CHICAGO, Jan. 29, 2024 /PRNewswire/ — The global security solutions market is expected to be valued at USD 354.7 billion in 2024 and is projected to reach USD 502.1 billion by 2029; it is expected to grow at a CAGR of 7.2% from 2024 to 2029 according to a new report by MarketsandMarkets™. The proliferation of smart cities, critical infrastructure projects, and the escalating emphasis on data protection and privacy further propel the demand for innovative security solutions, fostering continuous market expansion.
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Browse in-depth TOC on “Security Solutions Market”
199 – Tables
60 – Figures
283 – Pages
Security Solutions Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2024 |
$ 354.7 billion |
|
Estimated Value by 2029 |
$ 502.1 billion |
|
Growth Rate |
Poised to grow at a CAGR of 7.2% |
|
Market Size Available for |
2020–2029 |
|
Forecast Period |
2024–2029 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Systems, Services, Vertical and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Key Market Challenge |
Risk of rapid technological changes and obsolescence |
|
Key Market Opportunities |
Increasing demand for remote monitoring and surveillance solutions |
|
Key Market Drivers |
Increasing concerns regarding public safety and infrastructure protection |
The security solutions market for video surveillance systems to hold the highest CAGR during the forecast period.
Technological advancements, such as high-definition cameras, intelligent analytics, and cloud-based storage solutions, enhance video surveillance capabilities, making it an indispensable component of comprehensive security strategies. Industries across diverse sectors, including retail, transportation, and critical infrastructure, are increasingly adopting video surveillance systems to enhance situational awareness and ensure a proactive approach to security challenges, thus driving the market’s continued expansion.
Security solutions market for video surveillance services to hold the highest CAGR during the forecast period.
The security solutions market for video surveillance services is experiencing robust growth due to increasing concerns about security and safety across various sectors, including commercial, residential, and public spaces, drive the demand for advanced surveillance technologies. As incidents of security breaches and criminal activities rise, organizations and individuals are investing in comprehensive video surveillance systems to deter potential threats and enhance overall security. Advanced technologies, such as high-resolution cameras, intelligent video analytics, and cloud-based storage, enhance surveillance capabilities.
Security solutions market for residential vertical to hold the highest CAGR during the forecast period.
The security solutions market for the residential vertical is experiencing significant growth due to the increasing awareness of the importance of home security, which has driven homeowners to invest in advanced technologies to protect their properties and loved ones. The rise in crime rates and security concerns has heightened the demand for robust residential security solutions. The integration of smart home features, such as surveillance cameras, smart locks, and sensors, allows homeowners to monitor and control their security systems remotely. This convenience and ease of use contribute to the market’s growth as more households adopt these advanced solutions.
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Security solutions market for Asia Pacific to hold the highest CAGR during the forecast period.
The security solutions industry in the Asia Pacific region is witnessing substantial growth driven by the increasing awareness of the importance of security measures in both public and private domains has led to a surge in demand for advanced security solutions. Rising concerns about terrorism, cyber threats, and geopolitical tensions have heightened the need for sophisticated surveillance and protection systems. Rapid urbanization and economic development in many APAC countries have resulted in a proliferation of critical infrastructure projects, smart cities, and commercial hubs. This expansion creates a substantial demand for comprehensive security solutions to safeguard assets, people, and information.
Key Players
The Security Solutions companies includes significant Tier I and II players like Johnson Controls (Ireland), Honeywell International Inc. (US), Robert Bosch GmbH (Germany), ADT (US), Hangzhou Hikvision Digital Technology Co., Ltd. (China), and others. These players have a strong market presence for Security solutions across various countries in North America, Europe, Asia Pacific, and RoW.
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