International. This is according to research, according to which factors such as the proliferation of smart cities, the rise of critical infrastructure projects and the growing emphasis on data protection and privacy will boost the demand for security solutions.
The report Security Solutions Market by Systems, Services, Vertical - Global Forecast to 2029, further estimates that, globally, the industry will be valued at US $354.7 billion during 2024, forecast to reach US $502.1 billion million in 2029.
Video surveillance: the sector that will grow the most
Technological advances such as high-definition cameras, intelligent analytics, and cloud-based storage solutions enhance video surveillance capabilities, making it an indispensable component of comprehensive security strategies.
Various sectors, including retail, transportation and critical infrastructure, are increasingly adopting video surveillance systems to improve situational awareness and ensure a proactive approach to security challenges, thereby driving continued market expansion.
Additionally, as incidents of security breaches and criminal activities increase, organizations and individuals are investing in comprehensive video surveillance systems to deter potential threats and improve overall security.
The residential security solutions market is experiencing significant growth due to the growing awareness of the importance of home security, which has led homeowners to invest in advanced technologies to protect their properties and their loved ones.
Integrating smart home features such as surveillance cameras, smart locks and sensors allows homeowners to monitor and control their security systems remotely. This convenience and ease of use contribute to market growth as more homes adopt these advanced solutions.
Market boom in Asia Pacific
Growing concerns about terrorism, cyber threats, and geopolitical tensions have increased the need for sophisticated surveillance and protection systems.
Rapid urbanization and economic development in many countries in this region have resulted in a proliferation of critical infrastructure projects, smart cities and shopping malls. This expansion creates substantial demand for comprehensive security solutions to safeguard assets, people and information.