A new study published by research firm MarketsandMarkets reports that the security solutions market is going to be worth $397.6 billion by 2024.
This will reflect an anticipated compounded annual growth rate (CAGR) of 9% over the next 5 years, rising from its valuation of $257.9 billion in 2019.
The report states that the key contributing factors to the growth of the market as growing crime rates and terrorist activities on a global scale, an increase in consumer awareness of security concerns and a willingness to pay for security systems, as well as the rapid development in wireless technologies for fire prevention, and the growing demand for so-called DIY spy cameras.
The largest share of the market in 2019 belongs to fire prevention technologies, where new fire sensors operating on a network are leading to increased efficiency in fire protection systems. Along with video surveillance and access control systems, this segment of the market is expected to continue its growth over the forecast period.
The greatest growth sector in terms of CAGR for the security solutions market is expected to be in the Asia-Pacific region, with a number of regional governing bodies having already laid down safety standards for various sectors, creating the potential for an increase in demand for security systems. Technological and economic advances in the area are also expected to drive growth in the security solutions market.
December 11, 2019 – by Tony Bitzionis