Overview and Scope
A security solution is a security system that prevents unauthorized access to and admission into various areas, such as defense, government, and personal ones. Security solutions are designed to protect against a wide range of threats, such as attacks, espionage, fire, subversion, accidents, and fire.
Sizing and Forecast
The security solutions market size has grown strongly in recent years. It will grow from $380.58 billion in 2023 to $417.8 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to legacy system vulnerabilities, early cyber attacks, advent of antivirus software, shift to network security, corporate data breaches.
The security solutions market size is expected to see strong growth in the next few years. It will grow to $609.63 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to emergence of quantum computing, supply chain vulnerabilities, cyber insurance growth, shift to zero trust architecture, cloud security evolution. Major trends in the forecast period include iot expansion, ai and machine learning, cloud migration, rise in cyber threats, remote workforce security.
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Segmentation & Regional Insights
The security solutions market covered in this report is segmented –
1) By Type: Product, Services, Other Types
2) By Application: Data Security And Privacy, Physical Security, Network And Cybersecurity, Application Security
3) By End Use: Commercial, Residential, Government, Healthcare, Other End-Users
North America was the largest region in the security solutions market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global security solutions market report during the forecast period. The regions covered in the security solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing number of crime cases and terrorist activities is expected to propel the growth of the security solutions market going forward. A criminal case is a court hearing in which a federal, state, or municipal government prosecutor charges someone with a crime. Terrorist activities refer to the use or threat of violence and try to instill terror in many people, not only the direct victims. Security solutions conduct forensic analyses on the log data produced by the IT infrastructure to reconstruct crime cases and terrorist activities. For instance, in May 2022, according to the article published by the Centers for Disease Control and Prevention, a US-based national public health agency, the firearm homicide rate rose by about 35% in 2020. There were 6.1 firearm homicides in 2020 compared to 4.6 in 2019, a 34.6% increase. Therefore, the growing number of criminal cases and terrorist activities are driving the security solutions market.
Key Industry Players
Major companies operating in the security solutions market report are Bosch Security Systems Inc., Assa Abloy AB, Hangzhou Hikvision Digital Technology Co. Ltd., ADT Inc., Honeywell International Inc., United Technologies Corporation, Secom Co. Ltd., Cisco Systems Inc., International Business Machines Corporation (IBM), Intel Corporation, Infineon Technologies AG, Allot Communications Ltd., Fortinet Inc., ABB Ltd, McAfee LLC, Accenture plc, Akamai Technologies Inc., A10 Networks Inc., Alert Logic Inc., AlienVault Inc., AppGuard Inc., Avast Software s.r.o., Bitdefender S.A., BlackBerry Limited, Carbon Black Inc., Check Point Software Technologies Ltd., Cloudflare Inc., CrowdStrike Holdings Inc., CyberArk Software Ltd., Darktrace Limited, Dell Technologies Inc., Digital Guardian Inc., Duo Security Inc., FireEye Inc., F-Secure Corporation, Gemalto N.V., Gigamon Inc.
The security solutions market report table of contents includes:
1. Executive Summary
2. Security Solutions Market Characteristics
3. Security Solutions Market Trends And Strategies
4. Security Solutions Market – Macro Economic Scenario
5. Global Security Solutions Market Size and Growth
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31. Global Security Solutions Market Competitive Benchmarking
32. Global Security Solutions Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Security Solutions Market
34. Security Solutions Market Future Outlook and Potential Analysis
35. Appendix
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