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Wireless Security System Market Trends

ID: MRFR//2071-HCR | 100 Pages | Author: Shubham Munde| July 2024

Global Wireless Security System Market Overview:

Wireless Security System Market Size was valued at USD 61.1 billion in 2023. The wireless security system market industry is projected to grow from USD 67.8 Billion in 2024 to USD 140.9 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.57% during the forecast period (2024 - 2032). The rising use of wireless networks in different business organizations and the global increase in demand for mobile devices are the key market drivers enhancing the market growth.

Wireless Security System Market

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Wireless Security System Market Trends

  • Growing use of IoT in smart homes boosting the market growth

Customers that purchase wireless security camera systems get remote access to safety, security, video, audio, and alarm systems for their smartphones and tablets. The gadget also has two-way audio, night vision, and a wide-angle lens. The Internet of Things aims to automate many aspects of household life, including pet feeding and lighting management. Both the hardware and software of the camera have options. Any breach or intrusion that takes place within the house will be initially detected by the camera. There are many different kinds of cameras available. The cameras' built-in light sensors help prevent accidents as well as intrusions.

Additionally, the growing use of IoT in smart homes is one of the key drivers driving the market CAGR for wireless security system. More intelligent products than ever before are now being released by the tech sector, including smart thermostats and smart lights. Manufacturers are now able to produce more innovative items for a number of applications because there are now varying needs depending on the application and usage of the devices.

For instance, The Ontario government announced in April 2022 that a total of approximately USD 56 million in combined federal and provincial financing will support six projects to deliver better speed internet connectivity to more than 6,500 homes in Ontario's rural communities. These actions will aid in expanding the number of families that can get an inexpensive and reliable internet connection. Thus, driving the wireless security system market revenue.

Wireless Security System Market Segment Insights:

Wireless Security System Type Insights

The Wireless Security System Market segmentation, based on type includes wireless network security and wireless home security. In 2022, the wireless network security industry dominated the market, and it is anticipated that it will continue to do so throughout the course of the forecast year. The process of developing, putting into practice, and guaranteeing security on a wireless computer network is known as wireless network security. 

The industry is expanding as a result of rising frauds involving unauthorized access and cybercrimes. Additionally, the market is growing as a result of the quick adoption of firewall network security. It keeps an eye on and regulates incoming and outgoing network traffic in accordance with established security criteria. Additionally, firewalls have advantages including traffic monitoring, Trojans blocking, preventing hackers from accessing user networks, and lowering the risk of key loggers, all of which help the industry expand.

Figure1: Wireless Security System Market, by Type, 2022 & 2032 (USD billion)

Wireless Security System Market, by Type, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Wireless Security System End-Users Insights

The Wireless Security System Market segmentation, based on end-users, includes Commercial & Residential, Government, Retail, BFSI, Retail. The commercial & residential sectors currently have the majority of the market and are predicted to expand at a rapid CAGR. The use of wireless security systems in the BFSI industry has grown in order to protect consumer data securely. The market expands as a result of the increasing use of mobile banking and online banking, which calls for additional security for the sensitive data of customers. 

The market expansion in the residential and commercial sectors is also being helped by the increased use of smart home security tools including security alarms, smart lighting, and video surveillance cameras. In contrast, the industry is anticipated to develop in the IT and telecom sectors. A multi-cloud architecture would be developed by Cisco in 2020, according to Smartfren, one of Indonesia's top telecom providers with more than 20 million active subscribers.

Wireless Security System Regional Insights

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and the Rest of the World. North America is anticipated to experience the highest CAGR throughout the forecast period due to the growing number of nuclear households. Following multiple automated account robberies, security has been enhanced with the implementation of two-factor authentication, which is driving the industry. The area is also seeing quick industry expansion as a result of increased urbanization and investments in smart homes.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: Wireless Security System Market SHARE BY REGION 2022 (%)

Wireless Security System Market SHARE BY REGION 2022

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s wireless security system market accounts for the second-largest market share due to regionally-wide high security concerns and technological developments. Further, the German wireless security system market held the largest market share, and the UK wireless security system market was the fastest-growing market in the European region

The Asia-Pacific Wireless Security System Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to availability of high-speed WI-Fi and 5G network solutions. Moreover, China’s wireless security system market held the largest market share, and the Indian wireless security system market was the fastest-growing market in the Asia-Pacific region.

Wireless Security System Key Market Players & Competitive Insights

Leading market players are extensively investing in research and development in order to extend their product lines, which will help the wireless security system market grow even more. Market participants are also engaging in a number of strategic initiatives to grow their worldwide presence, with significant market developments including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. To expand and survive in a more competitive and expanding market climate, the wireless security system industry must provide cost-effective products.

Manufacturing locally to reduce operational costs is one of the primary business strategies adopted by manufacturers in the global wireless security system industry to serve customers and expand the market sector. Some of the most important benefits to medicine have recently been provided by the wireless security system industry. The major players in the wireless security system market, such as Axis Communications AB, Bosch Security Systems Gmbh, Cisco Systems, Inc., Dahua Technology Co., Ltd., D-Link Corporation, Hir Systems, Inc., Hangzhou Hikvision Digital Technology Co., Ltd., and others, are working to boost market demand by investing in research and development activities.

ADT Inc., originally The ADT Corporation, is an American firm that provides electronic security, fire prevention, and other related alarm monitoring services to residential, small, and large businesses throughout the United States. The corporate headquarters are in Boca Raton, Florida. In a leveraged buyout, Apollo Global Management paid $6.9 billion for the company in February 2016. Edward A. Calahan devised a stock ticker in 1863 and founded the Gold and Stock Telegraph Company in 1867 to capitalize on the technology. 

Gold and Stock also created a messenger system for sending and receiving instructions from the stock exchange floor. In January 2023, At CES 2023, ADT, a prominent leader in the wireless security system market, unveiled new safety technologies for home, mobile, and business applications. These products demonstrate how the organization connects and secures more people – almost anyplace they go.

Assa Abloy AB is a Swedish conglomerate that provides locks, doors, gates, and entrance automation products and services. Controlling access and confirming identities through keys, cards, tags, mobile, and bio-metric identity verification systems are examples of related products and services. When Assa AB was spun off from Swedish security firm Securitas AB in 1994, the company was born. Assa AB amalgamated with the Finnish high security lock maker Abloy Oy (located in Joensuu, a subsidiary of the Finnish corporation Wärtsilä) shortly after. 

Later that year, the company was listed on the Stockholm Stock Exchange. Since then, Assa Abloy has acquired more than 200 companies, including Yale locks, Chubb Locks, Medeco in the United States, Mul-T-Lock in Israel, and Fichet-Bauche in France. In October 2022, ASSA ABLOY acquired a Germany-based firm Bird Home Automation GmbH. It is a manufacturer of top-notch IP door intercoms for single and multi-family buildings, indoor stations, or smartphone control.

Key Companies in the wireless security system market include

  • Juniper Networks

  • A10 Networks

  • Dell Inc.

  • Alcatel-Lucent S.A.

  • Honeywell and Robert Bosch

  • Blue Coat Systems Inc.

  • Symantec Corporation

  • Cisco Systems

  • Brocade Communications Systems

  • Aruba Networks

  • Ruckus

  • Fortinet

  • Sophos Ltd

Wireless Security SystemIndustry Developments

Cradlepoint launched its Secure Connect and Advanced SD-WAN products in December 2022. The NetCloud Exchange (NCX) platform was created by the company and includes a zero-trust network access (ZTNA) service. The NetCloud software platform backs up wireless WANs that are supplied through 4G LTE and 5G wireless edge routers.

In November of 2022, the FCC banned telecommunications and video surveillance equipment made by such brands as Huawei and ZTE, which are major players in the Chinese market. According to American security officials, this equipment can be used for tampering with fifth generation (5G) wireless networks by China’s Huawei as well as purloining of important data. Wireless network security solutions will be more sought after due to these threats throughout the prognosis period.

In September 2022, NIST released draft recommendations for IoT device security in America. NIST’s Core Baseline list of recommended security features that manufacturers should incorporate into their IoT devices, along with guidelines for consumers to look for on a device's box or online description while shopping, shows how vulnerable IoT devices can be breached through hacks or data breaches.

In September 2022, Broadcom released Trident chipsets focused on basic enterprise network security. Here, Trident Chip comes in with an amazing switching capacity of up to twelve point eight terabits per second (Tbps), giving organizations enhanced protection designed specifically for core corporate networking layers. Compared to traditional systems that rely solely on signatures to identify malicious activities within networks, its chip has fingerprinting capability and probes required by AI and ML-based servers performing threat detection as well as response.

Fortinet announced FortiGate Cloud-Native Firewall (CNF) being available on Amazon Web Services (AWS) in November 2022. This is a new cybersecurity solution provided as Software as a Service(SaaS), which targets businesses using AWS and are in need of enterprise-level next-gen firewall (NGFW) functionality with cloud-native support.

In July 2022, Spectrum launched Security Shield, its AI-driven cybersecurity offering for Advanced WiFi customers across its service area serving 41 states. This automatically turns on a security feature that protects customers and their devices from any threats coming via the internet, as well as provides improved customer network visibility.

Wireless Security System Market Segmentation:

Wireless Security System Market Type Outlook

  • Wireless Network Security

  • Wireless Home Security

Wireless Security System Market End-Users Outlook

  • Commercial & Residential

  • Government

  • Retail

  • BFSI

  • Retail

Wireless Security System Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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