ICT-IOT

Security Solutions Market

Global Industry Analysis and Forecast 2023-2030

Pages : 120

Base Year : 2022

Released Year : December 2023

Format :Pdf Ppt Xls

Report ID:KR280

Author : Shreya S.

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Base Year

2022

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Forecast Year

2023-2030

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Historical Years

2018-2021

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Market Value (2022)

USD 301.62 Million

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Forecasted Value (2030)

USD 564.53 Million

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CAGR (2023 – 2030)

8.15%

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Fastest Growing Region (2023 - 2030)

Asia Pacific

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Largest Region

North America

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By Type

Products, Services

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By Application

Data Security & Privacy, Physical Security, Network & Cybersecurity, Application Security

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By End-User

Commercial, Residential, Industrial, Government, Military & Defence


Market Perspective

The global Security Solutions Market was valued at USD 301.62 million in 2022 and is projected to reach USD 564.53 million by 2030, growing at a CAGR of 8.15% from 2023 to 2030.

The market growth is accelerated by the increasing adoption of security solutions by businesses across a range of industries. The growing consumer awareness and security concerns in light of increasing crime and terrorist activities around the world, as well as consumer willingness to pay for security systems, are aiding industry expansion. Threats have also become increasingly probable as a result of the economy's rapid development, digitization, adoption of the Internet of Things (loT), and cloud-based technologies. Consequently, there is a constantly increasing need for security technologies to stop unwanted access and intrusions. Additionally, expanding focus towards modernizing the defence sector boost the country's safety and security to meet the rising demand for security architecture as a result of prevalent efforts to construct smart cities are among the primary drivers anticipated to propel the expansion of the security solutions market. Additionally, the market is likely to observe numerous growth opportunities ue to the growing integration of Artificial Intelligence (Al) technology across numerous end-ser industries. Increased criminal activities, terrorist attacks, and consumer awareness of security solutions are all driving market expansion. 

Security threats may arise from a variety of groups, such as cybercriminals, terrorist groups, and even natural calamities. As a result, security systems must be continuously updated and modified to counteract these threats. However, security solutions can encounter significant challenges due to the complexity of technology and networks. The potential attack surface for cybercriminals continues to expand as more gadgets are linked to the internet and data is shared across numerous platforms and systems. The high associated with establishing and maintaining security systems can present both individuals and companies with significant difficulties. In addition, the complexity of technology and networks can also present substantial difficulties for security solutions.

Analyst’s Review on the Global Security Solutions Market      

The accuracy and efficacy of security solutions are being improved by the development and application of advanced security technologies, such as biometric authentication and artificial intelligence. Over the projected time frame, the market would encounter numerous opportunities due to the growing demand for wireless technology in security systems and the deployment of IoT-based security systems. Innovation in security solutions is needed to enable the creation of more practical strategies to deal with threats and difficulties that continually evolve in nature. The flexibility, scalability, and affordability of cloud-based security solutions are driving their rising popularity. The accuracy and efficacy of security systems are improving through the use of automation and artificial intelligence (AI). Security systems are evolving and becoming more capable of establishing safety because of a trend of multi-dimensional perception and increased focus of technology vendors taking a more proactive approach towards expanding their market reach, which is augmenting market growth.

Market Definition

The need for efficient security solutions has escalated as the world's reliance on digital technologies continues to grow. The market for security solutions is a burgeoning sector that includes a wide range of goods and services. These products are made to guard against many kinds of online dangers, such as malware, phishing scams, hacking attempts, and data breaches. Numerous competitors, ranging from major technology corporations to specialized security organizations, are present in the market for security solutions. Security solutions can be tailored to combat various cyber risks and satisfy the unique requirements of people and organizations. Security solutions frequently include many layers of security spanning physical data centres, infrastructure, and operations. In order to provide a holistic approach to security, these solutions can frequently be combined with other solutions, such as security information and event management (SIEM) systems.

Market Dynamics

The growing adoption of wireless technology is fuelling the market for security solutions, which is also being accelerated by the development of new technologies such as big data and cloud computing. These technologies have facilitated the creation of cutting-edge wireless security systems, such as wireless access control and fire detection systems. The emergence of smart cities and growing home automation are increasing the adoption of enhanced security architecture. Additionally, developing technologies, including 5G and Al, are encouraging the expansion of sophisticated home automation systems. These cutting-edge solutions enable control of all electronic home appliances from mobile devices, enhancing home security and safety by preventing accidental events. The performance of security solutions has therefore improved as a result of the adoption of wireless security systems. Development commercial buildings, government buildings, motorways, industrial regions, and airports, among other, as part of the creation of a smart city is driving market growth.

Security system costs for installation and upkeep might change depending on the type of system, the level of features and services offered, and the location. The cost of installing and maintaining home security systems is projected to be the primary and most important factor limiting industry expansion. When comparing security systems, it's crucial to take into account the total cost of ownership, which includes both the price of initial installation and continuing maintenance expenditures. Security system maintenance costs on an ongoing basis might add up, including costs for planning, designing, installing, operating, and maintaining the system, which is restricting market progress.

Segmentation Analysis

The global security solutions market is segmented based on type, application, end-user, and geography.

Based on type, the security solutions market is segmented into products and services. The products segment accounted for the largest share owing to the growing use of these solutions for wireless systems, intruder alarms, wireless fire protection, video surveillance, access control, and other products. Rapid digitalization is substantially impacting the utilization of security software, analytics software, and IoT platforms. These products are used to protect access control services, video surveillance services, remote monitoring services, fire prevention services, and security system integration are all components of the services sector.

Based on application, the security solutions market is classified into data security & privacy, physical security, network & cybersecurity, and, application security. The physical security segment is dominating the industry driven by the mounting use of these solutions for sprinklers, fire alarms, and extinguishers. Growing use of these solutions for residential and industrial buildings is expected to foster the market outlook. These systems are economical and provide visible presence, GPRS tracking, quick response, and active patrolling.

Based on end-user, the security solutions market is categorized into commercial, residential, industrial, government, and military & defence. The military & defence segment dominated the market in 2022 is due to the increasing adoption of advanced information security solutions to protect international threats. These investments led to increased acquisitions and the development of a modernized military security solutions. In addition, the demand for thermal cameras and video surveillance systems for military intelligence, surveillance and intelligence (IS), and situational awareness increased to improve military surveillance capabilities.

Geographical Analysis

Based on regional analysis, the global security solutions market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

North America contributes to the largest share of the global industry revenue owing to the early adoption of security technologies including access control, video surveillance, and fire prevention systems. The growing use of access control systems to enhance safety and security precautions is anticipated to fuel market expansion. As a result of mandatory fire protection and safety regulations, majority of building constructions in the United States are outfitted with fire prevention systems. The market is expanding as a result of the growing usage of video monitoring in public safety.

The presence of more security system OEMs and service providers in the area is anticipated to support market growth over the forecast period. Furthermore, the region's significant market share is a result of the mandatory installation of fire protection systems in commercial buildings, strict safety regulations, and growing use of video surveillance systems. Additionally, the use of access control systems to enhance safety and security precautions is anticipated to fuel market expansion across the region.

Competitive Landscape

The global security solutions market study will provide valuable insights with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies, such as partnerships, mergers & acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their respective market shares across different regions. The major players in the security solutions market are:

  • Atos SE
  • Axis Communications AB
  • Bosch Sicherheitssysteme GmbH
  • Cisco Systems, Inc.
  • Honeywell International Inc.
  • Ingersoll Rand
  • Lumen Technologies
  • Palo Alto Networks
  • IBM
  • VERSA NETWORKS, INC

Key Developments

  • In April 2023 (Partnership) Versa Networks and Lumen collaborated to improve the spectrum of network services and security solutions available from Lumen, as well as to address a variety of network and application-based assaults, including those involving advanced threat prevention, Zero Trust Network Access, Firewall as a Service, and SD-WAN. Lumen has incorporated Versa's SASE software into its extensive network and cloud platform.
  • In February 2023 (Launch): With the help of integrated, automated, and orchestrated security, Atos introduced its new 5Guard security tool for businesses building private 5G networks and telecom operators. To protect vital corporate information and speed up their digital transformation, Atos strives to assist enterprises in identifying risks and creating a thorough information security policy.

The global Security Solutions Market is segmented as:

By Type

  • Products
  • Services

By Application

  • Data Security & Privacy
  • Physical Security
  • Network & Cybersecurity
  • Application Security

By End-User

  • Commercial
  • Residential
  • Industrial
  • Government
  • Military & Defence

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • UK
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
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Frequently Asked Questions (FAQ's)
The global security solutions market is projected to reach USD 564.53 million by 2030, growing at a CAGR of 8.15% from 2023 to 2030.
The global security solutions market was valued at USD 301.62 million in 2022.
The security solutions market is growing rapidly owing to the growing consumer awareness and security concerns, which have increased in accordance with increasing crime and terrorist activity rates around the world, as well as consumer willingness to pay for security systems.
Top manufacturers of security solutions market are Atos SE, Axis Communications AB, Bosch Sicherheitssysteme GmbH, Cisco Systems, Inc., Honeywell International Inc., IBM, Ingersoll Rand, Lumen Technologies, Palo Alto Networks, VERSA NETWORKS, INC, and others.
Asia Pacific is expected to be the fastest growing region over the forecast period.
By type, products will hold the maximum share in the security solutions market with the revenue value by 2030.
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