The increasing number of cyber threats is creating higher demand for box security solutions. According to the Kaspersky, the global cyber threats are evolving speedily with the increasing number of data breaches. As per the RiskBased Security report revealed that around 7.9 billion records have been exposed by data breaches in initial period of 2019, which was dual in the previous year during the same period. It is anticipated that global spending on cybersecurity is likely to grow. Therefore, increasing spending on box security solutions attributing to the growing threat of cyberattacks, is likely enhance market growth during the forecast period.
According to Data Bridge Market Research the Box Security Market accounted for USD 6.37 billion in 2021, and expected to reach USD 15.11 billion by 2029. The market is expected to grow with a CAGR of 11.40% in the forecast period of 2022 to 2029.
“Increasing need for security solutions due to growing automation”
Major factor for the growth of the box security market is the increasing need to reduce workforce. Automated procedures also lessen the number of manually checked checkpoints. End-use industries such as electrical, oil, petrochemical and other hazardous industries will witness a rise in demand in upcoming future. It is common for real-time security solutions to comprise remote control, computer programming, artificial intelligence, and semiconductors and electronics. The high operational complexity and production level in the inspection drone market boosts technical cooperation among market players. Stakeholders will need to invest more in research and development activities to maintain their competitive advantage. Security solutions aid the market by permitting manufacturers to keep up with the increasing level of automation in their facilities.
What restraints the growth of Box Security Market?
“Lack of awareness about the threats”
Numerous employees and companies are unaware about cyber threats. Around 43% of employees believe that clicking an unconvinced email or link can be a security threat. Consequently, the attacks are substantially growing thus hindering the market growth rate. The growing demand for advanced security systems because of IoT threats, block chain revolution are some of the challenges which are faced by the vendors in the box security market.
Segmentation: Box Security Market
The box security market is segmented on the basis of security type, service model, organization size, vertical, and application.
- On the basis of security type, the box security market is segmented into perimeter security, network security, endpoint security, application security, others.
- Based on usage, the box security market is segmented into disposable and reusable.
- On the basis of service model, the box security market is segmented into laaS, PaaS, SaaS.
- Based on organization size, the box security market is segmented into large enterprises, SMEs.
- On the basis of vertical, the box security market is segmented into Information, Finance and Insurance, Healthcare and Social Assistance, Retail Trade, Manufacturing, Utilities, Others.
- Based on application, the box security market is segmented into visibility and risk assessment, user and data governance, activity monitoring and analytics, threat protection and remediation/ mitigation, other applications.
Regional Insights: North America is expected to dominate the Box Security Market
North America is expected to dominate the market in this region and is expected to grow significantly over the forecast period owing to a rise in enterprise expenditure on information security solutions. Furthermore, growing adoption of mobility devices in numerous sectors such as defense, government as well as retail which will further boost the market growth in this region.
- In addition, the Asia-Pacific region is likely to register highest growth rate during the forecast period of 2022 to 2029 growing smartphone users, advanced network connectivity and advancements in mobile device technologies in this region. Moreover, flourishing digital transaction apps and government digitization initiatives are resulting in phishing and malware attacks on mobile devices which are progressively pacing their efforts to adopt security solutions for their convenient devices in this region.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-box-security-market
Recent Developments in Box Security Market
- In 2020, Honeywell introduced the Pro-Watch Integrated Security Suite, a software platform designed to aid protect property and people. It delivers integrates access control and full visibility of all connected systems, intrusion detection, video surveillance, and other important functions into a single user interface. It allows industries to gain complete awareness regarding their security system to protect property, people and assets. This factor is anticipated to increase the company's product portfolio.
The Prominent Key Players Operating in the Box Security Market Include:
- American Science and Engineering, Inc. (U.S.)
- Axis Communications AB (Sweden)
- Teledyne FLIR LLC (U.S.)
- Bosch Sicherheitssysteme GmbH (Germany)
- Honeywell International Inc, (U.S.)
- Zhejiang Dahua Technology Co., Ltd..(China)
- Avigilon Corporation (Canada)
- Hangzhou Hikvision Digital Technology Co. Ltd. (China)
- Pelco (U.S.)
- Thales (France)
- Johnson Controls (Ireland)
- Fiber Sensys Inc, (U.S.)
- Arthur J. Gallagher & Co. (U.S.)
- Senstar Corporation. (Canada)
- Ingersoll Rand (U.S.)
- THE INFINOVA GROUP.. (China)
- Southwest Microwave, Inc.(U.S.)
- PureTech Systems(U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of box security market companies contact, https://www.databridgemarketresearch.com/reports/global-box-security-market
Research Methodology: Global Box Security Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
