Security Market Size, Share, Growth, and Industry Analysis, By Type (Access Control Systems, Alarms & Notification Systems, Intrusion Detection Systems, Video Surveillance Systems, Barrier Systems and Others), By Application (Military and Defense, Transportation, Commercial, Industrial and Others) Forecast to 2027

Updated On: 08 April 2024

Security Market REPORT OVERVIEW

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The global Security Market size was USD 99457.31 million in 2021 and is projected to touch USD 175674.05 million by 2027, exhibiting a CAGR of 9.95% during the forecast period.  The global COVID-19 pandemic has been unprecedented and staggering with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Security is protection from, or resilience against, potential harm or other unwanted coercion caused by others, by restraining the freedom of others to act. Beneficiaries of security may be of persons and social groups, objects and institutions, ecosystems or any other entity or phenomenon vulnerable to unwanted change. The increasing illegal events, terrorism, and fraudulent activities, across the globe and stringent government normshave led to a rise in the adoption of security systems. In addition, the rising number of smart cities has created the need for security systems. The security systems offer several advantages, such as maintaining records for information, monitoring activities in commercial & residential areas, and empowering nations against terrorism & external threats at different locations. These systems have significant adoption rates in the military & defense end-use industry, owing to the increased threat of terrorism and cross-border intrusions.

COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market

The COVID-19 problem has had an impact on the global economy, causing a strict lockdown and a halt to day-to-day activities in every industry. With the limits imposed by the government, the panic scenario has had a negative influence on the industries. This has resulted in a market drop as well; there was a direct and indirect impact from numerous sectors providing Security systems. With the revival of the market following COVID-19, we are seeing a recovery of the market where the blanks are restructured with product innovation and investments into R&D activities to develop advanced technologies to meet advanced requirements, which will project a proposed increase in the security market share in the forecasted period.

LATEST TRENDS

"Evolving Threat Landscape and Technological Advancements Drives Market "

The evolving threat landscape, characterized by sophisticated cyberattacks, physical security vulnerabilities, and global uncertainties, is driving a transformative shift in the security market. Concurrently, rapid technological advancements are enabling more robust and adaptive security solutions. The increasing sophistication of threats coupled with the development of cutting-edge security technologies, results in the transformed market where traditional security measures are being supplemented and, in some cases, replaced by advanced solutions such as artificial intelligence-driven threat detection, blockchain-based authentication, and biometric access control. Companies and individuals alike are compelled to embrace these innovations to better protect their digital and physical assets in an ever-evolving threat landscape.

Security Market SEGMENTATION

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• By Type

Based on Type market is classified as access control systems, alarms & notification systems, intrusion detection systems, video surveillance systems, barrier systems and others.

• By application

Based on application market is classified as military and defense, transportation, commercial, industrial and others.

DRIVING FACTOR

"Increasing Cybersecurity Concerns to Drive Market Growth "

The proliferation of cyber threats and data breaches has led to a heightened awareness of cybersecurity concerns across industries and among individuals. High-profile cyberattacks on organizations, governments, and critical infrastructure have underscored the need for robust digital security measures. These incidents have caused organizations and individuals to prioritize cybersecurity as a core aspect of their operations and daily lives. The increasing cybersecurity concerns serve as a major driver for the rapid cybersecurity market growth. As organizations and individuals seek to protect sensitive data and critical systems from cyber threats, they invest in a wide range of cybersecurity solutions and services, including firewalls, antivirus software, intrusion detection systems, and secure authentication methods. This heightened demand for cybersecurity products and services fuels the growth of the cybersecurity market, attracting investments in innovative technologies and solutions to address evolving cyber threats.

"Proliferation of IoT Devices to Drive Expansion of IoT Market"

The widespread adoption of Internet of Things (IoT) devices across various sectors, including smart homes, healthcare, manufacturing, and transportation, is a significant driver of market dynamics. IoT devices are embedded with sensors and connectivity, enabling them to collect and transmit data. This proliferation of IoT devices is driven by the desire for automation, data-driven insights, and enhanced connectivity in various industries. The rapid growth in IoT device deployment serves as a catalyst for the expansion of the IoT security market. With the increasing number of connected devices, there is a growing need to secure the data and communication pathways associated with IoT. This drives the demand for IoT security solutions such as device authentication, data encryption, and secure IoT platform development. As IoT continues to grow, the IoT security market is expected to witness substantial growth, with companies investing in technologies to ensure the privacy and integrity of IoT data and networks.

RESTRAINNG FACTORS

"Regulatory Compliance Challenges to Impede Market Growth  "

One of the significant restraining factors in the market is the complex and evolving landscape of regulatory compliance. Governments and regulatory bodies worldwide are continuously updating and enforcing stricter data protection and security regulations, such as GDPR in Europe and CCPA in California. These regulations place stringent requirements on organizations to safeguard sensitive data, leading to increased compliance costs and potential legal consequences for non-compliance. The challenge of adhering to these diverse and often overlapping regulations can be a significant barrier for companies, hindering their ability to adopt and implement security solutions effectively. As a result, organizations often face delays and increased costs in achieving and maintaining compliance, which can restrain the growth and agility of the market.

Security Market REGIONAL INSIGHTS

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"North America Expected to dominate the Market due to Increased Safety Measures"

Based on region, the global security market is classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa, where North-America is dominating the global market and is expected to dominate during the forecast owing to the increased intrusion and terrorist activities in the region. The market is driven by the increasing importance of monitoring systems in various applications due to their benefits of remote access, such as optimized power consumption. The increasing number of security breaches, real-time responses to risks & threats, and the emergence of big data are expected to propel market growth in the North America region.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

The market is extremely competitive and consists of various global and regional players. Global market is majorly driven by the top manufacturers, which holds higher share of the market. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures. The report is an extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.

List of market players Profiled

• Tyco International Plc. (U.S.)
• TPPG The Perimeter Protection Group AB (Sweden)
• FLIR Systems, Inc. (U.S)
• Senstar Corporation (Canada)
• FutureNet Security Solutions, LLC (U.S.)
• Southwest Microwave, Inc. (U.S.)
• Amerister Perimeter Security (U.S.)
• RBtec Perimeter Security Systems (Israel)
• Axis Communications AB (Sweden)
• ZABAG Security Engineering GmbH (Germany)
• Honeywell International, Inc. (U.S.)
• Anixter International, Inc. (U.S.)

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of a number of factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.