Wireless Security System Market to Expand at an 9.57% CAGR During Forecast Period 2024-2032

Pune, India, July, 2018 /press release/- Market Research Future Published a Half Cooked Research Report on Global Wireless Security System Market Research Report.

Market Scenario

As stated in a detailed report by Market Research Future (MRFR), the global wireless security system market is projected to grow at an 9.57% CAGR during the forecast period (2024-2032). It can reach USD 140.9 BN by 2032. The report analyses that the wireless security system market is exhibiting this growth due to increasing demand for security measures. Apart from this, the increasing usage of Internet of Things (IoT) and advancements in the wireless technology also propel the market growth. Technological advancements which assist in developing cost-effective security systems can stimulate the wireless security system market growth. Growing pervasiveness of smartphones for wireless security options, emergence of solar-powered wireless security system, and demand for wireless home-security cameras provide lucrative opportunities to the wireless security system market globally. The wireless security system also provides security to critical infrastructures such as airports without any additional wiring and maintenance costs.

Various trends include development of flood detectors used as an alarm for potential weather threat, fire sensors, and mobile devices monitoring and many more. These upgrades provide with further security through wireless security system. However, high costs of wireless security systems may prove to be detrimental for the wireless security system market.

Market Segmentation

The wireless security system market is segmented on the basis of type and industry.

The types of wireless security system are wireless network security and wireless home security. Wireless network security is sub-segmented into wireless security cameras, wireless alarm system, and wireless monitoring systems. Increasing wireless networks in enterprises and growing adoption of mobile devices at workplaces are primary factors driving the growth of wireless network security. Wireless home security system is further segmented into firewall, intrusion prevention/detection systems, identity and access management systems, and others. Increase in crime rates and growing consumer awareness of home security are factors driving the growth of home security system.

Various industries making use of wireless security systems are construction and architecture, retail, healthcare, defense, manufacturing, government, commercial and residential, and BFSI. There is an increase of dependency of military organizations on the internet network due to growing frequency of cyber-attacks. Therefore, defense sector makes heavy use of wireless security system to counter these vulnerabilities.

Regional Analysis

The wireless security system market is geographically segmented into Asia Pacific, North America, Europe, and Rest-of-the-World (RoW).

It has been observed that North America will dominate the market for wireless security system till 2032 due to technological advancement and high concerns for security. Moreover, large number of devices being connected under IoT and control of these devices from remote locations can drive the growth of the market in this region. Also, highly advanced aerospace & defense industry in this region helps the market gain a foothold.

On the other hand, Asia-Pacific is projected to exhibit a positive growth rate in the wireless security system market during the forecast period. Countries like China, Japan, and South Korea have a sizeable share in the wireless security system market. These countries are investing more in defense and automation in industries like retail, banking, and transportation.

Investments in research and development of better products with sophisticated technologies have enhanced the market growth in the Europe region. Also, high standard of living and growing awareness about security among masses can fuel the market growth in Europe.

Competitive Landscape

The key players competing in the wireless security system market are Cisco Systems, Inc. (U.S.), Assa Abloy (Sweden), FLIR Systems (U.S.), Honeywell International, Inc. (U.S.), Fluke Corporation (U.S.), Symantec Corporation (U.S.), Fortinet (U.S.), and others.

Industry News

Wi-Fi Alliance, a non-profit organization, has introduced the Wi-Fi CERTIFIED WPA3 security system, the next generation of Wi-Fi security, which will enhance Wi-Fi protections in personal and enterprise networks. WPA3 has new features to simplify Wi-Fi security, enable robust authentication, and offer increased encryption for highly data sensitive markets. This system prevents many casual types of data theft that could otherwise occur with older systems. This evolution of Wi-Fi will help Wi-Fi Alliance to stay ahead in the market and maintain its position as one of the best wireless security system based company.