DUBAI, UAE, Oct. 25, 2023 /PRNewswire/ -- As per the latest report released by Kings Research, the global Security Solutions Market size was recorded at USD 301.62 million in 2022 and is estimated to reach USD 564.53 million by 2030, exhibiting a CAGR of 8.15% over the forecast period of 2023-2030. The market is experiencing rapid expansion due to the rising implementation of security solutions by businesses in various sectors. Additionally, increased public awareness of security issues, driven by a rise in criminal and terrorist activities worldwide, has contributed to market growth.
The demand for effective security solutions has increased due to the mounting reliance on digital technologies worldwide. The security solutions market encompasses a diverse range of products and services aimed at protecting against various online threats, including malware, phishing schemes, hacking endeavors, and data breaches. Within this market, there is significant competition from both prominent technology companies and specialized security firms.
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Competitive Landscape
Key participants in the global security solutions market are prioritizing partnerships as their prominent strategy to enhance their market share. For instance, in April 2023, Versa Networks and Lumen joined forces to enhance Lumen's range of network services and security solutions. The firms aimed to tackle various network and application-related attacks, including advanced threat prevention, Zero Trust Network Access, Firewall as a Service, and SD-WAN. Lumen integrated Versa's SASE software into its expansive network and cloud platform.
Prominent players in the global security solutions market include:
- Atos SE
- Axis Communications AB
- Bosch Sicherheitssysteme GmbH
- Cisco Systems, Inc.
- Honeywell International Inc.
- Ingersoll Rand
- Lumen Technologies
- Palo Alto Networks
- IBM
- VERSA NETWORKS, INC
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Trending now: Innovative Security Solutions Take Center Stage at SDC23 by Samsung
On August 8, 2023, Kamai Technologies, Inc. (NASDAQ: AKAM), a prominent cloud company focused on enhancing and securing online experiences, partnered with World Wide Technology (WWT), a global technology solutions provider. This collaboration aims to deliver Akamai's state-of-the-art security solutions to WWT's wide-ranging customer base across the globe.
WWT will seamlessly integrate Akamai's security offerings into its services for enterprises, service providers, and public sector clients on a global scale. The pivotal aspect of this collaboration is Akamai's integration into WWT's Advanced Technology Center (ATC). With a global presence, the ATC serves as a hub for a wide range of technologies, providing customers access to an ecosystem of innovation, research, and forward-thinking insights. Within the ATC, Akamai's API Security and Guardicore Segmentation solutions are actively deployed to streamline the process of conducting Akamai proofs of concept, labs, demos, and testing for maximum efficiency.
The global Security Solutions Market is segmented as:
By Type
- Products
- Services
Growing Adoption of Security Solutions for Diverse Range of Products to Boost Market Development
In terms of type, the products segment led the global security solutions market in 2022 due to the growing adoption of these solutions for a range of products such as wireless systems, wireless fire protection, intruder alarms, access control, and video surveillance. Rapid digitalization has significantly influenced the usage of security software, analytics software, and IoT platforms. These tools are utilized for safeguarding various services such as access control, video surveillance, remote monitoring, fire prevention, and security system integration within the service industry.
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By Application
- Data Security & Privacy
- Physical Security
- Network & Cybersecurity
- Application Security
Rising Integration of Security Solutions in Physical Security Products to Bolster Market Growth
On the basis of application, the physical security segment holds a prominent position in the global market for security solutions, primarily due to the widespread utilization of these solutions for sprinklers, fire alarms, and extinguishers. The increasing adoption of these solutions in residential and industrial structures is anticipated to positively impact the market landscape. These systems offer cost-effective security measures, along with features such as visible presence, GPRS tracking, rapid response, and active patrolling.
Technological Advancements to Drive Security Solutions Market Expansion
The market for security solutions is being fueled by the increasing use of wireless technology and is further growing due to the development of new technologies including big data and cloud computing. These innovations have made it possible to devise advanced wireless security systems, such as fire detection systems and wireless access control. A more advanced security architecture is being adopted frequently as smart cities emerge and home automation gains popularity. Furthermore, advanced home automation systems are becoming more prevalent due to emerging technologies such as 5G and Al.
The utilization of advanced technologies allows users to remotely control various household devices using mobile devices, thereby promoting home security and preventing unforeseen incidents. The implementation of wireless security systems has significantly enhanced the effectiveness of security solutions. Furthermore, the expansion of smart cities through the construction of commercial and government buildings, motorways, industrial areas, and airports has propelled market growth.
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North America Leads Security Solutions Market Due to Early Adoption of Technologies
North America is the leading region in the global security solutions market and is slated to observe notable progress driven by the early adoption of technologies such as access control, video surveillance, and fire prevention systems. The widespread use of access control for enhanced safety measures is expected to drive market growth. Additionally, mandatory fire protection regulations have led to the incorporation of fire prevention systems in most US buildings. Prevalent utilization of video monitoring for public safety is further augmenting industry revenue. Moreover, the regional market growth is expected to be boosted by the increasing number of security system original equipment manufacturers (OEMs) and service providers.
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Major Points from TOC:
1 Introduction of the Global Security Solutions Market
2 Executive Summary
3 Research Methodology
4 Global Security Solutions Market Outlook
5 Impact of Russia-Ukraine War
6 Global Security Solutions Market, By Type
7 Global Security Solutions Market, By Application
8 Global Security Solutions Market, By End-User
9 Global Security Solutions Market, By Geography
10 North America
11 Europe
12 Asia Pacific
13 Middle East & Africa
14 Latin America
15 Global Security Solutions Market Competitive Landscape
16 Company Profiles
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