Owing to beneficial features such as threat monitoring, provision of customized security services in alignment with the needs of the customers, and proactive threat management, the global integrated security system market is experiencing a surge in its demand lately. It has been experiencing a greater adoption as compared to its other alternatives that operate in the market.
With the need for cost-efficient security solutions that are able to adapt to the ever-changing environment, various companies and businesses are adopting integrated security systems. This has further pushed the demand for the integrated security system market upwards. These factors have further propelled the demand for integrated security systems thus, increasing the dependence on this market.
Rapid end-use applications across industries such as IT and telecom, BFSI, healthcare, and the like for the remote management of a number of security aspects through a singular system of a program from a specific location are fostering remarkable progress in the global integrated security system market. The market consistently undergoes a series of developments in order to provide better services.Advantages such as effective prevention of crimes, and efficient management of a business by improvement in its safety and productivity encourage further adoption of the integrated security system market in the long run.
Considering these factors, it is reasonable to say that the integrated security system market is growing at an appreciable compound annual growth rate (CAGR) of 10.9%. It is expected that the market might acquire a size of USD 110.2 billion during the period of forecast, that is, 2021-31.
Integrated security systems offer security solutions that are easily adaptable to the current changing circumstances. They also possess high speed and intelligence and sophistically carry out their designated operations. These services assist in the provision of multi-tiered protection as well as video management solution. A large number of companies are developing these systems with aim of providing maintenance services so as to fight the multi-layered risks that are involved.
Covid-19 Impact and Market Status
The worldwide crisis of the Covid-19 pandemic was seen to moderately affect the globally integrated security system market. While the demand for security systems at home decreased because a majority of people stayed at home thus, being able to keep a check on theft and burglaries at their place, they did not find investing in these services that useful. Their use in the healthcare sector increased owing to a large amount of rush in hospitals and healthcare spaces. Gradually, the market is rising as a whole and is expected to gain a good rate of growth during the study period.
A significant rise in the demand for integrated security systems is because of the increased reliability and their ability to assist in providing highly efficient performance. They help in the improvement of technological infrastructure for front-line security services. These services are also in demand because they promote compliance with a defined set of management systems. The integrated security systems have an in-built cognitive management system that detects hazards by gathering and analyzing information based on various activities.
However, the installation of integrated security systems involves complexities along with high costs of the software, implementation services, and hardware. The sensors initiate a considerable amount of data that might create data traffic. This might hamper the growth of the market during the study period. In spite of the limitation, the ability of the software to deliver relevant information within a stipulated period of time has
On-Premise to Remain the Most Lucrative Segment
On the basis of deployment, the on-premise segment is expected to hold the largest share of the market by the end of the forecast period. Maximum organizations and businesses prefer integrated security system services to be handled on-premise. A large number of companies are adopting these security solutions for the protection of corporate data.
Large Enterprises to Ensure Maximum Revenue
In comparison with the small and medium-sized enterprises (SMEs), it is anticipated more of the large enterprises to emerge as more prominent users of integrated security services. With technological advancement, there is an increased requirement for better security system services. With the aim of safeguarding the business, large enterprises have begun to increase their spending more towards integrated security services.
Compliance Management to Yield Maximum Revenue
On the basis of application, the global integrated security system has been segmented into Compliance Management, Identity and Access Management, Theft Management, and Others. Among these, the compliance management category has been projected to be the most revenue-yielding. There is a constant rise in the number of laws that are being imposed worldwide that affect various organizations. These security services support the end-to-end process of compliance thus, driving their large-scale usage. They also ensure that sustainable practices are in place.
Healthcare to Continue its Dominance over the Forecast Period.
The healthcare industry is more likely than any other user to emerge as the one with the maximum growth during the forecast period. There has been an increased rate of adoption of Electronic Health Records (EHR) in the healthcare sector which is majorly responsible for driving the growth of this market for the protection of patients as well as institutions. The integration of security systems in the healthcare industry is evident from the rapid adoption of services like video surveillance, access control, and intrusion detection.
North America is Expected to Render Ample Investment Avenues
Europe is expected to continue its dominant position in the global international security services market during the period of forecast, that is, 2021-31. The rise in demand for these services owes to the increase in the existence of various software service providers.
The key players in the integrated security system market are Microsoft Corporation, Honeywell International Inc., Sophos Group, Cisco Systems Inc., Optiv Security, IBM Corporation, CGI Group Inc., Trend Micro Inc., Symantec Corporation, and DynTek Inc. among others. These players compete with each other in the market and each of them aims to earn higher profits and acquire a position above that of their competitors in the market.
Latest Innovations in the Global Integrated Security System Market: a Snapshot
• As per an article published in November 2022, Optiv helps critical industries with cyber offerings and protection wings. Its security program provides guidance toward cyber maturity with the help of more modern, integrated IT/OT systems.
• In August 2022, Optiv Canada was also awarded the first enterprise contract under the federal government’s procurement vehicle of cyber security.
Integrated Security System Market Scope
|Revenue forecast in 2031
|USD 110.2 billion
|CAGR of 10.9 % during 2021-2031
|by Deployment, Enterprise Size, Application, Industry Vertical, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Microsoft Corporation, Honeywell International Inc., Sophos Group, Cisco Systems Inc., Optiv Security, IBM Corporation, CGI Group Inc., Trend Micro Inc., Symantec Corporation, and DynTek Inc. among others
Key Segments of the Global Integrated Security System Market
By Deployment Overview (USD Billion)
• On Premise
By Enterprise Size Overview (USD Billion)
• Large Enterprises
• Small and Mid-sized Enterprises (SMEs)
By Application Overview (USD Billion)
• Compliance Management,
• Identity and Access Management
• Theft Management
By End-User Overview (USD Billion)
• IT and Telecom
• Energy and Utilities
By Regional Overview (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and Africa