The global security market is anticipated to reach USD 167.12 billion by 2025, according to a new report by Grand View Research, Inc. The adoption of security systems is increasing as these systems offer high quality surveillance with optimized distortion. The illegal activities across the globe and stringent government regulations has led to a surge in the 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, the growing number of infrastructures across the globe has resulted in the 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 dominated the market in the year 2016. The increased 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 have further been largely used by the military and defense sector for surveillance purposes.
The maintenance & 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. The 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 market growth.
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Further key findings from the report suggest:
The demand for security system has been increasing over the years, owing to the increasing awareness of safety concerns and adoption of advanced systems with real-time monitoring support
The governments of various nations such as the US, and Canada have initiated the implementation of security systems and are emphasizing on cross border safety.
The advanced systems help effectively monitor the surrounding activities with optimized power consumption
The suppliers are focusing on collaborations with other manufacturers for achieving enhanced product features and improved performance
The key players in the market are Anixter International, Inc.; Tyco International Plc.; Honeywell International, Inc.; FLIR Systems, Inc.; Axis Communications AB; and Senstar Corporation
Grand View Research has segmented the security market based on systems, services, end-use, and regions:
System Outlook (Revenue, USD Billion; 2014 - 2025)
Access Control Systems
Alarms & Notification Systems
Intrusion Detection Systems
Video Surveillance Systems
Service Outlook (Revenue, USD Billion; 2014 - 2025)
System Integration & Consulting
Risk Assessment and Analysis
Maintenance and Support
End use Outlook (Revenue, USD Billion; 2014 - 2025)
Military and Defense
Regional Outlook (Revenue, USD Billion; 2014 - 2025)
Middle East & Africa
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