According to the new market research report on “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”, published by MarketsandMarkets, the security solutions market was valued at USD 257.9 billion in 2019 and is projected to reach USD 397.6 billion by 2024 at a CAGR of 9.0% during the forecast period.
Key factors contributing to the growth of the security solutions 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 product market for fire protection systems expected hold the largest share in 2019
Security solutions product market for fire protection systems is expected to hold the largest share in 2019. Enterprises across the world have increased their spending on fire protection measures to protect their infrastructures as well as to reduce risks to human lives. New intelligent sensors have networking capabilities, in which a group of sensors and detectors can communicate easily through control units, leading to increased efficiency in fire protection systems.
Services offering to hold a larger share of security solutions market during the forecast period
The market for security services is expected to hold a larger size of the market during the forecast period. Products such as video surveillance systems, access control systems, and fire protection systems are implemented for various application areas such as commercial, residential, government, transportation, retail, and banking and finance industries. For the smooth and continuous working of all security products, various services such as maintenance and integration services are required. Security systems are useful only when they are properly engineered, designed, installed, serviced, and maintained.
Security solutions market in APAC is expected to grow at the highest CAGR during the forecast period
The security solutions market in APAC is expected to grow at the highest CAGR during the forecast period. In this region, many governments have laid down the safety norms for various sectors; the execution of these policies would create a significant demand for security systems in the future. Furthermore, the technological and economic advancements in the APAC region are expected to drive the overall demand for security solutions market.
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