Security Solutions Market research report has focused on various levels of analysis—industry analysis (industry trends).
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The overall security solutions market was valued at USD 206.69 billion in 2016 and is projected to reach USD 372.90 billion by 2022, at a CAGR of 10.16% from 2017. Security Solutions Market report driven by the necessity to safeguard individuals as well as assets from rapidly evolving threats, increasing consumer awareness &security concerns, willingness to pay for security systems, growing demand for the use of wireless technology in security systems, and adoption of IoT-based security systems. On the other hand lack of technical knowledge required to use security solutions and high cost of initial investment and maintenance are the restraining factors for the market.
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Key Target Audience
• Product manufacturers
• Software solution providers
• Network providers
• System integrators
• Housing developers
• Trade distributors
• Investors
• Research organizations
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Main companies are ASSA ABLOY AB (Sweden), Bosch Security Systems (Germany), Honeywell International, Inc. (U.S.), Tyco International Ltd (U.S.), UTC Fire & Security (U.S.), ADT Corp(U.S.), Alarm.com (U.S.), Allegion (U.S.),Control4 (U.S.), Godrej & Boyce Manufacturing Company Limited (India), Ingersoll Rand Solutions (Ireland), Nortek Security & Control LLC (U.S.),Hikvision Digital Technology Co.Lt (China), SECOM Co., Ltd (Japan), Stanley Security Solutions (Indiana), Axis Communications AB (Sweden), Zhejiang Dahua Technology Co., Ltd (China).
“The market for fire protection systems is expected to hold the largest market size during the forecast period”
The fire protection systems segment leads the market and is expected to witness the highest growth rate during the forecast period. Some of the major security systems considered under the fire protection systems is fire alarms, sprinklers, and extinguishers. As fire protection systems are widely used in residential and industrial verticals, the increasing use of fire protection systems in residential and industrial verticals is expected to drive the security solutions market during the forecast period.
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“The market for residential end use is expected to grow at the highest rate during forecast period”
Security is a major concern in residential complexes as well as commercial areas and public places. Such concerns are increasing the demand for security solutions such as biometrics-based electronic locks and sensor-based intruder alarm systems. Also, residential premises are being equipped with technology platforms to help their occupants remotely access electronic devices at home through mobile devices such as smart phones, tablets, and laptops.
“Security solutions market in Asia-Pacific is expected to grow at the highest rate during the forecast period”
Asia-Pacific is expected to be the fastest-growing market as it has witnessed economic development in terms of infrastructure (airports, railways, and highways) and robust growth in financial and banking services which would serve as opportunities for the security solutions market.
In the process of determining and verifying the market size of several segments and sub segments gathered through secondary research, extensive primary interviews have been conducted with key industry executives. The breakup of the profile of primary participants has been given below:
• By Company Type: Tier 1 – 45%, Tier 2 – 33%, and Tier 3 – 22%
• By Designation: C-Level Executives – 42%, Directors – 33%, and Others – 25%
• By Region: North Americas – 35%, Europe – 29%, APAC – 24%, and RoW – 12%
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Source URL: https://marketersmedia.com/security-solutions-market-potentially-worth-usd-372-90-billion-by-2022/391837
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Source: MarketersMedia
Release ID: 391837
