The global securitysolutions market size is projected to reach USD 483.62billion by 2026, exhibiting a CAGR of 8.84% during theforecast period. Consistent rise in military expenditure by major economieswill propel the growth of this market, elucidates Fortune Business Insights™ inits report, titled “Security Solutions Market Size, Share andIndustry Analysis, By Type (Product: Fire Protection, Video Surveillance,Access Control, Entrance Control, Intruder Alarms, Thermal Cameras) andServices: Security Systems Integration, Remote Monitoring Services, FireProtection Services, Video Surveillance Services, Access Control Services), ByEnd User (Commercial, Residential, Industrial, Government, Military &Defense and Others), and Regional Forecast, 2019- 2026”.
Latest data released by the Stockholm International Peace ResearchInstitute (SIPRI) reveals that the total defense expenditure globally rose byUSD 1917 billion in 2019, indicating a 3.6% increase from 2018 levels.Representing 2.2% of the global gross domestic product (GDP), this increase isthe largest recorded spike in military spending since 2010. According to SIPRI,the biggest spenders in 2019 were the US, China, India, Russia, and SaudiArabia, accounting for 62% of the total expenditure. These elevatedexpenditures on the defense sector reflect the strong focus of nations tobolster their national security arsenal and a greater willingness to invest inadvanced Security Solutions to deter enemy attacks.
COVID-19 Impact on Security Solutions Industry:
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As per the report findings, the value of the market stood at USD 249.65billion in 2018.
Market Driver
Increasing Urbanization across the Globe to Create NewOpportunities
The UN Department of Social and Economic Affairs (DESA) estimatesthat by 2050, roughly 68% of the world’s population will reside in urban areas.Urban agglomerations typically exert pressure on public safety andinfrastructure, necessitating adoption of efficien Security Solutions to ensureorderly conduct of urban activities.
Technological advancements in surveillance systems powered bytools such as Artificial Intelligence (AI) and Internet of Things (IoT) canprove highly effective in monitoring public life in urban spaces, especiallywhen cities worldwide are transitioning into smart cities. For example, theMinistry of Home Affairs in India granted permission to the Delhi TrafficPolice to install an intelligent traffic management system (ITMS) to regulatetraffic using AI-powered radar-based monitoring. The automation of trafficsignals enabled by this system will aid the police to analyze data and managetraffic accordingly.
Regional Analysis
North America to Hold Lion’s Share in the Market; Asia-Pacific toRegister Considerable Growth
North America generated USD 117.83 billion in revenue in 2018 andis anticipated to dominate the Security Solutions market share in the comingyears owing to strong presence of global security system OEMs in the region.Furthermore, companies in this region are at forefront of technologicaladvancements in security software and hardware, which provides a solid base forthe market to grow. Lastly, the US is the world’s largest spender on militaryand is also known to be the quickest adopter of advanced military technologies,which will further strengthen the position of the region in this market. InAsia-Pacific, the market will be primarily driven by the swift modernization ofmilitaries, especially in India, China, and Japan, fueled by steadily risingdefense expenditures.
Competitive Landscape
Companies to Leverage Intelligent Technologies to Develop Next-GenSolutions
The competitive landscape of this market is marked by the presenceof a few, strong companies that are globally renowned for their diverseproducts. With a view to gain an additional edge in the market, these companiesare ramping up their R&D investment to engineer advanced solutionsintegrated with intelligent systems such as AI and IoT.
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