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Press Release / Technology / Fire Protection Product Market Held the Largest Share of the Security Solutions Market

Fire Protection Product Market Held the Largest Share of the Security Solutions Market

By prashantv on January 09 2019 | 48 Views

The security solutions market is expected to reach USD 372.90 Billion by 2022 at a CAGR of 10.16% between 2017 and 2022. The base year considered for the study is 2016, and the forecast period is betw

The overall security solutions market was valued at USD 206.69 billion in 2016 to USD 372.90 billion by 2022, at a CAGR of 10.16%. The major factors driving the growth of the security solutions market include the necessity to safeguard individuals as well as property from rapidly evolving threats, increasing consumer awareness & security concerns, willingness to pay for security systems, growing demand for the deployment of wireless technology in security systems, and adoption of IoT-based security systems.

Competition in the security solutions market is high because of the presence of a large number of players. Some of the key players in the security solutions market include ASSA ABLOY AB (Sweden), Bosch Security Systems (Germany), Honeywell International, Inc. (U.S.), Tyco International Ltd (U.S.), UTC Fire & Security (U.S.), ADT Corp(U.S.), Alarm.com (U.S.), Allegion (U.S.),Control4 (U.S.), Godrej & Boyce Manufacturing Company Limited (India), Ingersoll Rand Solutions (Ireland), Nortek Security & Control LLC (U.S.),Hikvision Digital Technology Co.Lt (China), SECOM Co., Ltd (Japan), Stanley Security Solutions (Indiana), Axis Communications AB (Sweden), and Zhejiang Dahua Technology Co., Ltd (China), among others.

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Tyco International Ltd (U.S.) was established in 1960 and is headquartered in Florida. The company operates in all regions across the globe and operates under three major business segments, which include NA Installation & Services, RoW Installation & Services, and Global Products. The company offers security products & services, fire detection and suppression products & services, and life safety products, worldwide. The company adopted both organic and inorganic strategies such as partnerships and new product developments for growth in the market. For instance, in October 2016, Johnson Control (U.S.) and the Department of Homeland Security, Office of Cybersecurity and Communications partnered to provide better security and to deal with cyber threats. In January 2017, the company launched a new product — Verasys control system — which can be operated as a plug-and-play solution that can be integrated with heating, ventilation, air conditioning, and refrigeration (HVACR) equipment.

The ADT Corporation (U.S.) was formed in 1874 and is situated in Boca Raton, Florida. The company provides monitored security, and interactive home and business automation solutions. It also offers monitored security and home/business automation solutions including the installation and monitoring of residential and business security, and premises automation systems designed to detect intrusion, control access, and react to movement, smoke, carbon monoxide, flooding, temperature, and other environmental conditions and hazards, as well as to address personal emergencies such as injuries, medical emergencies, or incapacitation.

In order to stay ahead in the competition the company majorly focuses on new product developments. For instance, in January 2017 the company launched a new product, ADT Anywhere, which includes features such as family connectivity, safety alerts, crime awareness, and personal emergency response. This product offers family safety services and is interfaced in a mobile app for any emergency.

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