demand for security solutions. Increasing customer perception of security issues and their willingness to invest on security systems are some of the other factors that are driving the market 's growth. For more strict regulatory laws and legislation to track data privacy, it is clear that there is an growing urgency to enforce security policies. The emergence of smart city projects internationally paves the way for prospects for development in this market. Some of the major challenges facing service providers is maintaining identity protected through safe keys and successful data protection initiatives. The growing trend of deploying advanced security technologies is projected to stimulate growth in the demand for security solutions over the forecast era. However, high deployment & maintenance costs are hampering this market growth. In addition , the growth of security solutions is due to its ability to serve different segments of the security network including attack, emergency response and access control.

Key players

The major players in the Security Solutions Market are Tyco International Ltd (US), Honeywell International, Inc. (US), Godrej & Boyce Manufacturing Company Limited (India), Nortek Security & Control LLC (US), ASSA ABLOY AB (Sweden), Bosch Security Systems (Germany), Hikvision Digital Technology Co.Lt (China), ADT Corp(US), UTC Fire & Security (US), and SECOM Co., Ltd (Japan) among others.

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Segmental Analysis

Security solutions market is segmented on the basis of product, service, end-user and region.

The market is segmented by category into the monitoring of exits, security cameras , intrusion detectors, wireless devices , video detection, access control , fire protection and others.

The industry is segmented by company into remote monitoring services, video surveillance services, fire safety, access control company, convergence of security systems and others.

The market is segmented by end user into business, manufacturing , energy & services, transportation , retail, banking & finance, education, residential, economy, transportation and others.

Regional analysis

During the projected period from 2018 to 2023 the global demand for security solutions is expected to expand at a substantial pace. Safety solutions industry regional research is being analyzed for North America, Europe , Asia-Pacific and the rest of the world.

North America accounts for the highest market share primarily due to the region's compulsory fire prevention and health laws. In addition , high demand for home protection solutions is fueling the growth of this market in this area due to the growing number of construction activities in the residential sector. This demand is further motivated by a increasing incidence of terrorist and illegal activities in the region.

Throughout the forecast period Asia-Pacific is projected to dominate the security solutions industry. Throughout the projected era China, Japan , and South Korea are expected to dominate the Asia-Pacific industry. Countries like China have been a power to be reckoned with both at home and around the world in emerging technology. There is a huge need to safeguard this digital revolution by numerous security technologies, such as video monitoring, fire safety, access controls, etc., and hence takes responsibility for advancing the economy of the country. This area is also projected to develop most rapidly in terms of the global demand for security solutions as Industries and government agencies are constantly in need of assistance to build a safe environment and a secure digital network. Asia-Pacific is projected to be the fastest growing region, as it has seen economic growth in airport, rail and highway infrastructure.

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