The wireless security system market size was valued at around USD 17.91 Bn in 2022 and is estimated to reach USD 52.55 Bn by 2031, expanding at a CAGR of 12.70% during the forecast period, 2023 – 2031. The growth of the market is attributed to the rising adoption of advanced wireless security solutions by commercial and residential users against increasing instances of cybercrimes.
Wireless security systems are deployed for safeguarding wireless networks and physical premises from unauthorized access. The system mostly consists of advanced security devices such as sensors, alarms, detectors, and CCTV cameras. All of these modules are connected to the base panel with the support of radio signals.
The wireless security system is mainly devised into two types, they are wireless network security and wireless home security. Wireless network security is designed with the aim of securing wireless computer networks. It is typically delivered through devices such as wireless routers or wireless switches.
All types of incoming and outgoing network communications are encrypted and secured by routers and switch devices. Encryption keeps the information contained in the communication safe even if the system is hacked by cybercriminals.
The other key type of wireless security system is wireless home security. It includes the installation of different wire-free security gadgets that raise alarms for the owners or concerned personnel when there is an occurrence of security breaches. All of the devices are connected to the main internet switch or router with Wi-Fi or Bluetooth connectivity solutions.
Advanced sensors, detectors, smart locks, and security cameras are used in modern homes and offices to detect and record various movements. The devices are programmed to send alerts through mobile applications when there is a suspicious movement, incidents of fire, and other such occurrences.
Wireless security systems are flexible in nature as they enable smarter and customized use of gadgets as per the requirements of the owners. Moreover, the wireless security gadgets’ data can be directly stored on the cloud which then protects recorded information even if there is damage to the wireless devices.
The COVID-19 pandemic impact is mostly positive for the growth of the wireless security system market. The rise of dependence on internet-connected solutions over the last few years increased the need for deploying robust network and physical security solutions. The ease of installation and ability to customize as per requirements advantages came to be highly beneficial for commercial and residential users in streamlining the security of valuable assets.
Wireless Security System Market Dynamics
Wireless Security System Market Key Trends
The growing digitization across various end-user industries is a key trend boosting the growth of the wireless security system market. Organizations including private and government are required to implement highly efficient wireless security solutions on networks and premises to prevent network breaches or theft of data from cyber-attacks. Sectors such as financial, healthcare, technology, and energy come under increased threat of cybercrimes. The research suggests the average cost per data breach is USD 3.86 million as of March 2022.
Wireless Security System Market Major Drivers
- The rise in demand for WLAN (wireless local area network) across enterprises is another key driver for the market. WLAN security protects networks from security breaches that commonly occur during wireless transmissions. The range of WLAN signals does not have any limits, due to which it is highly important to deploy a WLAN security mechanism to prevent illegal access to the networks.
- The growing use of wireless security devices for home and commercial premise safety is another major factor fueling the market growth. The incidences of burglaries, privacy intrusion, and other crimes have increased considerably in recent years in commercial and residential premises. Globally, demand for sensors, detectors, video surveillance cameras, and other such devices has risen sharply to set up home security systems.
Wireless Security System Market Existing Restraints
- The high cost required for buying, installing, and implementing wireless security systems is likely to be one of the major hindering factors for the market. The integration of advanced features such as radio transmitters, sensors, and others adds to the cost required for purchasing and setting up the system.
- The disadvantages of wireless systems such as interference in signal transmission, limited coverage length, and low-speed transfer of data can also restrain the market growth. The wired security systems have the upper hand in terms of reliable transfer of data as it does not get affected by minor interferences.
Wireless Security System Market Emerging Opportunities
- The growing scope of Internet of Things (IoT) solutions for wireless security measures is anticipated to create significant opportunities for the market players. The investment in research and development is increasing in terms of integrating the latest advances in technology to derive instant responses and better prevention of major incidences.
- The deployment of wireless security gadgets in smart cities initiative with increasing availability of 5G network connectivity is also expected to create favorable growth prospects for the market in the coming years. These wireless solutions can be beneficial in enhancing surveillance and response time from government security agencies.
Scope of Wireless Security System Market Report
The report on the global wireless security system market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Wireless Security System Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
2020 – 2021
Type (Wireless Network Security and Wireless Home Security) and Application (Banking, Financial Services & Insurance, Government, IT & Telecom, Manufacturing, Healthcare, Construction, Automotive, Commercial & Residential, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Bosch Sicherheitssysteme GmbH; Honeywell International, Inc.; Teledyne FLIR LLC; ASSA ABLOY; ADT; Cisco Systems, Inc.; Broadcom; Fluke; ZTE Corporation; Fireye, Inc.; Motorola Solutions, Inc.; Fortinet, Inc.; Frontpoint; ALE International, ALE USA Inc.; Huawei Technology Co. Ltd; Hewlett Packard Enterprise Development LP; A10 Networks, Inc.; Juniper Networks, Inc.; and Sophos Ltd.
Wireless Security System Market Market Segment Insights
Based on type, the global wireless security system market is bifurcate into wireless network security and wireless home security.
The wireless network security segment constituted the largest share of the market in 2022 and is projected to continue marking the fastest growth through the projection period. The growing need to protect private and government organizations’ networks from cybercrimes is a major factor contributing to the segment growth in the market. The installation of network firewalls and encryption of communications is benefiting organizations by adding multi layers of security mechanisms to sensitive data and networks.
The wireless home security segment is likely to witness rapid growth in the market. The increasing adoption of home automation solutions and advances in security gadgets is expected to support the segment growth. Wireless home security systems can provide instant alerts to users of suspicious movements and instances. These alerts can be managed from mobile devices. The rising availability of 5G connectivity and IoT solutions across the world is anticipated to increase the adoption of wireless security solutions at homes and commercial premises.
On the basis of application, the market is divided into banking, financial services & insurance, government, IT & Telecom, manufacturing, healthcare, construction, automotive, commercial & residential, and others.
The commercial and residential segment is expected to expand at a substantial compound annual growth rate during the forecast period. The growing use of wireless technology gadgets such as CCTV cameras, alarm systems, monitors, sensors, and detectors at home and commercial establishments is driving the segment’s growth.
The banking, financial services & insurance (BFSI) segment is anticipated to expand at a rapid growth rate in the coming years. The need to provide robust and highly secure connections has increased significantly owing to rising mobile banking and net banking trends. Additionally, the data from the BFSI sector is highly sensitive in nature, and if fallen in hands of cybercriminals can cause significant losses, owing to this the demand for wireless network security solutions is consistently high in this business segment.
Regional Analysis of the Wireless Security System Market
In terms of region, the global wireless security system market is divided into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
North America accounted for the largest share of the market in 2022 and is expected to continue dominance throughout the forecast period. The need for network and physical security is high in Canada and USA owing to hyper integration of technology solutions in various sectors. The rising threat of cybercrimes and physical security is boosting the market growth in the region. The region’s market is also supported by the presence of prominent players, who are working along with commercial and residential users to provide highly efficient solutions.
Asia Pacific is expected to be the second fastest-growing region in the market owing to increasing demand for advanced technology in emerging economies including South Korea, China, & India. Digitization is widening at a robust pace in the region, owing to the availability of high-speed WI-Fi and 5G network solutions. The organizations along with digitization are focusing on ensuring wireless network safety. Moreover, residential and commercial establishments are also installing advanced solutions to ensure the efficient security of physical assets.
The global wireless security system market has been segmented on the basis of
- Wireless Network Security
- Wireless Home Security
- Banking, Financial Services & Insurance
- IT & Telecom
- Commercial & Residential
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Bosch Sicherheitssysteme GmbH
- Honeywell International, Inc.
- Teledyne FLIR LLC
- ASSA ABLOY
- Cisco Systems, Inc.
- ZTE Corporation
- Fireye, Inc.
- Motorola Solutions, Inc.
- Fortinet, Inc.
- ALE International, ALE USA Inc.
- Huawei Technology Co. Ltd
- Hewlett Packard Enterprise Development LP
- A10 Networks, Inc.
- Juniper Networks, Inc.
- Sophos Ltd.
The competitive landscape covers key insights into growth strategies adopted by major market players. Key players in the global wireless security system market are Bosch Sicherheitssysteme GmbH; Honeywell International, Inc.; Teledyne FLIR LLC; ASSA ABLOY; ADT; Cisco Systems, Inc.; Broadcom; Fluke; ZTE Corporation; Fireye, Inc.; Motorola Solutions, Inc.; Fortinet, Inc.; Frontpoint; ALE International, ALE USA Inc.; Huawei Technology Co. Ltd; Hewlett Packard Enterprise Development LP; A10 Networks, Inc.; Juniper Networks, Inc.; and Sophos Ltd.
These major companies have adopted development strategies such as mergers, acquisitions, partnerships, collaboration, product launches, and production expansion to increase their consumer base globally.
- On January 5, 2023, ADT, a major player in the wireless security system market debuted new safety innovations for home, mobile and commercial applications at CES 2023. These solutions exhibit the way the company connects and secure more people — virtually anywhere they go.
- On October 06, 2022, ASSA ABLOY acquired a Germany-based firm Bird Home Automation GmbH. It is a manufacturer of top-notch IP door intercoms for single and multi-family buildings, indoor stations, or smartphone control.