The global security market size is projected to reach USD 167.12 billion by 2025 and is expected to grow with 10.3% CAGR over the forecast period, from 2019 to 2025. The adoption of security systems is gaining traction as these systems offer high quality surveillance along with optimized distortion. In addition, strict government rules coupled with growing number of illegal activities worldwide is expected to further drive the market growth over the forecasts period.
Due to emergence of advanced technologies, various industries are shifting towards automation to sustain in competitive market. Additionally, development of infrastructure globally has led to increase in demand for security systems such as video surveillance system and access control system, thereby expected to drive the demand for security systems.
In 2018, the video surveillance systems held the largest market share. Increasing usage of cameras in several locations like ports, airports, and railway stations for security purpose is propelling the demand for high quality video surveillance systems. In addition, these systems are widely used in military and defense sector for surveillance purpose, thereby expected to drive the demand for security systems over the forecast period.
The maintenance and support segment is projected to have potential growth due to growing need for regular maintenance after post installation Technological advancement in video capturing is influencing the market players for new product launch along with better quality. This factor is expected to open new avenues for security market growth.
Governments across several nations such as Canada and U.S. have started adoption of security systems and focusing on cross border security. Moreover, suppliers are concentrating on collaborations with manufacturers to develop advanced featured products and to improve performance. With minimum power consumption, advanced systems help effectively to monitor the surrounding activities.
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Further key findings from the report suggest:
• Among systems, the intrusion detection systems segment is estimated to grow with CAGR of more than 10.0% during the forecast period.
• The demand for security system has increased over the recent past due to growing awareness about safety concern, and adoption of advanced systems along with real-time monitoring supporting
• North America is projected to hold the largest market share throughout the forecast period and expected to reach around USD 53.15 billion by 2025.
• The market players include Honeywell International, Inc.; FLIR Systems, Inc.; Axis Communications AB; Anixter International, Inc.; Senstar Corporation and Tyco International Plc.
Million Insights has segmented the security market on the basis of 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
Security Service Outlook (Revenue, USD Billion, 2014 - 2025)
• System Integration and Consulting
• Risk Assessment and Analysis
• Managed Services
• Maintenance and Support
Security End-use Outlook (Revenue, USD Billion, 2014 - 2025)
• Military and Defense
Security Regional Outlook (Revenue, USD Billion, 2014 - 2025)
• North America
• Asia Pacific
• New Zealand
• Latin America
• Middle East & Africa