Security Solutions Market size is anticipated to witness growth during the forecast period owing to the growing necessity to protect property and individuals from increasing threats. Increasing consumer awareness regarding prevailing security concerns is expected to drive security solutions market growth for the next eight years.
The design of sophisticated and efficient systems, in addition to user-friendly installation features, enabled by wireless technology is anticipated to boost the market growth. Furthermore, adoption of IoT-based systems and remote monitoring using mobile devices are expected to provide impetus to security solutions market growth. The high cost of maintenance and large initial investments are expected to restrain the market growth. Lack of awareness regarding technological advancements is expected to challenge security solutions market growth. Furthermore, the low adoption rate is expected to challenge manufacturers.
The security solutions market is segmented on the basis of the type of solutions and the end-use industry. The system, by type, is classified into products and services. The products include fire protection, thermal cameras, video surveillance, wireless systems, access control, intruder alarms, and entrance control. The services include security systems integration, access control services, remote monitoring, video surveillance, and fire protection services.
Fire protection systems segment is anticipated to lead the security solutions market during the forecast time frame. Some of the major systems included under this type are sprinklers, fire alarms, and extinguishers. Increasing use of fire protection systems in residential and industrial buildings is expected to drive the market. Roving patrol systems are a preferred option to provide security to vast stretches of land such as huge housing societies or large manufacturing companies. These systems are economical and provide visible presence, GPRS tracking, quick response, and active patrolling.
On the basis of end-use industry, the security solutions market is segmented into retail, residential, commercial, transportation, BFSI, education, government, industrial, healthcare, and energy & utilities. The commercial end-use segment is expected to hold the largest market share, owing to increasing instances of theft of physical and data/information property and the growing need to protect people & property. The corporate organizations are increasingly investing in these systems to protect employees and sensitive data. For instance, biometric or access control systems are used in server rooms of large corporations that deal with critical & sensitive data.
The wireless systems are projected to grow at a high CAGR. These types of systems can improve interactive monitoring services. These can be remotely and easily operated. Residential premises are being increasingly equipped with technological platforms to enable the occupants to remotely access electronic devices using tablets, smartphone, and laptops. These include intruder alarm systems, medical alert systems, intercom systems, access control & management systems, video surveillance systems, and integrated systems. Growing use of these systems for residential security is projected to propel security solutions market growth.
North America is expected to dominate the global security solutions market. Most of the residential and commercial buildings in this region are equipped with fire protection systems, owing to stringent fire and safety protection norms. Several manufacturers in this region offer different systems such as flame detectors, fire detectors, sprinklers, heat detectors, fire alarms, extinguishers, sirens, fire analysis software, and control panels & interfaces.
Asia Pacific is anticipated to be the region of the fastest growth owing to high infrastructure growth in railways, airports, and highways. Strong growth in banking and financial services is expected to provide ample growth opportunities for security solutions market for the next eight years.
Some of the key security solutions market participants include ASSA ABLOY AB, Zhejiang Dahua Technology Co., Ltd., Bosch Security Systems, Axis Communications AB, Honeywell International, Inc., Stanley Security Solutions, Tyco International Ltd., SECOM Co., Ltd., UTC Fire & Security, Hikvision Digital Technology Co., Ltd., ADT Corp., Alarm.com, Nortek Security & Control LLC., Godrej & Boyce Manufacturing Company Ltd., Ingersoll Rand Solutions, Allegion, and Control4.
The security solutions market ecosystem comprises manufacturers & suppliers, R&D firms, software solutions providers, wearable product manufacturers, and end users. The manufacturers are increasingly integrating and consolidating the products to provide multiple functionalities. For instance, the property management system provides security to multiple nodes in the same location. These players are adopting different strategies to achieve a strong position and penetration in the security solutions market. In the global security solutions market, the number of players is growing, making it important for manufacturers in gaining a competitive advantage over others. The strategies adopted include mergers & acquisitions and new product developments. For instance, Securitas developed a strategy to develop solutions specific to customers. This helps in retaining the existing customers for a long period through contract extensions. In November 2015, Stanley Security Solutions announced a partnership with iView Now, a cloud-based video verification service. This partnership strengthened Stanley’s position as a video alarm monitoring services provider.
Companies in the security solutions market are continuously investing in technological innovations to gain a competitive edge. For instance, Bosch launched a new video-based fire detection system. AVIOTEC IP Starlight 8000 is a unique and scientifically tested device that spots fire and predicts behavior to speed up the reaction time and reduce occurrences of false alarm.