February 26 2021
Market Research Future published a research report on “Security Solutions Market Research Report - Global Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Security in information technology (IT) is the protection of IT assets and digital information against internal & external and accidental threats. There are mainly two types of security; physical security, and information security. Information security is further segmented into application security, cloud security, endpoint security, internet security, and mobile security. Physical security includes protection of hardware, software, personnel, and networks. Physical security often includes employee access controls to the building and specific locations such as data centers. Information security contains a broad set of strategies which is often used to detect, prevent, and respond to threats to both non-digital and digital information assets. The security solutions are majorly used by manufacturers, distributors, software developers, vendors, semiconductor manufacturers, stakeholders, end-user sectors, and technology sectors among others. Growing consumer awareness regarding security concerns, increasing need to protect individual’s property from the growing threats, willingness to invest for security systems, increasing demand of wireless technology in security systems, and adoption of new advanced security systems drives the security solutions market. However, low adoption of security solutions by manufacturers restricts the growth of security solutions market.
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Cisco Systems Inc. is one of the big players in security solution and provides various types of solutions. The company provides security solutions for service providers, enterprise network, IoT threat defense, and industrial control systems.
The global security solutions market is expected to reach USD 410.27 billion by the end of the forecast period at 10.73% CAGR.
The prominent players in the Security Solutions Market are Honeywell International, Inc. (US), Tyco International Ltd (US), Godrej & Boyce Manufacturing Company Limited (India), Bosch Security Systems (Germany), ASSA ABLOY AB (Sweden), Hikvision Digital Technology Co.Lt (China), ADT Corp(US), Nortek Security & Control LLC (US), UTC Fire & Security (US) and SECOM Co., Ltd (Japan) among others.
Security Solutions Market – Segmentation
Global Security Solutions Market – Regional Analysis
The regional analysis of security solutions market is being studied for region such as Asia-Pacific, North America, Europe and rest of the world.
Asia-Pacific is expected to dominate the security solutions market during forecast period. China, Japan, South Korea are expected to dominate the Asia-pacific market during forecast period. Robust growth in the financial and banking service sectors and rising economic development in terms of infrastructure (airports, railways, and highways) are expected to boost the security solutions market in Asia-Pacific.
North America region is expected to grow at faster rate during forecast period. US, Canada, and Mexico are expected to dominate the security solutions market in North-America region. Mandatory fire protection and safety regulations drives the security solutions market in North-America region.
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