Security Solutions Market by Type [Products (Fire Protection, Video Surveillance, Access Control) and Services (System Integration, Remote Monitoring, Fire Protection, VSaaS, ACaaS)], End-use Industry, and Geography - Global Forecast to 2022
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. The major factors driving the growth of the security solutions market include 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.
“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 are 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.
“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 smartphones, 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 subsegments 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%
The report profiles the key players in the security solutions market with their respective ranking analysis. The prominent players profiled in this report are Honeywell International, Inc. (U.S.), Tyco International Ltd (U.S.), ADT Corporation (U.S.), Hikvision Digital Technology Co.Lt (China), and SECOM Co., Ltd (Japan), among many others.
• In terms of market by type, products such as fire protection, video surveillance, access control, biometric readers, electronic locks, multi-technology readers, software, and services are covered.
• In terms of market by end-use industry, segments such as commercial, residential, government, transportation, retail, banking and finance, education, industrial, energy and utility, sports and leisure, and healthcare are covered.
• The geographic analysis is carried out with regards to major four regions namely the Americas, Europe, Asia-Pacific (APAC), and Rest of the World (RoW) (South America and the Middle East & Africa).
Reasons to Buy This Report:
From an insight perspective, this research report has focused on various levels of analysis—industry analysis (industry trends); market ranking analysis of top players; value chain analysis; company profiles which discuss the basic views on the competitive landscape; emerging and high-growth segments of the security solutions market; high-growth regions; and market dynamics such as drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
• Market penetration: Comprehensive information on security solutions offered by top players in the overall security solutions market.
• Product development/innovation: Detailed insights regarding R&D activities, emerging technologies, and new product slaunches in the security solutions market.
• Market development: Comprehensive information about lucrative emerging markets—the report analyzes the markets for security solutions across regions.
• Market diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the overall security solutions market.
• Competitive assessment: In-depth assessment of market ranking analysis, strategies, products, and manufacturing capabilities of leading players in the security solutions market.