ID: MRFR/SEM/2996-HCR | | Region: Global | 100 pages
The Security Systems Market is expected to reach approximately 78.56 USD billion by the end of 2023 with 14.47 % CAGR during the forecasted period from 2017 – 2023. In the past few years, rapid development in technological fronts has been witnessed. It is expected that in upcoming years technologies like IoT, AI and Big data will be extensively used for reducing costs and undertaking strategic decisions.
Since all the smart devices are data-driven, hence high security must be ensured for the protection of information assets. In the upcoming years, the end number of users is expected to demand security solutions for protecting information and commercial assets.As the security system is very crucial in integrating, monitoring, protecting services within commercial and residential properties.
The pandemic has brought about major changes in commercial operations and residential lifestyles. In the commercial context, the majority of operations are being conducted through technological tools. Due to this, safe and secured servers for ensuring confidential information are not leaked to unauthorized users. In addition to this, individual needs to follow social distancing norms, thus digital banking has fostered. However, during the pandemic, the incidence of cyber crimes has also increased which will lead to the growth of the security system market.
Besides, demand for home security systems has also increased as many incidences of robbery during lockdowns are witnessed. Due to this, the demand for the home security system is on an increasing trend. However, software solution requires substantial funding, due to which global security markets is highly impacted.
Wireless Technologies and IoT are being introduced as security solutions. Sensors, actuators, and low- powerless communication technology tools are expected to be drivers of the security systems market. There has been growing used of tablets and smartphones which are paving paths for adopting IoT in home and commercial security. Internet of Things is playing a major role in enhancing the quality of automation. The connection of the cloud with home security systems enables the owners to remote monitoring the homes. In addition to this, protection of commercial properties can be done through connecting IP cameras with main servers. This alerts the authorized personnel in taking on-time actions for the breach.
To protect information assets, SaaS is being used where the security systems are majorly controlled by the vendor. The security system market in IoT and other technical tools will another driving force as ICT systems need to be protected from cyber threats or data breaches.
Government funding and global investments in the IoT-driven security systems market have increased. Since companies are investing in ICT infrastructure and automation, investors are also concerned about data privacy. The market growth of technological tools attracts private and public investments. Every sector is adopting technological tools due to their high precision, accuracy, and cost-effectiveness. Hence, the development of IoT-led instruments will also become a driving factor for the global security system market.
Advanced home and commercial systems usually require high costs for installation, maintenance, and ownership. Customers have become highly aware of control systems. However, the high cost of adoption of security systems has been hampering the growth of the security systems market.
In the current times, the pandemic has impacted the mobility of persons and products. For instance, home security system vendors are majorly located in China (which is considered the epicenter of COVID-19). This impacted the productions and labor shortages. In addition to this, the development of ICT protective assets is in the developing stage which is compromising the data security of users. Despite high awareness and strong network protection big companies and governments are becoming victims of cybercrimes. Besides, endpoints or organization and home security are varied which complexes efficient security solutions. Also, various aspects of security systems cannot be connected to IoT protection which has been severely impacting the growth of security systems market.
Cumulative Growth Analysis
Endpoint security solution requires serious development. Companies, government, and homes are increasingly using smartphones, tablets, and laptops which. Thus, it has become important to provide standard security solutions within all endpoints. Besides the home security of systems is very expensive as it is manufactured and distributed from only a few regions. There is an urgent need for investing in low-cost home security systems for expanding security systems market size.
Value Chain Analysis
Technological development is comparatively higher in North America. It is expected that the US shall lead the security system market within the forecast year of 2023. This is because North America is amongst the few to adopt video surveillance, control of access, and other forms of security systems. The increasing use of ICT indicates that strong regulations are required for monitoring the activities and privacies of the general population. The regulatory compliances will also help in tailoring the solutions of security systems market ethically.
Security Systems Market segregated into type, industry, and geography.
security systems market also includes the service category which is further subdivided into fire protection, access, and control.
The security system market size is diversified within three players that is North America, Asia Pacific, and Europe. High demands from governmental security solutions have enabled high development in the region of North America. European nations are encountering high demands from home and network security systems that will expand security system market size. Asia- Pacific is the fastest-growing region in the security system market due to the high rate of urban development.
It is estimated that within the forecast of 2023, Asia- Pacific and North America will be the market leaders of security systems market.
Johnson Controls, a renowned company in the United States are one of the leaders in the global security system market. This US-based company manufacturer the next-generation solutions required for smart cities. The company has an extensive network of sales and service globally which helps in selling integrated control systems, security systems, fire-detection controls, equipment, and others. Johnson Controls expands in the security systems market through its frequent product launches.
Other key players are
In the year 2019, Tyco Cloud was launched by Johnson Controls to enable customers to shift their security infrastructure to cloud-based platforms. This product is applicable majorly to access control and video surveillance. Besides, Bosch Building Technologies, Hanwha Techwin, Milestone Systems, Pelco, and Vivotek Inc. collaboratively launched Open Security and Safety Alliance Inc. This platform provides a common place for all safety and security solutions. Also, the Maxpro Cloud Integrated Security Platform has been launched by Honeywell (Europe) for SMB clients. ADT has expanded its product portfolio through the launch of fire safety solutions. The launch was done after the acquisition of Red Hawk Fire and Safety.
In addition to this, all the key players are committed to offering security system solutions considering the cost-effectiveness, faster deployment, and security at all endpoints.
The report overview of the security systems market is as follows-
Frequently Asked Questions (FAQ) :
Global security system market is projected to grow at approximately 14.47% CAGR during the assessment period (2020-2027).
The valuation of the global security system market is estimated to increase to USD 78.56 BN by the end of 2027.
North America holds the largest share in the global security system market, followed by Europe and the Asia Pacific region, respectively.
ASSA Abloy (Sweden), Cisco systems Inc (US), FLIR systems (US), ADT Corporation (US), Bosch security systems (Germany), Brocade communication systems Inc (US), Symantec Corporation (US), Honeywell International, Inc (US), and Fortinet (US), are some of the top players operating in the global security system market.
Strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology/ product launch are some of the growth strategies that players operating in the global security system market adopt to gain a larger competitive advantage.