ID: MRFR/SEM/1843-HCR | 100 Pages | Published By Ankit Gupta on March 2023
Security Solutions Market is expected to reach USD 510 Billion by 2030, at a CAGR of 9.4%
The Security Solutions Market is expected to show a significant compound annual growth rate of 9.4 % and a USD 510 Billion in the forecast period from 2020-2030.
Security solution systems are essential for business, commercial, and personal purposes. The threat of security breaches is higher in commercial sectors and enterprises because it regularly produces a large amount of data. The demand among these sectors for higher protection data security is driving the Security Solutions Market.
The security solution provides surveillance; it monitors and protects the data and other services. Governments all over the world also support the enhancement of these systems. This is accelerating the growth rate of the Security Solutions Market.
The increased awareness of the protection of assets from cyber threats and attacks is another factor driving the market. The demand for home and network security solutions fuels the market’s growth. The rise in urbanization leads to growth in the security solution market.
The governments are taking initiatives and implementing several laws to maintain proper security solutions. Security standards have become mandatory for different organizations. These initiatives are helping the market to obtain a healthy growth rate. These strict governmental laws and demand for secured systems contribute to the market’s growth.
Covid 19 analysis
Covid 19 has several impacts on various industries. With the shutdown of IT and other industries, the security solutions industry demand is affected. Two sectors in the security solutions market are Home Security Systems & Solutions Market. More than the home solutions security market, the network security market is majorly affected. However, the demand for home security solutions remains intact during the covid 19. There is not any big downfall in this sector. The demand for the home security market is rising during covid 19. As the theft and robbery during covid 19 is higher the demand for home security solutions is also higher.
Today, there is a great awareness to protect assets from cyber threats. It is a crucial factor that drives demand for the security solutions market. The increasing awareness about home security and network security solutions are rising the customer spending on the system. Today, developing urbanisation provides more growth for the security solution market. Today, top organisations are always under the threat of cyber attacks. It is a sophisticated issue that can result in massive losses. The deployment of a security solution is a need in today's world.
Also, the government imposes several laws on the organisation to maintain a proper security solution. The organisation needs to meet mandatory security standards. This initiative by the government is another major market driving factor. When considering home security, there are several governmental laws on this also. In some countries, it is compulsory to follow the governmental norms of home security. These strict governmental laws and the need for security are the most-important demand driving factors of the security market.
Today, small and medium-sized enterprises are streamlining their business structure to achieve efficiency. These enterprises do not have a standard security measure. It exposes these businesses to serious cyber threats. These enterprises require stringent security solutions to protect their endpoints, network, data and applications. To experience safe business processes, these organisations require exception security solutions. It is changing the interests of these enterprises to acquire the best network security solution.
This transformation of SME enterprises to shift from conventional to high-end security solution provides future scope. The new cloud-based network security solutions are easier to adopt. The flexibility and cost-effectiveness offer more growth opportunities for the security solutions market. There is going to be massive infrastructural development in future. It provides more growth opportunities for the home-security solutions market. Both the sectors in security solutions have solid-opportunities for market expansion.
The cost of installing security services is expensive. It is a major factor that restraints the growth of the security solutions market. There are plenty of free security services offered by cloud service providers. Most of the audiences get attracted to free security services. Only some of the audiences are aware of the premium benefits of paid security solutions. The free security solutions provided by some service providers’ restrict the demand for premium security solutions. Free security does not have such services. However, due to cost-effectiveness, many audiences prefer this. The lack of awareness about quality security solutions is the major-market restraint.
Today, the structure of the organisation is fluctuating rapidly. There are several difficulties in mitigating risks, troubleshooting and monitoring any organisation structure. These fluctuations make it impossible to follow a standard security solution. Today, there are several endpoints in any organisation infrastructure. Endpoint security solutions are diverse. It is not compatible with a standard-security solution. Due to this, it is complex to have access to a standard and efficient security solution. The changing infrastructure of the organisation poses a vital-challenge for the security solutions market.
There is a serious-need for development in endpoint security solutions. The future of security solution is all about endpoint security efficiency. Today, the companies have several endpoints such as Smartphone, tablets, desktops, laptops through which users have access to organisation data. It is necessary to offer these organizations standard security solutions that comply with all the endpoints. Otherwise, data breach and cyber threat rate are high. Also, the installation price of a home security solution is high. There is a serious-need to fix this issue to expand the growth of the market.
North America is holding the largest-security solutions market share. As per Security Solutions Market Research, the US will dominate the market in the forecast year 2023. The adoption of security solutions in North America are happening at an exponential pace. It is the early region to adopt video surveillance, access control and other security systems. Due to the stringent government security norms, the growth rate is higher. Also, the awareness of network and home security is high in this region. The well-established security solutions market players are enhancing the US secure solutions in the upcoming years. It will pave-way for more growth of security services in this region.
Video surveillance system
The security solutions market size will expand significantly in the forecast period of 2023. The market is diversified by three main regional players that are Asia Pacific, North America and Europe. North America is the leading security solutions market. The reason for the massive demand is stringent government security regulation. Asia pacific is the fast-growing region of the security solutions market.
The increasing crime rate is crucial for the massive-requirement of the security solutions market. Also, the rapid growth of infrastructure and organisations are another market driving factors for the security solution market. Europe is experiencing a steady flow of demand. Both the requirement for home and network security solution is increasing every year in this region. The increasing rate of urbanisation and construction is the major cause of massive growth. Further, North America and the Asia Pacific will reach their highest revenue rate in the security solutions services in 2023.
The key players of the market are introducing a new range of security solutions for various industries. It is a strategy to enhance their experience with a significant rise in the market growth rate. Also, the key players are making efforts to acquire more shares and expand the market in less popular regions.
The key players of the security solution market are
Sophos, a global leader in cybersecurity, announced it had acquired SOC.OS. This is a cloud-based security solution investigation and triage automation solution. It consolidates high volumes of security alerts from multiple platforms across an organization’s estate. It allows security teams to notice and respond to the urgent cases flagged quickly.
Intrusion is a leader in real-time AI cybersecurity solutions designed to attack cyberattacks before harming business. After years of global internet intelligence assembly with government entities, the company released its first commercial product in 2021. ‘Intrusion Shield’ made businesses easy, and it incorporates Zero Trust’s reputation-based security solution in the infrastructure.
|Market Size||USD 510 billion 2030|
|Forecast Units||Value USD billion|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Product , Service|
|Geographies Covered||North American, European, Asian Pacific|
|Key Vendors||ADT Corp(US), Tyco International Ltd (US), Bosch Security Systems (Germany),SECOM Co., Ltd (Japan), Godrej & Boyce Limited (India), ASSA ABLOY AB (Sweden), Nortek Security & Control LLC (US), Hikvision Digital Technology Co.Lt (China), UTC Fire & Security (US)|
|Key Market Opportunities||It exposes these businesses to serious cyber threats.|
|Key Market Drivers||It is a crucial factor that drives demand for the security solutions market.|
The global market of security solution is expected to thrive at 9.4% CAGR and value at USD 510 billion by 2030.
In 2017, the security solutions market value was recorded at USD 222.52 billion.
Godrej & Boyce Manufacturing Company Limited (India), and Bosch Security Systems (Germany) are some well-established companies in the security solution market.
Remote monitoring services of security solutions are widely used. Other services, such as video surveillance services, fire protection services, security systems integration, and access control service are observed to have considerable traction.
Commercial, retail, transportation, energy & utility, industrial, education, BFSI, transportation, government, and residential are common end-users of security solutions. BFSI that handles sensitive data are likely to extensively deploy security solutions.