San Francisco, 11 December 2018: According to a report
published by Grand View Research, Inc.; the global security market is expected to reach a USD 167.12 billion by 2025. Increasing
applications in military and defense due to rise in terrorism and tension
across international borders are projected to impel market growth over the
forecast period (2014 to 2025). Growing illegitimate activities across the world
coupled with stern safety guidelines by various governments are anticipated to
further propel growth in near future.
Security systems are helpful
to monitor suspicious activities in residential and commercial areas. They play
a crucial role of protecting national security against terrorism and external
threats. Rapid infrastructural development is expected to boost demand for safety
systems like video surveillance and access control for real-time monitoring. In
addition, technological advancements have enabled implementation of
surveillance systems at remote and critical destinations. This factor is
expected to bode well for market growth in the forthcoming years.
The worldwide security market
can be segmented on the basis of system, service, end-use, and region. Based on
system, the market can be categorized into access control, alarms and
notification, intrusion detection, video surveillance, barrier, and other systems.
Video surveillance systems segment is expected to showcase rapid growth in near
future due to wide range of applications. These highly efficient and cost
effective systems are increasingly adopted for monitoring criminal activities. This
factor is anticipated to propel demand over the forecast period.
Access
Research Report of Security
Market@ www.grandviewresearch.com/industry-analysis/security-market
Intrusion detection is anticipated
to expand at a CAGR of 10.5% during the projected period. Rise in cross border
terrorism and smuggling have increased adoption of intrusion detection system.
They are useful to confirm identity of people and to access previously stored
information associated with them.
As per service, the market can
be fragmented into system integration and consulting, managed services, risk assessment
and analysis, and maintenance and support. In 2016, integration and consulting held
the dominant market share due to rising demand for easy to access advanced
systems based on single platform. Managed security services segment is likely
to expand at the highest CAGR during the projected period due to rising demand
for mobile devices and mobile workforce.
Based on end-use, the market for
security can be fragmented into government, military and defense,
transportation, commercial, industrial, and others. Military and defense was
the dominant market segment in 2016 due to threat of terrorism and cross border
intrusions. Rising implementation in prisons, lock ups, and correctional
facilities needing high security is
anticipated to bode well for demand over the forecast period. Transportation is
expected to register notable growth due to rise in implementation of safety systems
on railway stations, airports, and ports to prevent illegal activities and to protect
valuable goods.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
Geographically, the market can
be divided into North America, Europe, Asia Pacific, Latin America, and Middle
East and Africa. In 2016, North America captured the largest market share owing
to high incidence of intrusion and risk of terrorist activities. Growing
importance of monitoring systems due to their features such as remote access
and optimized power consumption are expected to further propel demand. The U.S.
and Canada governments have extensively initiated the deployment of safety systems
and are concentrating more on cross border security. This factor is expected to
propel demand in near future.
Asia Pacific is likely to display
significant growth over the forecast period due to rising government efforts to
develop advanced infrastructure with safety system. Developing countries such
as India and China are heavily investing in security products and development
of technologically advanced systems for advanced surveillance with the help of
wireless connectivity and more efficient cameras.
Some of the leading companies
operating in the security market include Anixter International, Inc.; Honeywell
International, Inc; Axis Communications AB; FLIR Systems, Inc.; and FLIR
Systems, Inc. Major market participants are concentrating on organic and
inorganic growth strategyies such as product innovation and mergers and
acquisitions among others to sustain competition.
Access
Press Release of Security Market@ www.grandviewresearch.com/press-release/global-security-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and fact-based
research across a range of industries, from technology to chemicals, materials
and healthcare.
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