Report ID:
SQMIG20O2016 |
Region:
Global |
Published Date: November, 2024
Pages:
177
|Tables:
0
|Figures:
0
Global Security Market size was valued at USD 129.33 Billion in 2022 and is poised to grow from USD 139.68 Billion in 2023 to USD 239.38 Billion by 2031, growing at a CAGR of 8% in the forecast period (2024-2031).
Security describes an array of cybersecurity techniques that shield against unauthorized admittance to the data, computers, and networks belonging to an association. It covers many IT security topics, for instance network, web endpoint, cloud computing, user, and application security. By hindering hackers from accessing delicate information, it aids to retain its honesty and privacy. One of the key determinants motivating businesses to install cutting-edge security systems to prevent malicious dangers and potential security breaches, which can have a considerable negative impact on a company's fiscal wellness, is the ascent in cybercrime and fraudulent activities. Furthermore, medical organizations now depend on customized information platforms like electronic healthcare records (HER), e-prescribing, practice administration aid, clinical decision aid, radiological information, and computerized doctor order input. This raises the need for safeguarding the availability, confidentiality, and integrity of electronic data and assets against unauthorized access, use, and disclosure, in turn advancing security market growth.
Illegal events, terrorism, and fraudulent activities escalating globally, coupled with stringent government regulations, have drastically driven up adoption of security systems. Furthermore, the proliferation of smart cities has generated massive demand for security systems. These security systems confer manifold benefits, like maintaining records for intelligence gathering, observing goings-on in commercial and residential sectors, and fortifying nations against terrorism and outer threats across diverse venues. Systems of this sort have seen striking acquisition in military and defense applications, owing to the heightened risk of terrorism and cross-border encroachments.
Global Market Size
Largest Segment
Fastest Growth
Growth Rate
CAGR
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The global security market is segmented into system, service, end-use, and region. Based on System, the market is segmented into access control systems, alarms & notification systems, intrusion detection systems, and video surveillance systems. Based on service, the market is segmented into system integration & consulting, risk assessment & analysis, managed security services, and maintenance and support. Based on end-use, the market is segmented into government, military & defense, transportation, and commercial. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Analysis by Service
System integration and consulting dominated the industry in 2023, largely attributable to proliferating deployment of sophisticated platforms capable of aggregating disparate data sources. Customers increasingly opt for unified solutions amalgamating discrete tools and technologies, valuing streamlined oversight and heightened productivity afforded by integrated infrastructure. Providers simultaneously confront evolving threats, thus security system integration and consulting assists with fortification, detection, and disarmament of persistent dangers. Such services encompass firewall governance, outsourced data safeguarding, jeopardy assessment, and secured access points among other offerings, collectively forming a robust security apparatus.
The managed security services segment is predicted to foresee significant growth in the coming years. Large corporations are expected to increasingly utilize managed security services due to the ease of outsourcing their entire cybersecurity operations. This allows professionals to meticulously examine organizations' security protocols and identify any vulnerabilities, helping to safeguard crucial information from unauthorized access. Numerous providers now offer fully integrated platforms, consolidating myriad solutions and products to streamline monitoring. Such services simultaneously boost protections while cutting expenses and risks associated with securing business functions and digital assets. Meanwhile, SMBs may also adopt managed security solutions to bolster their limited internal resources, gaining robust defenses comparable to larger firms. Overall, the benefits of improved visibility, around-the-clock protection, and optimized budgets are propelling the expansion of the managed security services domain, leading to an increasing in security market share.
Analysis by End-Use
Based on end uses, the industry is further divided into commercial, government, industrial, military and defense, transportation, and other sectors. The military and defense segment dominated the industry in 2023 and generated the highest security market share. Cameras with integrated programmable corrections, innate image processing, automatic exposure mechanisms, and configurable exposure with precision are several widely adopted security technologies in the military and defense end-use division. The amplified hazards of terrorism and cross-border breaches have compelled the military and defense apparatuses of numerous countries to employ the most capable security arrangements. Meanwhile, the commercial segment utilizes visual surveillance for retail applications to secure buildings and infrastructure. Adaptive cameras with intelligent analytics are advancing to bolster public safety through early detection.
The transportation sector is projected to see sizable increases over the projection period owing to rising implementation of security solutions at areas including airports, train stations, and ports for stopping unauthorized access and unlawful behavior. Moreover, the systems enable monitoring valuable cargo in transit through surveillance cameras mounted on mobile devices, further propelling market expansion. Network cameras and mobile devices capturing footage of cargo in motion can provide invaluable insights through complex analysis of variations in visuals. Meanwhile, security assessments of high-traffic transportation centers must consider lasting impacts of both standardized and evolving screening practices on privacy, liberties, and public perception over time.
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According to security market analysis, North America's dominance in the industry throughout 2023 ensured its attribution of the greatest revenue share at the time. Persistent intrusion and terrorism activities heightened concerns for enhanced safety measures across the region. The burgeoning importance of monitoring systems in diverse applications, with benefits ranging from remote access to optimized energy usage, propelled security market growth. Anticipated growth in the North America region was expected to stem from the proliferation of security breaches necessitating swift responses to risks and dangers, in addition to emerging big data opportunities.
Asia Pacific is anticipated to register the fastest CAGR over the forecast period with an increase in security market size. If infrastructural development and security systems progress as planned, the regional market growth should be substantial. Several emerging economies, including China and India, are making enormous investments to enhance safety-related products and engineer innovative goods with cutting-edge technology, such as wireless interconnection and more effective cameras, among other advances. Various risks like insider attacks, frauds, and Long-term Threats (APT) might produce opportunities for the market to develop solutions in the dynamic Asia Pacific region. Meanwhile, private businesses and public sectors must continue collaborating to strengthen security frameworks through allocation of sufficient funds and sharing of expertise if this prediction is to ring true.
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Drivers
Growing Cases of Terrorism
Geopolitical Issues on the Rise
Restraints
Security Systems are Expensive
Privacy Violation Concerns
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The competitive nature of the global security industry is characterized by a dynamic interplay of forces that shape the industry's trajectory. Intense market competition, driven by increasing demand for security solutions, prompts corporations to revolutionize and differentiate their offerings in innovative ways. This landscape is further influenced by the rapid progression of technology, where breakthroughs in cybersecurity, surveillance, and threat identification continually transform industry standards in an ongoing manner. Prominent companies have utilized product releases and innovations, followed by extensions, mergers and acquisitions, contracts, agreements, partnerships, and collaborations as their principal business strategy to amplify their industry share. These companies have employed various techniques to heighten market penetration and boost their position in the security sector through continuous improvement.
Top Player’s Company Profile
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the proliferation of illicit actions, terrorism, and fraudulent schemes globally as well as rigid government rules have fueled a surge in security system deployment, the progression of smart cities has also lifted demand for surveillance measures. The advantages incorporate maintaining data logs, observing occurrences in commercial and living zones, and equipping nations to tackle terrorism and outer dangers in diverse settings. Owing to escalating terrorism dangers and transnational encroachments, these structures are extensively utilized in military and defense concluding usages. Simultaneously, the complexities of human schemes and changing technologies have produced challenges requiring innovative security solutions with adaptable response times. Meanwhile, certain regions face constraints on resources and infrastructures, necessitating creative steps and international collaborations to promote comprehensive protections.
Report Metric | Details |
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Market size value in 2022 | USD 129.33 Billion |
Market size value in 2031 | USD 239.38 Billion |
Growth Rate | 8% |
Base year | 2023 |
Forecast period | (2024-2031) |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Security Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Security Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Security Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Security Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG20O2016
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