Market Scenario
As stated in a detailed report by Market Research Future (MRFR), the global wireless security system market is projected to grow at 11% of CAGR and reach USD 140 BN during forecast period (2017-2023). The report analyses that the wireless security system market is exhibiting this growth due to increasing demand for security measures. Apart from this, the increasing usage of Internet of Things (IoT) and advancements in the wireless technology also propel the market growth. The technological advancements help develop cost-effective security systems which stimulate the wireless security system market. Growing pervasiveness of smartphones for wireless security options, emergence of solar-powered wireless security system, and demand for wireless home-security cameras provide lucrative opportunities to the Wireless Security System Market globally. The wireless security system also provides security to critical infrastructures, such as airports without any additional wiring and maintenance costs.
However, high costs of wireless security systems may prove to be detrimental for the wireless security system market. But in the coming years, the global wireless security system market will be highly driven by the increasing number of technological advancements. The inclination toward creating a modern living is expected to fuel the growth of the overall market.
Various trends in this market are flood detectors used as alarm for potential weather threat, fire sensors, and mobile devices monitoring and many more. These upgrades provide with further security through wireless security system.
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Key Players
The prominent players in the wireless security system market are – Cisco Systems, Inc. (U.S.), Assa Abloy (Sweden), FLIR Systems (U.S.), Bosch Security Systems, Inc. (Germany), ADT Corporation (U.S.), Brocade Communications Systems Inc. (U.S.), Honeywell International, Inc. (U.S.), Fluke Corporation (U.S.), Symantec Corporation (U.S.), Fortinet (U.S.), among others
Industry News
Wi-Fi Alliance has introduced Wi-Fi CERTIFIED WPA3 security system, the next generation of Wi-Fi security, which will enhance Wi-Fi protections in personal and enterprise networks. WPA3 has new features to simplify Wi-Fi security, enable robust authentication, and also deliver increased cryptographic strength for highly sensitive data markets. This system prevents many casual types of data theft that could otherwise occur with older systems. This evolution of Wi-Fi will help Wi-Fi Alliance to stay ahead in the market and maintain its position as one of the best wireless security system based company.
Market Segmentation
The global wireless security system is segmented on the basis of type and industry.
The types of wireless security system are wireless network security and wireless home security. Wireless network security includes wireless security cameras, wireless alarm system, and wireless monitoring systems. Increasing wireless networks in enterprises and growing adoption of mobile devices at workplaces are the primary factors driving the growth of wireless network security. The wireless home security system is segmented into firewall, intrusion prevention/detection systems, identity and access management systems and many more. Increase in crime rate, and growing consumer awareness of home security are the factors driving the growth of home security system.
Various industries that make use of wireless security system are construction and architecture, retail, healthcare, defense, manufacturing, government, commercial and residential, and BFSI. There is an increase of dependency of military organizations on the internet network due to growing frequency of cyber-attacks. Therefore, defense sector makes heavy use of wireless security system to counter these vulnerabilities.
Regional Analysis
The global wireless security system market is geographically segmented into Asia-Pacific, North America, Europe, and the Rest of the World (RoW).
It has been observed that North America dominates the market for wireless security system due to technological advancement and high-security concerns. Moreover, large number of devices being connected under IoT and enablement of remote connection drives the growth of the market in this region. Also, highly advanced aerospace & defense industry in this region helps the market gain a foothold.
On the other hand, Asia-Pacific is projected to exhibit a positive growth in the wireless security system market during the forecast period (2017-2023). Countries like China, Japan, and South Korea have a sizeable share in the wireless security system market. These countries are investing more in defense and automation in industries like retail, banking, and transportation.
Investments in research and development of better products with sophisticated technologies have enhanced the market growth in the Europe region. Also, high standard of living and growing awareness about security among mass aids the market growth in Europe.
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Intended Audience
- Software investors
- Security solution vendors
- Wireless security system service providers
- Value-added Resellers
- Distributers
- Investors and Venture Capitalist
- Security Management Service Provider
- Security Equipment Providers
- Security Agencies
- System Integrators
- Research/Consultancy firms
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