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The global security solutions market size is anticipated to hit USD 483.62 billion by 2026 on account of persistent threat of cross-border terrorism. Fortune Business Insights™ provides this analysis and more in its new report, titled “Security Solutions Market Size, Share and Industry Analysis, By Type (Product: Fire Protection, Video Surveillance, Access Control, Entrance Control, Intruder Alarms, Thermal Cameras) and Services: Security Systems Integration, Remote Monitoring Services, Fire Protection Services, Video Surveillance Services, Access Control Services), By End User (Commercial, Residential, Industrial, Government, Military & Defense and Others), and Regional Forecast, 2019- 2026”. The report states that the market value was at USD 249.65 billion in 2018 and is expected to exhibit a CAGR of 8.84% from 2019 to 2026.
Liteye Bags USD 10 Million Contract from a Secret US Government Agency
In January 2020, the Colorado-based counter UAV specialist, Liteye Systems, secured a contract from an unnamed defense agency of the US government having an estimated value of USD 10 million. Under the contract, the company will be required to deliver its flagship Anti-UAS Defense Systems (AUDS) to the agency. The AUDS boasts of a range of advanced features such as non-kinetic defeat mechanisms and precision thermal imaging. The variant sold to the government agency also contains a streamlined operator suite and the system can be deployed in the harshest of climates and can be conveniently moved across different and diverse locations. Thus, government contracting and outsourcing activities have become a prominent feature in this market and shaping its trends.
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Increasing Adoption of AI in Surveillance Operations to Aid the Market
The application areas of Artificial Intelligence (AI) have steadily broadened in the past few years and one domain that stands to immensely benefit from this technology is that of security surveillance, which is a crucial factor driving the security solutions market growth. For example, AI-powered CCTV cameras can enable real-time monitoring of movement of people and objects, facilitate deeper and more precise data analysis, and predict security lapses. Furthermore, intelligent monitoring using AI can also prevent criminal activities from taking place, thus enhancing efficiency of law enforcement agencies around the world. In addition to this, video surveillance based on AI can work non-stop without getting tired and requires minimal human oversight, thereby by freeing up resources to be engaged in more productive tasks. Lastly, AI-powered Security Solutions can provide accurate and high-resolution images, empowering security personnel to make informed and timely decisions. Thus, these benefits of AI are accelerating the integration of the technology in existing surveillance systems.
Strategic Investment in Innovation to Intensify Market Competition
Key players competing in this market are intensely focused on developing superior Security Solutions with wide applicability. As a result, most companies are heavily investing in R&D to design and produce diverse offerings so as to entrench their position in the market. Competition in this market is also driven by increasing collaborations between government authorities and private players, since the latter has the expertise, while the former has the resources.
List of Players Covered in the Security Solutions Market Report:
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Table of Segmentation:
Value (USD Billion)