Global wireless security system market size was US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of XX% during forecast period.
Wireless security system is the system designed to prevent computers from unauthorized access and for safety of residential and commercial areas from any harmful attacks. It includes different wireless protocols such as wired equivalent privacy (WEP), Wi-Fi protected access (WPA), WPA2 and WPA3.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
The increasing safety concerns related with residential and commercial areas and growing cyber attacks are the major key drivers behind the growth of market. The increasing adoption of IoT based technologies and innovative advancement in wireless technology are leading to the growth of market. Furthermore, wireless security delivers some benefits such as flexibility, easy accessibility, easy interference, scalability, Wi-Fi and cellular communication options and increased efficiency, which are ultimately improving the market growth.
New opportunities such as wireless networking could offers new products or services. For instance, many airport departure lounges, train stations, cafes, hotels and restaurants have installed hot spot Wi-Fi services to allow mobile users to connect their equipment to their home, offices while travelling.
However, requirement of extra cost and 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.
Global Wireless Security System Market: Segmentation Analysis
By type, wireless network security segment dominated the market in 2018 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 keyloggers 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 and 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 Fe 2020, 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.
Global Wireless Security System Market: Regional Analysis
Region wise, North America is dominated the market in 2018 and 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.
Global 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. Cisco holds the largest market share of almost 45% in enterprise networking. Cisco 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 including all the stakeholders of the industry. The past and current status of the industry with 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 includes market leaders, followers and new entrants. PORTER, SVOR, 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 report also helps in understanding Global Wireless Security System Market dynamics, structure by analyzing the market segments and projects the Global Wireless Security System Market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Wireless Security System Market make the report investor’s guide.
The Scope of Global Wireless Security System Market
Global Wireless Security System Market, By Type
• Wireless Home Security
o Wireless security cameras
o Wireless alarm system
o Wireless monitoring systems
• Wireless Network Security
o Intrusion prevention/detection systems
o Identity and access management systems
Global Wireless Security System Market, By End User
• Commercial and residential
• Construction and architecture
• IT & Telecom
Global Wireless Security System Market, By Region
• North America
• Asia Pacific
• South America
• Middle East & Africa
Global Wireless Security System Market, Key Players
• Cisco Systems, Inc
• Assa Abloy
• FLIR Systems
• Bosch Security Systems, Inc.
• ADT Corporation
• Brocade Communications Systems Inc.
• Honeywell International, Inc.
• Fluke Corporation
• Symantec Corporation
• Motorola solutions