Security Market– Statistics And Analysis & Forecast To 2025

Posted by Mrudula Anil Karmarkar on March 11th, 2021

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.

Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.

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.

Security Market Report Highlights

  • 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

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.

These systems offer several advantages such as maintaining records for information, monitoring activities in commercial and residential areas, and empowering nations against terrorism and external threats at different locations. These systems have significant adoption rate in military and defense, owing to the increased threat of terrorism and cross-border intrusions.

Factors, such as increasing tension across borders, and growing terrorism, are expected to accelerate the market growth over the forecast period. Manufacturers of security systems use various types of cameras, such as pan, tilt, and zoom cameras, which are connected to the internet, to provide access to the information from desired locations through wired or wireless connectivity.

Rapid technological advancements such as the use of internet connectivity, has enabled real-time surveillance at remote and critical locations with enhanced accuracy. Furthermore, it has increased the adoption rate of advanced security systems with better product features and improved performance.

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The security market is anticipated to grow in the government and law enforcement end-use segments due to the increased crime rates. Governments across various nations are undertaking initiatives to reduce the crime rate. For instance, the reduction of manpower involved in performing critical jobs at perilous locations, and replacing them with surveillance systems, is expected to fuel the growth.

Prominent players dominating the market include Ameristar Perimeter Security; FutureNet Security Solutions, LLC; Anixter International, Inc.; TPPG The Perimeter Protection Group AB; Tyco International Plc.; Honeywell International, Inc.; ZABAG Security Engineering GmbH; FLIR Systems, Inc.; Southwest Microwave, Inc.; Axis Communications AB; RBtec Perimeter Security Systems; and Senstar Corporation.

Grand View Research has segmented the global security market based on system, service, end use:

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

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.

For More Information:www.grandviewresearch.com

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Mrudula Anil Karmarkar

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Mrudula Anil Karmarkar
Joined: July 2nd, 2020
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