Security Solutions Global Market Report 2023
Major players in the security solutions market are Bosch Security Systems Inc., Assa Abloy AB, Hangzhou Hikvision Digital Technology Co. Ltd., ADT Inc., Honeywell International Inc., UTC Climate, Controls & Security, Secom Co.
New York, July 27, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Security Solutions Global Market Report 2023" - https://www.reportlinker.com/p06480061/?utm_source=GNW
Ltd., Cisco Systems Inc., International Business Machines Corporation, Intel Corporation, Infineon Technologies AG, Allot Ltd., Fortinet Inc., ABB Ltd., and McAfee Corp.
The global security solution market is expected to grow from $346.33 billion in 2022 to $380.58 billion in 2023 at a compound annual growth rate (CAGR) of 9.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The security solution market is expected to reach $548.92 billion in 2027 at a CAGR of 9.5%.
The security solutions market consists of revenues earned by entities by providing security solution services such as network design, security hardware, and software and storage solutions.The market value includes the value of related goods sold by the service provider or included within the service offering.
The security solution market also includes sales of video monitoring services, live security camera monitoring services and network security. which are used in providing security solutions services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
A security solution is a security system that prevents unauthorized access to and admission into various areas, such as defense, government, and personal ones. Security solutions are designed to protect against a wide range of threats, such as attacks, espionage, fire, subversion, accidents, and fire.
North America was the largest region in the security solutions market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in security solutions report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of security solutions include products, services and others.Services relate to the many professional solutions and support provided by security businesses or consultants to assist organizations in implementing, managing, and maintaining effective security measures.
They are used in applications such as data security and privacy, physical security, network and cybersecurity and application security in end-users such as commercial, residential, government, healthcare and others.
The growing number of crime cases and terrorist activities is expected to propel the growth of the security solutions market going forward.A criminal case is a court hearing in which a federal, state, or municipal government prosecutor charges someone with a crime.
Terrorist activities refer to the use or threat of violence and try to instill terror in many people, not only the direct victims.Security solutions conduct forensic analyses on the log data produced by the IT infrastructure to reconstruct crime cases and terrorist activities.
For instance, in May 2022, according to the article published by the Centers for Disease Control and Prevention, a US-based national public health agency, the firearm homicide rate rose by about 35% in 2020. There were 6.1 firearm homicides in 2020 compared to 4.6 in 2019, a 34.6% increase. Therefore, the growing number of criminal cases and terrorist activities are driving the security solutions market.
Product innovation is a key trend gaining popularity in the security solutions market.Major companies operating in the security solutions market are focused on developing innovative products with advanced technologies to strengthen their position in the market.
For instance, in April 2020, FLIR Systems Inc., a US-based company specializing in designing and producing thermal security cameras and sensors, launched the innovative FLIR A400/A700. Thermal Smart Sensor and Thermal Image Streaming fixed camera security solutions for monitoring equipment, production lines, critical infrastructure, and screening for elevated skin temperatures. These highly configurable smart camera security solutions systems provide accurate, non-contact temperature monitoring across various disciplines of manufacturing process control, product development, emissions monitoring, waste management, facilities maintenance, and environmental, Health, and Safety (EHS) improvements.
In April 2022, Sophos Group plc, a UK-based provider of next-generation cybersecurity solutions acquired SOC.OS for an undisclosed amount. With the acquisition of SOC.OS, Sophos intends to improve its Managed Threat Response (MTR) and Extended Detection and Response (XDR) solutions for businesses of all sizes by incorporating more telemetry and context from alerts and events across dozens of third-party endpoint, server, firewall, Identity and Access Management (IAM), cloud workload, email, and mobile security products. SOC.OS is a UK SaaS-based security company
The countries covered in the security solutions market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The security solutions market research report is one of a series of new reports that provides security solutions optical components market statistics, including security solutions optical components industry global market size, regional shares, competitors with a security solutions optical components market share, detailed security solutions optical components market segments, market trends and opportunities, and any further data you may need to thrive in the security solutions optical components industry. This security solutions optical components market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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