Global security solutions market is expected to grow from USD 222.52 billion in 2017 to USD 410.27 billion by 2023, at a compound annual growth rate (CAGR) of 10.73% during the forecast period. The growing necessity to protect individuals as well as assets from rapidly evolving cyber threats is one the major factor driving the security solutions market. The global market for security solutions is estimated to grow at a significant rate during the forecast period from 2018 to 2023
Security solutions can be defined as defense of digital information and IT assets against internal and external and accidental threats. Security solutions are important for all the enterprises and organizations of all sizes and also in various industries.
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The increasing incidences of crimes such as theft of physical or data information have led to a need for security systems to protect not only an individual’s belongings but the property as well. Corporate organizations are investing substantial amounts to protect sensitive data and their employees. For example, access control systems or biometric security systems are used in server rooms of organizations that deal with sensitive data. Hence, such security solutions prevent unauthorized access.
The growing need to protect individual’s properties, increasing consumer awareness regarding security concerns, adoption of new advanced security systems and growth in the usage of wireless technologies. However, low adoption of security solutions hampers the growth of the market. Increasing awareness among consumers regarding security concerns and their willingness to spend on security systems are some of the other drivers boosting the growth of this market. However, high cost of installation & maintenance is hampering the growth of this market. Proliferation of smart city initiatives across the globe is paving the way for growth opportunities in this market. One of the significant challenges faced by service providers is to maintain privacy of information through secure passwords and effective cyber security measures. Key market players such as Honeywell International, Inc., Tyco International Ltd, Godrej & Boyce Manufacturing Company Limited and Bosch Security Systems are focusing on the adoption of the latest technologies and implementing tactical and effective business strategies to widen their consumer base and geographical presence.
Security in information technology (IT) is the protection of IT assets and digital information against internal & external and accidental threats. There are mainly two types of security; physical security, and information security. Information security is further segmented into application security, cloud security, endpoint security, internet security, and mobile security. Physical security includes protection of hardware, software, personnel, and networks. Physical security often includes employee access controls to the building and specific locations such as data centers. Information security contains a broad set of strategies which is often used to detect, prevent, and respond to threats to both non-digital and digital information assets. The security solutions are majorly used by manufacturers, distributors, software developers, vendors, semiconductor manufacturers, stakeholders, end-user sectors, and technology sectors among others. Growing consumer awareness regarding security concerns, increasing need to protect individual’s property from the growing threats, willingness to invest for security systems, increasing demand of wireless technology in security systems, and adoption of new advanced security systems drives the security solutions market. However, low adoption of security solutions by manufacturers restricts the growth of security solutions market.
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The key players in the global security solutions market include Honeywell International, Inc. (U.S.), Tyco International Ltd (U.S.), Godrej & Boyce Manufacturing Company Limited (India), Bosch Security Systems (Germany), ASSA ABLOY AB (Sweden), Hikvision Digital Technology Co.Lt (China), ADT Corp(U.S.)., Nortek Security & Control LLC (U.S.), UTC Fire & Security (U.S.) and others.
Security solutions market is segmented on the basis of product, service, end-user and region.
By product, the market is segmented into entrance control, intruder alarms, wireless systems, thermal cameras, video surveillance, access control, fire control and others.
By service, the market is segmented into remote monitoring services, fire protection services, video surveillance services, access control service, security systems integration and others.
By end-user, the market is segmented into commercial, industrial, energy & utility, transportation, retail, banking & finance, education, residential, government, transportation and others.
By region, the market is segmented into North America, Europe, Asia-Pacific and the rest of the world.
September 17, 2018: Airtel Digital TV partners with Irdeto for security solutions:
Bharti airtel partnered with Irdeto for securing all the contents offered on DTH-platform, Airtel Digital TV. Irdeto deploy its security solutions to secure content offered on Airtel’s hybrid Android TV platform and to secure the linear channels offered on set top box.
September 11, 2018: Policy Bazaar signs up for Trend Micro’s cloud security solutions: Policy Bazaar partnered with Trend Micro for protecting cloud applications and endpoints. Trend Micro provides deep security which enables the management of multiple security controls from a single dashboard.
Security Solutions Market – Regional Analysis
The regional analysis of security solutions market is being studied for region such as Asia-Pacific, North America, Europe and rest of the world.
Asia-Pacific is expected to dominate the security solutions market during forecast period. China, Japan, South Korea are expected to dominate the Asia-pacific market during forecast period. Robust growth in the financial and banking service sectors and rising economic development in terms of infrastructure (airports, railways, and highways) are expected to boost the security solutions market in Asia-Pacific.
North America region is expected to grow at faster rate during forecast period. US, Canada, and Mexico are expected to dominate the security solutions market in North-America region. Mandatory fire protection and safety regulations drives the security solutions market in North-America region.
Market Research Future Analysis:
The global security solutions market is expected to grow significantly. The market is highly application basis. Commercial segment of security solutions market globally drives the market. The market is expected to have higher growth rate as compared to the previous years.
North-America accounted for the largest market share because of the technological advancements and usage of fire protection systems by all the commercial and residential building structures.
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