The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
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