Security Solutions Market Size, Share and Industry Analysis, By Type [(Product: Fire Protection, Video Surveillance, Access Control, Entrance Control, Intruder Alarms, Thermal Cameras) and Services: Security Systems Integration, Remote Monitoring Services, Fire Protection Services, Video Surveillance Services, Access Control Services)], By End-User (Commercial, Residential, Industrial, Government, Military & Defense, and Others), and Regional Forecast, 2024-2032

The global security solutions market size was USD 249.65 billion in 2018 and is projected to reach USD 678.95 billion by 2032, exhibiting a CAGR of 8.00% during the forecast period. North America dominated the security solutions market with a market share of 47.2% in 2018.

A Security Solutions consists of a security system that prevents unauthorized intrusion and access into personal, government, and defense premises, among others. If such attempts are made, then the security system reports these attempts. Security Solutions are mainly designed to protect the broad range of threats such as accidents, espionage, fire, subversion, crime, and attack.

Moreover, these systems offer multiple features, including maintaining data records and monitoring activities in residential areas, border checkpoints, educational institutes, hospitals, and commercial places using CCTV. Furthermore, most Security Solutions emphasize certain hazards more than others. Therefore, increasing terrorist activities, criminal acts, and frauds have increased the adoption rate of these solutions in a wide verity of industries ranging from residential, industrial, and transportation to government and military & defense.

With rapid economic development, digitalization, adoption of the internet of things (IoT), and cloud-based systems, the chances of threats are also growing. Thus, to prevent unauthorized intrusions and access, the demand for security tools is rapidly growing. Also, growing defense modernization programs to reinforce the nation's safety and security and rising demand for security architecture owing to increasing smart city development activities across the globe are the primary factors that are expected to drive the security solutions market growth during the forecast period.

The key players involved in this market provide a broad range of security hardware and software systems and services. Among these, some OEMs offer both security systems and services, while others offer only security services or only security systems to the end-user. The providers of these solutions offer a broad range of security cameras such as tilt, zoom camera, thermal camera, and pan cameras. These cameras are connected to the internet using IoT, big data, or cloud computing technologies to provide access to data from remote locations through wired or wireless connectivity. In addition to this, the rising integration of Artificial Intelligence (AI) technology in multiple industry systems will create ample opportunities to increase the demand for Security Solutions in the near future.

MARKET TRENDS

Growing Worldwide Adoption of Wireless Technology to Boost the Market

The adoption of wireless technology is rapidly increasing with evolving technologies such as IoT, cloud computing, and big data. These technologies have increased the development of advanced wireless security systems such as wireless fire detection systems and wireless access control systems. Growing home automation and smart city development are increasing the adoption of advanced security architecture.

Moreover, emerging technologies such as 5G and AI are furthering the development of advanced home automation infrastructure. These advanced systems offer control of all home electronic products from mobile phones to prevent accidents, thus enhancing home safety and security. With wireless technology, the monitoring of border checkpoints can also be improved. Besides, the end-user can able to monitor the house, industries, and patient health from remote locations just by taking the access of CCTV cameras that are installed in earlier mentioned locations. Therefore, the adoption of wireless security systems has improved the performance of Security Solutions.

MARKET DRIVERS

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Growing Defense Modernization Programs to Reinforce Nations Safety and Security

Worldwide defense expenditure has increased in response to increasing international threats and terrorist activities. For instance, in 2018, global military spending is accounted for USD 1,822 billion, with the USA and China together accounting for 50% of the total global expenditure. These large military spendings have led to rising military modernization programs. Moreover, under these programs such as the Indian government’s military modernization,  the procurement and development of advanced military systems have increased, which supports to strengthen safety and security.

Furthermore, the demand for upgraded unmanned vehicles with thermal cameras has increased situational awareness and surveillance applications. Unmanned aerial vehicles are used to counter threats from across the border. For instance, under the U.S. Foreign Military Sales program, India purchased 22 MQ-9 Reaper (Predator B) drones worth USD 2.6 billion in 2019. Also, the demand for an access control system is increased to enhance identification capabilities. These factors are expected to drive this market growth.

Rising Demand for Security Solutions  for Smart Cities  to Fuel the Market

With economic growth, smart city development has also increased in Asia-Pacific. The smart city development activities include the development of commercial places and buildings, government areas, industrial areas, highways, and airports, among others. The video surveillance system includes hardware and software components such as CCTV cameras, monitors, TV, storage devices, and video management software, among others. The continuous monitoring of commercial assets, personal assets, and other multiple infrastructures that require protection are possible with CCTV cameras. Therefore,  rising criminal activities have increased the demand for video surveillance systems for continuous monitoring.

Moreover, under the smart city development activities, the installation of fire detection systems is mandatory in commercial buildings and lifts to protect human life and infrastructure. The advanced wireless fire detection systems provide enhanced safety, thus increasing their adoption.

Furthermore,  emerging AI technology and surging use of IoT and cloud computing technologies are expected to propel the adoption of access control systems. Therefore, the increasing investment in and development of smart cities are mainly escalating the demand for high-level security and safety, thereby driving the growth of this market.

MARKET RESTRAINT

High Cost Associated with Installation and Maintenance of Security Solutions Expected to Hamper Market Growth

The installation and maintenance charges of Security Solutions are high compare to the original product. This high cost associated with installation and maintenance is expected to restrain the market growth during the forecast period. However, with no maintenance, there is a chance of low performance of these systems, which can result in the breakdown of the system, creating a hazardous situation. Thus, spending on security systems becomes necessary.

SEGMENTATION

By Type Analysis

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Rising Demand for End-To-End Security Service  to Propel the Service Type Segment

Based on type, the market is classified into products and services. The product segment is sub-segmented into a fire protection system, video surveillance system, access control system, entrance control system, intruder alarms system, thermal cameras, and others. Among these, the video surveillance system is expected to hold a large market share during the forecast period. This is owing to the wide usage of video surveillance systems in multiple end-use industries and sectors, including commercial, residential, industrial, government, military & defense, and others.

 The service type segment is sub-divided into security systems integration, remote monitoring services, fire protection services, video surveillance services, access control services, and others. The service segment dominated the global market during the forecast period owing to the large demand for end-to-end security services that can take care of all activities ranging from conducting surveys and analyzing application specifications to implementing and deploying security systems.

By End-User Analysis

Increased International Threats to Stoke  Demand for Upgraded Military Security Solutions

Based on the end-user industry, the market segments include commercial, residential, industrial, government, military & defense, and others. Among these,  the military & defense segment is expected to dominate this market during the forecast period. This large share is attributed to the increasing adoption of advanced Security Solutions owing to increased international threats. National Safety and security are the primary aims of the defense sector. Therefore, to enhance security, investments in the defense domain have increased around the globe. The U.S. is the leading defense spender in the world. These investments have led to rising procurement and development of upgraded military security solutions.

Moreover, the demand for thermal camera and video surveillance systems for military intelligence, surveillance, and reconnaissance (ISR) and situational awareness has increased to enhance military surveillance capabilities. Also, the high level of security is needed in places such as prisons, police stations, and high courts to monitor any activities of criminals. These factors have mainly increased the demand for these Solutions for military and defense end-users.

REGIONAL ANALYSIS

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The findings based on our research indicate that North America dominated the security solutions market share in the base year. The region has the presence of a large number of security system OEMs and service providers that are expected to facilitate market growth during the forecast period. Moreover, North America is the fastest technology adopter as well as the first region to implement these Solutions to enhance safety and security. Furthermore, the high adoption of video surveillance systems, strict safety regulations, and mandatory installment of fire protection systems in commercial buildings are factors responsible for a large market share of the region.

The market in Asia-Pacific is expected to witness significant growth during the forecast period owing to the initiation of defense modernization programs to enhance the nation's security. Besides, Asian countries such as China, India, Japan, South Korea, Singapore, and Australia have witnessed development in multiple sectors such as transportation, smart cities, airports, and home automation, among others. These sectors demand the requirement of these Solutions which expected to fuel the market growth in the Asia Pacific.

The Middle East and Africa projected moderate growth during the review period. This growth is attributed to the increase in demand for security camera solutions for city monitoring and also for the protection of important infrastructures and assets.

KEY INDUSTRY PLAYERS

Growing Investment in R&D and Strategic Acquisition & Collaborations to Fortify Brand and Product Portfolio

This market is highly fragmented, with several key players operating across the globe. Despite this, the market depicts the domination of several players such as Honeywell International Inc, IBM Corporation, United Technologies Corporation, and BAE Systems PLC, among others. A broad range of security products, along with high research and development investment and increased technological collaborations, are prominent factors responsible for the dominance of these companies. Moreover,  large distribution networks of these companies have enabled them to provide security services all over the world.

LIST OF KEY COMPANIES PROFILED:

• ADT Inc. (The US)


• Airbus SE (Netherlands)


• BAE Systems PLC (The UK)


• FLIR Systems, Inc. (The US)


• Hikvision (China)


• Honeywell International Inc. (The US)


• IBM Corporation (The US)


• Johnson Controls (The US)


• Lockheed Martin Corporation (The US)


• Raytheon Company (The US)


• Robert Bosch GmbH (Germany)


• Rohde & Schwarz (Germany)


• Thales Group (France)


• United Technologies Corporation (The US)

KEY INDUSTRY DEVELOPMENTS:

• June 2021 – ADT, the leading smart home and enterprise provider has filed the patent infringement lawsuits against Vivint’s product ranges which violated the intellectual property rules. The relevant separate legal actions has been filed with U.S. International Trade Commission.


• June 2021 – ADT Inc. has been ramping up the revenue growth in the security solutions market under 2020 ADT-Google partnership agreement for the sales of Google’s Nest product range in a bid to strengthen its market share and position in the security solutions market.


• June 2021 – Teledyne FLIR has made the new product launch announcement of ruggedized advanced smart sensor-equipped thermal cameras A500f/700F cameras for high-temperature and fire detection for extreme environments which facilitates alarm capabilities and on-camera analytics. These features are an ideal for early industrial fire detection and condition monitoring.


• November 2021 – FLIR Systems has launched the FLIR VS290-32, an industry-specific video scope system in combination with thermal imaging and personnel safety while inspecting hard-to-reach underground utility vaults. The VS290-32 is CAT IV 600 V safety rated system for electrical inspections, along with an IP67 camera and IP54 dust and water resistant base unit.

REPORT COVERAGE

An Infographic Representation of Security Solutions Market

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The security solutions market report offers qualitative and quantitative insights and detailed analysis of market size & growth rate for the segments in the market.

Along with this, the report provides an elaborative analysis of market dynamics, emerging trends, and competitive landscape. Key insights offered in the report are the adoption of advanced technology, recent industry developments such as partnerships, mergers & acquisitions, consolidated SWOT analysis of key players, Porter’s five forces analysis, business strategies of leading market players, macro and micro-economic indicators, and key industry trends.

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