Wireless Security System Market: Global Industry Analysis And Forecast (2023 to 2029)

Global Wireless Security System Market was valued at US$ 9.33 Bn. in 2022. The Global Wireless Security System Market size is estimated to grow at a CAGR of 12.4% over the forecast period.
Wireless Security System Market Overview:
The report explores the Wireless Security System market's segments (Type, End Users, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). This market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2018 to 2029. The report investigates the Wireless Security System market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Wireless Security System market's contemporary competitive scenario.

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Wireless Security System Market Dynamics:
The key factors driving market growth are rising cyber threats & worries about safety in residential and business sectors. The market is expanding as a result of the growing use of IoT-based technologies and creative advancements in wireless technology. Additionally, the flexibility, accessibility, ease of interference, scalability, Wi-Fi and cellular connection possibilities, enhanced efficiency, and other advantages of wireless security contribute to the market's overall growth. Wireless networking is one of the emerging opportunities that can provide new goods or services. To give one example, numerous airport departure lounges, train stations, cafes, hotels, & restaurants have installed hot spot Wi-Fi services to enable mobile users to connect their equipment to their homes and businesses while travelling.

However, requirement of extra cost & equipment to set up are the major restrain factors that could hamper the growth of market. Also despite various benefits there are some downsides of wireless security system such as coverage range, dependability on networks and transmission speed could hinder the growth of market. The detailed information of these growth drivers, restrain factors and future opportunities are covered and analyzed in the global wireless security system market research report.

Growing cyber-attacks are the major key drivers behind the growth of market:

Security breaches cause major companies to lose $25 each minute, & cybercrime costs companies $2.9 Mn. per minute. The majority of firms are unprepared to handle cyber threats in spite of the warning indicators. According to research by MMR, approximately 70% of business executives believe their Cybersecurity risks are rising, & study estimates that only 5% of corporate data is adequately safeguarded. With the growth of ransomware-as-a-service, in which cybercriminal gangs produce & sell ransomware to affiliates, ransomware attacks have gained widespread acceptance. Data breaches have also become the new normal as attackers take advantage of illegally obtained access to steal consumer information, intellectual property, or trade secrets to be sold or traded in specialized underground forums.

While cyber dangers affect almost all businesses, some need to exercise extra caution since they are more frequently impacted than others. Some of the most commonly targeted sectors include healthcare, essential infrastructure, transportation, & education. In the first half of 2022, ransomware assaults on the sector happened at a pace of four cases per week. Cybercriminals target health records because they are low-risk and offer huge rewards. Each record has a high value on the black market, and there is little likelihood that the perpetrators will be found. The widespread usage of both commercial & residential Internet, cybercrime has been increasing. The diversity of cyber threats is expanding along with the amount of cyber-attacks, which makes it more challenging to adequately protect sensitive data going forward.

Evolution of the In-Building Security System & Modern Approaches:

New government legislation that was passed in many regions of the world, particularly in developing nations & those where there is a wide gap between the classes of the population, was one of the first forces behind this transformation. The requirement that first-order threat verification be done before dispatching emergency services has had the biggest impact. This resulted from a rise in false alarm rates and ineffective use of municipal resources (police, fire, EMS). Two distinct but related measures were carried out in order to follow this directive. The hardware itself has been updated with new sensor technology by the system development OEMs, and the level of remote human staff monitoring has been increased by the system service providers.
Wireless Security System Market Segmentation Analysis:
By type, wireless network security segment dominated the market in the year 2022 and is expected to keep its dominance at CAGR of XX% during forecast period. Wireless network security is the process of designing, implementing and ensuring security on a wireless computer network. Increasing frauds of unauthorized access and growing cybercrimes are driving the growth of market. Also rapid adoption of firewall network security is results into the growth of market. It monitors and controls incoming and outgoing network traffic based on predetermined security rules. Furthermore, firewall offers some benefits such as traffic monitoring, Trojans blocking, keeping hackers out of user’s network, and reducing the risk of key loggers are ultimately improving the growth of market. Additionally, wireless home security segment is expected to grow at high CAGR owing to rapid adoption of smart homes, smart offices and intelligent building systems.



By end user, banking, financial & insurance services and commercial and residential segments dominated the market and are expected to grow at high CAGR during forecast period. To prevent customers data securely, adoption of wireless security system in BFSI sector have increased. Growing adoption of mobile banking net banking requires extra protection to customer’s valuable data, which ultimately leads to the growth of market. Also growing adoption of smart home security devices such as security alarms, smart lighting technologies and video surveillance cameras are improving the market growth in commercial and residential sector. Alternatively, IT and telecom segment expected to grow market. In the year 2022, Smartfren, one of Indonesia’s leading telecom operators with more than 20 million active subscribers, announced Cisco as its preferred digitization partner to create a multi-cloud architecture. The project will entail the creation of digital services data centre architecture in Indonesia with cloud computing, managed services, and cloud services integrated.
Regional Insights:
Region wise, North America is dominated the market in the year 2022 & is expected to maintain its dominance during forecast period. The US and Canada are dominated the market. This is owing to the technological advancements and high security concerns across the region. Also massive presence of wireless security providers such as Cisco and Symantec Corporation are driving the growth of market. In Jan 2020, Cisco's first Cyber security Co-Innovation Centre in Europe opened its doors in Milan at the Leonardo da Vinci Science and Technology Museum. It is dedicated to cyber security and privacy. It will focus on complex supply chains, IoT technologies, and critical country infrastructures like utilities, smart grids and 5G as well as public digital services with embedded security.

Wireless Security System Market Competitive Analysis:

The report analyzed the detailed information about the market key players such as Cisco, Motorola Solutions, Brocade Communications, ADT, and Honeywell, among others. Cisco is the current leader in wireless security system market. The Cisco holds the largest market share of almost 45% in enterprise networking. It followed by Brocade communications is leading the market. In Feb 2020, Cisco published its sixth annual CISO Benchmark Report surveying the security posture of 2,800 security professionals from 13 countries around the globe. The report provides 20 cyber security considerations for 2020, gleaned from data analysis of survey results and a panel of Advisory CISOs.

The objective of the report is to present a comprehensive analysis of the global Wireless Security System Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Wireless Security System Market dynamic, and structure by analyzing the market segments and projecting the Wireless Security System Market size. Clear representation of competitive analysis of key players by Design, price, financial position, Type portfolio, growth strategies, and regional presence in the Wireless Security System Market make the report investor’s guide.
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Global Wireless Security System Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 9.33 Bn.


Forecast Period 2023 to 2029 CAGR:
12.4%
Market Size in 2029:
US$ 21.15 Bn.


 Segments Covered:
by Type
Wireless Home Security
Wireless Network Security


by End Users
BFSI
Commercial and residential
Government
Construction and architecture
Manufacturing
IT & Telecom
Defense
Healthcare
Retail
Others



Wireless Security System Market, by Region:
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players:
1. Cisco Systems, Inc.
2. Assa Abloy
3. FLIR Systems
4. Bosch Security Systems, Inc.
5. ADT Corporation
6. Brocade Communications Systems Inc.
7. Honeywell International, Inc.
8. Fluke Corporation
9. Symantec Corporation
10. Fireye
11. Blackberry
12. Motorola solutions
13. Fortinet
14. Frontpoint
15. ZTE Corporation
16. Huawei Technology Co. Ltd
17. Hewlett Packard Enterprise
18. Juniper Networks
19. A10 Networks
20. Dell Inc.
21. Alcatel-Lucent S.A.
22. Blue Coat Systems Inc.

Frequently Asked Questions:

1. What is the study period of the market?
Ans. The Global Wireless Security System Market is studied from 2018-2029.

2. What is the growth rate of Wireless Security System Market?
Ans. The Global Wireless Security System Market is growing at a CAGR of 12.4% over forecast period.

3. Which region has largest share in The Global Wireless Security System Market?
Ans. North America holds the largest share.

4. What is the Global Wireless Security System Market segment based on Application?
Ans. Based on Type, End Users

5. Who are the key players in the Global Wireless Security System Market?
Ans. The key players in the Global Wireless Security System Market are Cisco Systems, Inc
Assa Abloy, FLIR Systems, Bosch Security Systems, Inc., ADT Corporation, Brocade Communications Systems Inc., Honeywell International, Inc., Fluke Corporation, Symantec Corporation, Fireye, Blackberry, Motorola solutions, Fortinet, Frontpoint, ZTE Corporation, Huawei Technology Co. Ltd, Hewlett Packard Enterprise, Juniper Networks, A10 Networks, Dell Inc. Alcatel-Lucent S.A. Blue Coat Systems Inc.