Security Market

The global security market size is anticipated to expand at a considerable CAGR, during the forecast period, 2021-2028. The growth of the market is attributed to growing need for fast and reliable security system.

Security systems have numerous advantages, including the ability to keep track of information, monitor activity in residential and commercial areas, and empower governments to combat terrorism and external threats at various locations. Rising threat of terrorism and cross-border breaches, these systems have a high adoption rate in the military and defence sectors.

Various governments are taking steps to minimise crime rates in their own countries. For example, the rise of surveillance systems is projected to be fueled by the reduction of labour involved in performing vital duties in risky places. Rapid technological improvements, such as the utilisation of internet connectivity, have allowed for more accurate real-time surveillance in remote and crucial sites. Furthermore, improved product features and performance have raised the adoption rate of modern security systems.

Market Drivers, Restraints and Opportunities

• Cost-effectiveness of security systems and its major benefits in the defence segment is a major driving factor for market growth.
• Increasing efficiency of IOT and related technologies is is estimated to fuel the market over the forecasted timeline.
• Inaccuracy of predicting software act as a major restraint factor for market growth.
• Threat of cyber-attacks because of increased data manipulations and huge datasets, hampers the market growth.
• Increasing demand for fast, efficient, and reliable security services is expected to create lucrative opportunities during the forecast period.

Scope of the Report

The report on the global security market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

The video surveillance system segment to hold major market share

Based on systems, the market is divided into alarms & notification systems, intrusion detection systems, access control systems,  barrier systems, video surveillance systems, and others. The video surveillance systems segment is anticipated to emerge as one of the fastest-growing segment, due to wide selection of applications and potency of those systems. They monitor robbery, movement of objects, and other activities that turn up around them. The intrusion detection systems segment is predicted to expand at a CAGR of 11.5% during the forecast period. Increased cross-border terrorism and criminal activities like smuggling have increased the deployment of intrusion detection systems around the world.

The transportation segment is expected to grow significantly

On the basis of end-users, the market is divided into transportation, military & defence, government, industrial, commercial, and others. In 2018, the military & defence segment held the major market share. The rising threat of terrorism and cross-border breaches has compelled several countries' military and defence sectors to implement finest security measures possible. Few extensively adopted security applications in the military and defence sector include cameras with built-in programmable corrections, built-in image processing, auto-exposure, and programmable exposure with precision..       

The consulting segment is estimated to grow at a rapid pace

Based on services, the market is divided into system integration & consulting, managed services, risk assessment & analysis, and maintenance & support. The system integration & consulting segment dominated the market in 2020, owing to increasing adoption of advanced systems that are able to gather information on one platform. Users prefer integrating diverse solutions/products since the integrated systems are easier to control and more efficient.

Asia Pacific is anticipated to dominate the market

In terms of regions, the security market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America held major market share in 2018, due to a rise in the region's crime rate and incursion activities. Factors such as increasing importance of monitoring systems in numerous applications, and optimized power consumption are estimated to drive the market. Asia Pacific is anticipated to dominate the market, attributed to as a result of the government's growing emphasis on infrastructure development and security systems.

Segments

Segments Covered in the Report

The global security market has been segmented on the basis of

Systems

• Access Control Systems
• Alarms & Notification Systems
• Intrusion Detection Systems
• Video Surveillance Systems
• Barrier Systems
• Others

Services

• System Integration and Consulting
• Risk Assessment and Analysis
• Managed Services
• Maintenance and Support

End-users

• Government
• Military and Defense
• Transportation
• Commercial
• Industrial
• Others

 Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Ameristar Perimeter Security
• Anixter International, Inc.
• TPPG The Perimeter Protection Group AB
• FutureNet Security Solutions, LLC
• Tyco International Plc.
• Honeywell International, Inc.
• FLIR Systems, Inc.
• Southwest Microwave, Inc.
• ZABAG Security Engineering GmbH
• Axis Communications AB
• RBtec Perimeter Security Systems
• Senstar Corporation.

Competitive Landscape

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