The global security solution market size is projected to reach USD 483.62 billion by 2026, exhibiting a CAGR of 8.84% during the forecast period. Consistent rise in military expenditure by major economies will propel the growth of this market, elucidates Fortune Business Insights™ in its report, titled “Security Solution 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, 2019- 2026”. Latest data released by the Stockholm International Peace Research Institute (SIPRI)reveals that the total defense expenditure globally rose by USD 1917 billion in 2019, indicating a 3.6% increase from 2018 levels. Representing 2.2% of the global gross domestic product (GDP), this increase is the largest recorded spike in military spending since 2010. According to SIPRI, the biggest spenders in 2019 were the US, China, India, Russia, and Saudi Arabia, accounting for 62% of the total expenditure. These elevated expenditures on the defense sector reflect the strong focus of nations to bolster their national security arsenal and a greater willingness to invest in advanced security solutions to deter enemy attacks.
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As per the report findings, the value of the market stood at USD 249.65 billion in 2018. The report answers the following questions:
- What is the overall industry outlook and how will impact the market?
- What are the main drivers and trends shaping the market growth?
- Which factors are stalling the growth of the market?
- What are the regional prospects for the market?
- Who are key market players and what are their preferred strategies?
Increasing Urbanization across the Globe to Create New Opportunities
The UN Department of Social and Economic Affairs (DESA) estimates that by 2050, roughly 68% of the world’s population will reside in urban areas. Urban agglomerations typically exert pressure on public safety and infrastructure, necessitating adoption of efficien security solutions to ensure orderly conduct of urban activities. Technological advancements in surveillance systems powered by tools such as Artificial Intelligence (AI) and Internet of Things (IoT) can prove highly effective in monitoring public life in urban spaces, especially when cities worldwide are transitioning into smart cities. For example, the Ministry of Home Affairs in India granted permission to the Delhi Traffic Police to install an intelligent traffic management system (ITMS) to regulate traffic using AI-powered radar-based monitoring. The automation of traffic signals enabled by this system will aid the police to analyze data and manage traffic accordingly.
North America to Hold Lion’s Share in the Market; Asia-Pacific to Register Considerable Growth
North America generated USD 117.83 billion in revenue in 2018 and is anticipated to dominate the security solution market share in the coming years owing to strong presence of global security system OEMs in the region. Furthermore, companies in this region are at forefront of technological advancements in security software and hardware, which provides a solid base for the market to grow. Lastly, the US is the world’s largest spender on military and is also known to be the quickest adopter of advanced military technologies, which will further strengthen the position of the region in this market. In Asia-Pacific, the market will be primarily driven by the swift modernization of militaries, especially in India, China, and Japan, fueled by steadily rising defense expenditures.
Companies to Leverage Intelligent Technologies to Develop Next-Gen Solutions
The competitive landscape of this market is marked by the presence of a few, strong companies that are globally renowned for their diverse products. With a view to gain an additional edge in the market, these companies are ramping up their R&D investment to engineer advanced solutions integrated with intelligent systems such as AI and IoT.
- February 2020: The US-based defense contractor, Raytheon Company, announced its partnership with IronNet Cybersecurity, to design and develop security solutions for operational and information technology (OT/IT) systems. The solutions will be equipped with superior security services and enhanced threat analysis capabilities.
- November 2019: Thales Group, the French aerospace & defense industry giant, unveiled its novel security solution founded on a digital platform, conceived to function as digital control center to process and analyze from multiple sources through a series of complex algorithms and advanced sensors.
List of Companies Profiled in the Security Solution Market Report:
- 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)