By Type :

Based on the type, the market is bifurcated into wireless network security and wireless home security. The wireless network security segment accounted for the largest revenue share in the year 2022. Wireless network security mainly protects a wireless network from malicious and unauthorized access attempts or cyberattacks. Wireless network security is often delivered through utilization of wireless devices that typically encrypts and secures all wireless communication. Wireless network security is primarily utilized in governmental and commercial organizations for protection of wireless networks from cyberattacks, confidential data breaches, and malicious activities among others.

For instance, more than 100,000 login details associated with Australian government agencies were leaked in a massive data breach in January 2023. Hence, the rising incidence of data breaches and cyberattacks in government organizations is driving the demand for wireless network security for the protection of crucial and confidential data stored in wireless networks, in turn contributing to the growth of the market.

The wireless home security segment is anticipated to register significant CAGR growth during the forecast period. Wireless home security systems primarily operates through existing internet signal for creating a seamless operation of the entire home defense from thefts, burglary, or unauthorized intruders entry. Moreover, wireless home security systems offer several benefits including remote control, programmable features, smartphone alerts or notifications, and enhanced safety. The above benefits of wireless home security systems are key determinants for driving its integration in residential buildings among others.

For instance, according to the State of Nevada, U.S., the new residential building permits in Nevada reached 23,406 units in 2021, witnessing a growth of nearly 19% as compared to 19,716 units in 2020. Therefore, the rise in residential construction is further fostering the demand for wireless home security systems to offer enhanced home security and protection, in turn driving the market growth during the forecast period.

By End User :

Based on the end user, the market is segregated into residential, commercial, industrial, government, and others. The commercial segment accounted for the largest revenue share of 32.4% in the year 2022. Factors including the increasing pace of urbanization, rising development of commercial buildings, and growing demand for enhanced security solutions in commercial spaces are among the key prospects fostering the growth of the commercial segment.

According to the UK Office for National Statistics, the new private commercial construction orders in the United Kingdom were valued at USD 4,295.1 million during the fourth quarter of 2022, witnessing an increase of 5.5% in comparison to the fourth quarter of 2019. Therefore, the rise in commercial construction is driving the adoption of wireless security systems in commercial buildings to offer enhanced security and notify the access of unauthorized individuals into commercial buildings, in turn driving the growth of the market.

Residential segment is expected to witness fastest CAGR growth during the forecast period. The growth of the residential segment is attributed to several factors including the growing residential construction, rising prevalence of theft and burglary, and increasing demand for improved security in residential buildings among others.

According to CoreLogic Inc., the sales of multi-family residential property in the United States witnessed a substantial growth of 26% during the second quarter of 2021 in comparison to 2019. Thus, the growth of residential sector is driving the utilization of wireless security systems for protection of residential buildings against theft, burglary, and unauthorized intruders. The above factors are projected to boost market growth during the forecast period.

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By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

North America accounted for the largest revenue share of USD 18.89 Billion in 2022 and is expected to reach USD 47.98 Billion by 2030, registering a CAGR of 12.6% during the forecast period. In addition, in the region, the U.S. accounted for the maximum revenue share of 59.45% in the same year. The adoption of wireless security systems in North America is primarily driven by multiple factors including its rising utilization in residential and commercial sectors including offices, educational institutes, and financial institutions among others. The utilization of wireless security systems in commercial buildings for effective monitoring of individuals' access to a commercial property and for alerting the entry of intruders to provide optimum safety has been a prevalent factor for growth of the market in the region.

Moreover, the rising occurrence of burglaries and robberies in the commercial sectors involving financial institutions is a vital factor fostering the market demand in the region. For instance, according to the 2021 Bank Crime Statistics Report, approximately 234 cases of burglaries and 1,724 cases of robberies were recorded in financial institutions including commercial banks, credit unions, mutual saving banks, and others in the United States in 2021. Hence, the aforementioned factors are anticipated to stimulate the demand for wireless security systems in North America during the forecast period.

Asia-Pacific is expected to register fastest CAGR growth of 12.9% during the forecast period. The rapid pace of urbanization, industrialization, and development is promoting lucrative opportunities for market growth in the region. Additionally, the rising government initiatives for development of smart cities in the Asia-Pacific region are contributing to the market growth for wireless security systems. For instance, the government of China launched various initiatives including National New-type Urbanization Plan, China's 14th five-year Development Plan (2021 to 2025), and smart cities projects that aims at facilitating the development of smart homes in the country. In addition, multiple factors including the rise in commercial and industrial construction and increasing need for enhanced home security solutions are further projected to drive the demand for wireless security system in the Asia-Pacific region during the forecast period.