The global security market size
is anticipated to reach USD 167.12 billion by 2025, according to a new report
by Grand View Research, Inc. It is anticipated to expand at a CAGR of 10.3%
during the forecast period. The adoption of security systems is increasing as
they offer high quality surveillance with optimized distortion. Rise in illegal
activities across the globe coupled with stringent government regulations has
led to a surge in adoption of security systems.
Increasing competition
in the market, owing to the introduction of advanced technologies, is driving
the need for automation in organizations at various levels. In addition,
growing number of infrastructures across the globe has resulted in increased
demand for safety systems such as access control systems and video surveillance
system for real-time monitoring. As a result, the demand for security systems
is anticipated to rise over the forecast period.
The video surveillance
systems segment led the market in 2018. Rising use of cameras in various
locations, such as airports, railway stations, and ports, for security
purposes, is driving the demand for high-quality video cameras that enable
effective monitoring. These systems are largely being used by the military and
defense sector for surveillance purposes.
The maintenance and
support segment is anticipated to witness substantial growth, owing to the need
for regular maintenance, post installation. The demand for these services is
expected to increase over the forecast period. Increasing number of
advancements in video capturing is encouraging providers to introduce new
updates in minimal time with better quality. This is further creating an
opportunity for growth of the security market.
Governments of various
nations such as U.S. and Canada have initiated implementation of security
systems and are emphasizing on cross border safety. Suppliers are focusing on
collaborations with other manufacturers for achieving enhanced product features
and improved performance. Advanced systems help effectively monitor the
surrounding activities with optimized power consumption.
Further key findings from the report suggest:
· Security systems segment is expected to
account for the highest market share in terms of revenue, witnessing the
highest CAGR of 10.0% from 2019 to 2025
· Demand for security system has been
increasing over the years, owing to the increasing awareness regarding safety
concerns and adoption of advanced systems with real-time monitoring support
· North America is expected to continue to
lead the security market over the forecast period and reach USD 53.15 billion
by 2025
· Key market players are Anixter
International, Inc.; Tyco International Plc.; Honeywell International, Inc.;
FLIR Systems, Inc.; Axis Communications AB; and Senstar Corporation
Grand View Research has
segmented the global security market based on system, service, end use, and
region:
Security System Outlook (Revenue, USD Billion, 2014 -
2025)
·
Access Control Systems
·
Alarms & Notification Systems
·
Intrusion Detection Systems
·
Video Surveillance Systems
·
Barrier Systems
·
Others
Security Service Outlook (Revenue, USD Billion, 2014 -
2025)
·
System Integration & Consulting
·
Risk Assessment and Analysis
·
Managed Services
·
Maintenance and Support
Security End Use Outlook (Revenue, USD Billion, 2014 -
2025)
·
Government
·
Military and Defense
·
Transportation
·
Commercial
·
Industrial
·
Others
Security Regional Outlook (Revenue, USD Billion, 2014 -
2025)
·
North America
o
U.S.
o
Canada
·
Europe
o
U.K.
o
Germany
·
Asia Pacific
o
Australia
o
New Zealand
o
China
o
Japan
o
India
·
Latin America
o
Brazil
o
Mexico
·
Middle East & Africa
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.
