The security solutions market was valued at USD 257.9 billion in 2019 and is projected to reach USD 397.6 billion by 2024; it is expected to grow 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.
ADT (US), Honeywell International Inc. (US), Johnson Controls (US), Robert Bosch (Germany), Hikvision (China), Dahua Technology Co., Ltd (China), Axis Communications AB (Sweden), SECOM CO. LTD (Japan), United Technologies (US), ASSA ABLOY (Sweden), Siemens (Germany), and Halma (US) are among a few major players in the security solutions market. Most of the leading companies have adopted product launches and developments, and partnerships as key strategies to boost their revenues.
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Johnson Controls (US) is one of the leading providers of integrated infrastructure and next-generation systems for smart cities and communities. Johnson Controls holds a strong position in the security solutions market. After merging with Tyco, the company started targeting the home security system segment. With leading innovations in devices, controls, sensors, data analytics, and advanced solutions, the company focuses on opportunities in the smart building industry. Its leadership in technical services for security and energy management compliments organic growth strategies implemented by Tyco to grow in the market for resident security solutions. For instance, in August 2019, Johnson Controls launched Tyco Cloud, a new cloud-based security suite developed to help customers move costly and complex security infrastructure for access control and video surveillance to the cloud. With Tyco Cloud, organizations can reduce costs, improve enterprise security management, and scale security operations on demand, providing unlimited possibilities to deliver security services over the internet.
Honeywell International Inc (US) is a technology company that delivers industry-specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. The companys segment Honeywell Building Technologies is a leading global provider of products, software, solutions, and technologies that enable commercial building owners and occupants to ensure their facilities are safe, energy efficient, sustainable, and productive. Honeywell Building Technologies products and services include advanced software applications for building control and optimization; sensors, switches, control systems, and instruments for energy management; access control; video surveillance; and fire products; among others. To grow in the security solutions market the company has adopted the organic strategy of product launches. For instance, in July 2019, Honeywell announced the release of 30 Series IP Cameras, a new suite of video cameras that strengthens building safety and security through advanced analytics and secure channel encryption.
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
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