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.
