Utilities security: Key market research findings
- Increased number of offerings for vulnerability management and compliance
- Evolution of advanced security solutions
Technavio has released a new market research report on the global utilities security market, which is expected to grow at a CAGR of 5% between 2016 and 2020. The market is expected to grow significantly during the forecast period because of advances in technology such as the introduction of internet protocol (IP) video surveillance systems and the emergence of access control systems. The Americas is the highest revenue-contributing region in the utilities security market, because of the high rate of adoption of security devices
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“The need for sophisticated and advanced security services is growing, owing to the rising demand for advanced solutions and growing preference for outsourcing network security to dedicated vendors. This is expected to increase the demand for complex services such as vulnerability management and policy or compliance-related solutions. There is an increasing demand for solutions that offer vulnerability scanning, patching, upgrades, configuration enforcement, and change control. These requirements have prompted vendors to introduce customized and advanced utilities security products, propelling market growth in the coming years,” says Amrita Chaudury, Lead Analyst, ICT, Technavio Research
Currently, the global utilities security market is witnessing rapid advances in technology with the advent of new products to help organizations track intruders and hackers. Also, there is a high adoption of converged monitoring solutions, which helps in the use of video surveillance on the existing corporate IP networks without the need for dedicated cables, switches, and recording infrastructure. The utilities infrastructure security devices are scalable, enabling their use even when bandwidth requirements grow and physical workspaces are rearranged. So, advances in technology and products are propelling the growth of the global utilities security market during the forecast period.
The leading vendors in the global utilities security market are Axis Communications, Bosch Security Systems, Honeywell Security, Qognify, and Tyco. This market is highly fragmented with intense competition among the existing vendors and new entrants. The market has the presence of both large and pure-play vendors in niche segments such as software, hardware, or both. Intense competition prevails in the market which has accelerated consolidation where small entities are being acquired by or merged with major players.
A more detailed analysis is available in the Technavio report, Global Utilities Security Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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