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.
Full Research Report On Security Market Analysis: www.grandviewresearch.com/industry-analysis/security-market
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.
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.
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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.
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 strategies such as product innovation and mergers and acquisitions among others to sustain competition.
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