The global market for wireless security system is set to touch a valuation of USD 140 Billion by 2023, reveals Market Research Future (MRFR). The market also seems to have the potential to attain a growth rate of 11% between 2017 and 2023, which is the forecast period.
Primary Drivers and Top Challenges
Wireless security systems are gaining higher traction than the traditional variants, since they are used to facilitate home automation and can be used even when the lights go out. Surging penetration of sophisticated technology in wireless security systems paired with the advancements in solar-powered wireless security systems is attracting the attention of many end-users. Such factors are bound to underpin profits in the worldwide Wireless Security System Market.
Although the wireless security systems are superseding the wired ones across the globe, certain setbacks make them vulnerable to numerous reliability issues. On the bright side, the wireless security system market has been very well received by customers owing to a host of benefits being offered by these systems. A strong demand for this technology across several applications is poised to stimulate the growth of the wireless security system market during the estimated period.
Easy installation factor remains one of the top reasons for the growing demand for wireless security systems all over the world. With the alarming rise in data breaches, renowned manufacturers within the wireless security system market are now concentrating on the development of systems that work by using cutting-edge encryption software. This also helps ensure data protection and deals with the reliability challenges faced by the customers. Besides, a large population of tech-savvy people prefers to install wireless security systems, which also induces growth of the wireless security system market.
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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
The global market for wireless security system has been extensively studied by MRFR experts, considering the segments like type and industry.
The wireless security system types covered in the report are wireless network security and wireless home security. Wireless network security types are wireless alarm system, wireless monitoring systems and wireless security cameras. Expanding wireless networks along with the rising adoption of mobile devices across organizations is fuelling the demand for the wireless network security market. Wireless home security system can be split into intrusion prevention/detection systems, firewall, identity and access management systems, and others. Surge in crime rates and advancing consumer awareness about home security help boost the demand for home security systems.
The various industries that extensively use wireless security systems include retail, healthcare, construction and architecture, manufacturing, defense, commercial and residential, BFSI and government. The high dependency on the internet network by military organizations has been the result of the increasing frequency of cyber-attacks. Thus, the defense sector makes robust demand for wireless security systems in order to deal with such vulnerabilities.
Geographically speaking, the global wireless security system market has been categorized depending on North America, Europe, Asia Pacific (APAC) and the Rest-of-the-World (RoW).
It is expected that North America can achieve the top position in the global wireless security system market during the review period. The regional market growth is induced by the frequent technological advancements as well as the rising concerns regarding security. Also, a huge number of devices in the region are used that are backed by IoT and can be controlled from any remote location, which has driven the regional market to a better position in recent years. Additionally, a highly lucrative aerospace & defense industry in the region adds to the market strength.
APAC is set to be counted among the strongest markets for wireless security system in the near future, with countries like Japan, South Korea and China controlling the highest share in the region. These developing economies are increasing their investments in the development of defense and automation in sectors such as banking, transportation as well as retail.
In Europe, the wireless security system market has growth by leaps and bound over the years, thanks to the considerable investments being made in research and development of higher quality products using sophisticated technologies. Other than this, soaring awareness about security among the people and the high standard of living in the region is expected to boost market demand in the following years.
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- Software investors
- Security solution vendors
- Wireless security system service providers
- Value-added Resellers
- Investors and Venture Capitalist
- Security Management Service Provider
- Security Equipment Providers
- Security Agencies
- System Integrators
- Research/Consultancy firms
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