The research firm MarketsandMarkets has released a new report on the security solutions market, projecting that the demand for security products and services will hit $373 billion by 2022. That number reflects a CAGR of 10.2 percent between 2017 and 2022.
The commercial sector will make up the largest portion of that market, with corporations needing to ensure the safety of physical locations and digital assets. According to the report, biometric solutions are becoming increasingly popular for both purposes, largely because they able to limit access to authorized personnel.
MarketsandMarkets credited the growth to the rising demand for wireless and IoT technology. The firm indicated that people are becoming more aware of new security threats, and are consequently willing to pay to protect their physical and digital safety.
As a result, the market for security products like video surveillance cameras will be larger than the market for security services leading up to 2022. Wireless security systems that are easy to install and operate are expected to make up the largest share of that market.
MarketsandMarkets has previously predicted major growth for the facial recognition, identity verification, and risk-based authentication markets, all of which represent a smaller portion of the overall security solutions market.
July 24, 2019 – by Eric Weiss