DUBLIN--(BUSINESS WIRE)--The "Security Solutions Market by Offering (Products (Fire Protection, Video Surveillance, Access Control) and Services (System Integration, Remote Monitoring, Fire Protection, VSaaS, ACaaS)), Vertical, and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The security solutions market was valued at USD 257.9 billion in 2019 and is projected to reach USD 397.6 billion by 2024; it is expected to grow at a CAGR of 9.0% during the forecast period.
A few key factors driving the growth of this market include growing crime rates and terrorist activities globally, increasing consumer awareness and security concerns and willingness to pay for security systems, rapid development in wireless technologies for fire detection, and escalating demand for do-it-yourself and spy cameras.
Security solutions services market for security system integration expected to hold the largest share during the forecast period
Security solutions services market for security system integration is expected to hold the largest share during the forecast period. Integration services provided by various companies allow customers to update their security systems and also improve the interpretability of the system. Therefore, to get the latest security system with advanced features, there is a huge demand for such services from residential as well as from the commercial sectors.
Security solutions market for residential vertical to grow at the highest rate during the forecast period
The security solutions market for the residential vertical is expected to grow at the highest CAGR during the forecast period. As theft and burglary rates are increasing globally, security is becoming a major concern for individuals, residential complexes, and private residential buildings. The demand for security solutions, such as biometrics-based electronic locks and sensor-based intruder alarm systems, is increasing.
The Americas is expected to account for the largest market share of the security solutions market during the forecast period
This is mainly attributed to factors such as the increasing need for security because of the increase in crime rates. In addition, attractive insurance policies granted to consumers for the installation of security systems is one of the major factors driving the security solutions market across the world. Furthermore, the Americas is more advanced in the implementation of other types of security systems such as access control systems and video surveillance systems compared with other regions.
ADT (US), Honeywell International Inc. (US), Johnson Controls (US), Robert Bosch (Germany), Hikvision (China), Dahua Technology Co., Ltd (China), Axis Communications AB (Sweden), SECOM CO. LTD (Japan), United Technologies (US), ASSA ABLOY (Sweden) are among a few major players in the security solutions market.
- Growing Crime Rates and Terrorist Activities Globally
- Increasing Consumer Awareness and Security Concerns and Willingness to Pay for Security Systems
- Surging Demand for Deployment of Wireless Technology in Security Systems
- Ongoing Development in Wireless Fire Detection Systems
- Escalating Demand for Do-It-Yourself and Spy Cameras
- High Installation, Operational, and Maintenance Costs
- Integration of AI and Deep Learning in Home Security Systems
- Proliferation of Smart City Initiatives Worldwide
- Adoption of Access Control as A Service
- Implementation of Mobile-Based Access Control
- Inclination Toward Video Surveillance as A Service
- Technological Advancements in Big Data, Video Analytics, IoT, and Cloud-Based Services
- Complexity of Security Systems
- Security Concerns Related to Unauthorized Access and Data Breach in Access Control Environment
- Requirement for High-Capacity Storage Systems and Higher Bandwidth
- Amalgamation of User Interfaces With Fire Protection Solutions
- Johnson Controls
- Honeywell International Inc
- Robert Bosch
- Dahua Technology Co., LTD
- Axis Communications AB
- Secom Co., LTD
- United Technologies
- Assa Abloy
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Other Key Players
- Hochiki Corporation
- Dormakaba Holding AG
- Flir Systems, Inc.
- Allegion PLC
- Nortek Security and Control
- Godrej & Boyce Mfg. Co. LTD.
- Dallmeier Electronic GmbH & Co.Kg
- Stanley Convergent Security Solutions, Inc.
- Gunnebo AB
- Control4 Corporation
- Minimax Viking
For more information about this report visit https://www.researchandmarkets.com/r/amcgnl