Wireless Security System Market 2020-2023 Global Leaders: Assa Abloy, FLIR Systems, ADT Corporation, Honeywell International, Fluke Corporation

Market Research Future published a research report on “Wireless Security System Market Research Report- Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Market Overview

The global wireless security system market was recently analyzed and studied by Market Research Future (MRFR), based on which a report was released. The report stated that the global Wireless Security System Market is expected to grow at a compound annual percentage of 11% during the assessment period of 2017 and 2023. The global market is further expected to reach a valuation of USD 140 billion by the end of the forecast period.

The report by MRFR identifies that the global market is primarily influenced by the increasing demand for security measures. Aside from this, the proliferating usage of Internet of Things (IoT) and the striking number of advancements in wireless technology is expected to also push the growth of the market. However, the high pricing level of wireless security systems is a major constraint to the overall growth of the market.

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

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Market Segmentation

The global wireless security system market segmentation is based in terms of industry and type.

• By type, the market divides into wireless home security and wireless network security. The wireless network security segment is broken down into wireless alarm system, wireless monitoring systems, and wireless security cameras. The segment is growing at a consistent pace due to the expanding number of wireless networks being integrated in enterprises and the increasing adoption rate of mobile devices at workplaces.
• On the other hand, the wireless home security segment is narrowed down into identity and access management systems, firewall, intrusion prevention/detection systems, and others. The increasing crime rate percentage and the surging awareness of consumers in regards to home security are key driving factors of the segment.
• By industry, the market includes retail, construction and architecture, manufacturing, defense, commercial and residential, government, and BFSI. The defense industry is reportedly making massive use of wireless security system. This is due to the proliferating dependency of military organizations on the internet network owing to the booming frequency level of cyber-attacks.

Regional Analysis

The global wireless security system market is regionally distributed across the following regions: North America, Europe, and the Rest of the World (RoW).

The North America region spearheads the global wireless security system market and is expected to continue doing so till the forecast period of 2023. This phase of consistent growth is primarily due to the high rate of technological advancements and concerns related to security. Additionally, a vast number of devices are connected with IoT and hold control of these devices even from remote locations, which can drive growth of the market in this region. Moreover, the advanced aerospace and defense industry herein is massively aiding the regional market’s foothold.

The Asia Pacific region is expected to register a striking CAGR over the forecast period to hold a significant position in the global wireless security system market. Countries like South Korea, Japan, and China hold massive share and contribute to the overall growth of the region. With these countries investing significantly in defense and automation across industries like transportation, retail, and banking, the Asia Pacific region is expected cement its status as a key market in wireless security systems.

Elsewhere in Europe, increasing investments in research and development activities to bring-forward superior products with advanced technologies has propelled the growth of the region. Additionally, the high living standard and the increasing awareness concerning security among the consumers is driving the growth of the European regional market.

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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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This release was published on openPR.