Security Market Outlook
According to the report by Expert Market Research (EMR), the global security market size is projected to grow at a CAGR of 10.6% between 2024 and 2032. Aided by the increasing need for advanced security solutions due to the rising instances of security breaches, cyber-attacks, and crime, the market is expected to grow significantly by 2032.
Security, in this context, encompasses both physical measures designed to safeguard people, properties, and information from harm or unauthorised access and cybersecurity measures designed to protect data and digital infrastructure. This includes a broad range of products and services, from security guards and alarm systems to advanced firewalls and encryption technologies.
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The rapid digital transformation and migration of businesses and government operations online have created vast, interconnected information systems. While these systems offer efficiency and convenience, they are also attractive targets for cybercriminals. This reality has drastically increased the security market demand, to address both current and evolving threats.
The integration of advanced technologies, such as Artificial Intelligence (AI), Internet of Things (IoT), and Blockchain, is becoming increasingly prevalent in physical security systems. Smart surveillance cameras, biometric identification systems, and advanced alarm systems which can identify potential threats more accurately and respond more effectively than their predecessors are now standard.
The persistent and escalating nature of these threats ensures that cybersecurity is not only a growing market but a continually adapting one. Businesses, governments, and individuals are expected to continue to invest heavily in cybersecurity measures.
The regulatory landscape for the security market is rigorous and varies significantly across regions. Governments worldwide are imposing stringent regulations related to data protection and cybersecurity, such as the General Data Protection Regulation (GDPR) in Europe. These regulations are influencing the security market outlook.
These regulations are demanding higher standards of security and data handling from businesses and are thus driving demand for professional security services and products that can ensure compliance with these complex, often multinational, standards.
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North America holds a substantial portion of the global security market share, owing to its advanced technology infrastructure and the high priority placed on security by both public and private sectors. However, the Asia-Pacific region is expected to witness significant growth, driven by increasing urbanisation, rising disposable income, and growing awareness about advanced security solutions, along with escalating cyber threats.
Security Market Segmentation
The market can be divided based on system, service, application, and region.
Market Breakup by System
- Access Control Systems
- Alarms and Notification Systems
- Intrusion Detection Systems
- Video Surveillance Systems
- Barrier Systems
- Others
Market Breakup by Service
- System Integration and Consulting
- Risk Assessment and Analysis
- Managed Security Services
- Maintenance and Support
Market Breakup by Application
- Government
- Military and Defence
- Transportation
- Commercial
- Industrial
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global security market. Some of the major players explored in the report by Expert Market Research are as follows:
- Ameristar Perimeter Security
- ATG Access Ltd.
- Avon Barrier Corporation Ltd.
- Barrier1 Systems, LLC
- CIAS Elettronica Srl
- Delta Scientific Corporation
- EL-Go Team
- Teledyne FLIR LLC
- Frontier Pitts Ltd.
- Others
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