Global Security Solutions Market Size to grow by US$ 489.18 billion in 2030
The Global Security Solutions Market is projected to grow from USD 270.6 billion in 2021 to USD 489.18 billion by 2030 at a CAGR of 9.3% during the forecast period.
The rise in the frequency and complexity of data security threats, as well as the adoption of security solutions by businesses across industries, are among these factors. Increased stringency of government rules and legislation for data integrity oversight is another aspect that is positively boosting the Security Solutions market. Growing defense modernization program to strengthen the nation's safety and security, as well as rising demand for security architecture as a result of increased smart city development activities around the world, are expected to propel the security solutions market forward during the forecast period.
The COVID-19 pandemic has impacted negatively on industries and businesses all around the world. The security solutions business has been impacted by the shutdown of IT and other industries. Home Security Systems & Solutions Market and Security Solutions Market are two areas in the security solutions market. The network security market is being impacted more than the home security sector. During the Covid-19, however, demand for home security products stays stable. There hasn't been a significant drop in this industry. During Covid-19, the demand for home security is increasing. As the rate of theft and robbery rises in Covid-19, so does the demand for home security solutions.
The adoption and awareness about the wireless technology is increased rapidly with evolving technologies such as cloud computing, IoT, and big data. Advanced wireless security systems, such as wireless fire detection systems and wireless access control systems, have benefited from these advancements. The adoption of enhanced security architecture is expanding as home automation and smart city development become more common. In addition, new technologies like 5G and AI are accelerating the development of smart home automation infrastructure. Furthermore, by gaining access to CCTV cameras set in the above specified locations, the end-user can watch the residence, industries, and patient health from afar. As a result, the deployment of wireless security systems has increased Security Solutions' performance.
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Furthermore, the growing usage of IoT and cloud computing technologies, as well as emerging AI technology, are projected to accelerate the adoption of access control systems. As a result, rising investment in and development of smart cities is primarily raising demand for high-level security and safety, propelling the market forward.
Based on End-user, the market is categorized into Government, Commercial, Residential, Industrial, Transportation, and Others. During the forecast period, the military & defense segment is expected to dominate this market. Due to heightened worldwide threats, this substantial share might be linked to the growing adoption of advanced security solutions. The defense sector's major goals are national safety and security. As a result, investments in the defense domain have expanded over the world in order to improve security. The United States is the world's largest defense spender. As a result of these investments, the acquisition and development of updated military security solutions has increased.
North America is dominating the market share of security solutions market due to the high number of security system OEMs and service providers are present in the region, which is projected to aid market expansion over the forecast period. Furthermore, North America is the quickest to accept new technology and the first to put these solutions in place to improve safety and security.
The security solutions market in Asia-Pacific is likely to rise significantly over the forecast period due to the start of defense modernization program to improve the nation's security. Aside from transportation, smart cities, home automation, and airports Asian countries such as China, Japan, India, South Korea, and Singapore have seen growth in a variety of areas. These industries have a high need for these solutions, which is projected to drive market expansion in Asia Pacific.
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KEY INDUSTRY DEVELOPMENTS:
June 2021, ADT, a renowned smart home and enterprise provider, has filed patent infringement cases against Vivint's product lines, alleging that they infringed intellectual property regulations. Separate legal actions have been filed with the United States International Trade Commission.
June 2021, In order to increase its market share and position in the security solutions market, ADT Inc. has been ramping up revenue growth in the security solutions market under a 2020 ADT-Google cooperation agreement for the sales of Google's Nest product range.
15 June 2021, Teledyne FLIR has announced the release of ruggedized advanced smart sensor-equipped thermal cameras A500f/700F for high-temperature and fire detection in severe situations, including alarm capabilities and on-camera analytics. These features are ideal for early identification and monitoring of industrial fires.
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