Security Market Size, Share & Trends Analysis Report By System (Video Surveillance, Access Control Systems), By End-use (Commercial, Industrial), By Service, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global security market size was valued at USD 119.75 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 8.0% from 2023 to 2030. 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.

For instance, in January 2022, The Indian regulating authority for the securities and commodities markets, the Securities and Exchange Board of India (SEBI) launched a mobile app entitled Saathi for investor education. The goal of the app is to educate investors on the fundamental ideas behind the securities market. Factors, such as increasing tension across borders, and growing terrorism, are expected to accelerate the industry growth over the forecast period. Manufacturers of security systems use various types of cameras, such as pan, tilt, and zoom cameras, which are connected to the internet, and come up with new innovative features and upgrades to provide access to information from desired locations through wired or wireless connectivity.

For instance, in December 2022, Alarm.com, an American technology company, introduced Smart Arming, a new update that smartly arms and disarms home security systems powered by the company based on the user’s activity. Rapid technological advancements in the system, such as the use of security systems linked to the internet, have enabled real-time surveillance at remote and critical locations with enhanced accuracy. Furthermore, it has increased the adoption rate of advanced security systems with better product features and improved performance. Also, the reduction of manpower involved in performing critical jobs at perilous locations, and replacing them with surveillance systems, is expected to fuel industry growth.

System Insights

The video surveillance systems segment led the market in 2022 accounting for over 45.85% of the global revenue share. The maximum share can be attributed to the wide range of applications and efficiency of these systems. The use of video surveillance systems is expected to increase in the future owing to capabilities, such as operational efficiency and improved security at premises. These surveillance systems are cost-effective and help in highlighting criminal activities.

Video surveillance systems are widely used in traffic monitoring, whether it’s to count the vehicles passing or to improve the traffic flow for better travel times. For instance, in September 2022, Airtel India, an Indian multinational telecommunications services provider, announced the launch of Xsafe, an end-to-end, easy-to-use home surveillance solution. The solution includes a variety of Wi-Fi-based cameras allowing users to connect to their homes even when they are away.The intrusion detection systems segment is estimated to grow significantly over the forecast period.

The increasing cross-border terrorism and illegal activities, such as smuggling, have resulted in the accelerated use of intrusion detection systems across the globe. These systems help verify the identity of an individual and permitted to access the information. The intrusion detection systems can be tuned to specific content in network packets. For instance, in October 2022, Moxa Inc., a provider of industrial networking, computing, and automation solutions, announced the availability of Industrial Intrusion Prevention Systems. The new system includes threat detection and prevention capabilities to safeguard key infrastructure from cybersecurity threats.

End-use Insights

Based on end-uses, the industry is further categorized into commercial, government, industrial, military & defense, transportation, and others. The military & defense segment led the industry in 2022 and accounted for the maximum share of more than 25.00% of the global revenue. Cameras with built-in programmable corrections, built-in image processing, auto-exposure, and programmable exposure with precision are a few widely adopted security applications in the military & defense end-use segment. The increased threat of terrorism and cross-border intrusions have impelled the military & defense sectors of various nations to implement the best security systems.

In addition, law enforcement sites, such as lockups, prisons, and correctional facilities, among others, require a high level of security to prevent criminals from escaping or carrying out malicious activities. For instance, in March 2022, Vihaan Networks Ltd. (VNL), a telecommunications equipment manufacturer, announced the global launch of its Border Intrusion Detection System. Intelligent border protection solutions from the company consist of a combination of multiple sensors that make up unified, multi-layer security to detect, deter, delay, and avert border intrusions.

The transportation segment is estimated to grow significantly over the forecast period owing to the increased adoption of security systems in locations, such as airports, railway stations, and ports, for preventing intrusions and illegal activities. Moreover, the systems also enable monitoring of valuable goods in transit via network cameras installed on mobile devices, which further drives the market growth. For instance, in June 2022, The Transportation Security Administration (TSA), an agency of the United States Department of Homeland Security, chose Pangiam, a technology company, to showcase its AI-driven accessible screening technology, having the potential to redefine aviation security globally.

Service Insights

The system integration & consulting segment held the largest revenue share of over 49.45% in 2022 owing to the increasing adoption of advanced systems that can gather data on a single platform. Users prefer integration of different solutions/products, owing to easy controls and improved efficiency of the integrated systems. The security system integration & consulting services are used to protect and defend against constantly evolving security threats. The security services include firewall management, managed data protection services, threat management, and endpoint security services among others.

The managed security services segment is predicted to foresee significant growth in the forecast period. Managed security services are increasingly used by large organizations as they find it easier to outsource the entire security system, thereby identifying loopholes in the security of crucial information and preventing intruders from accessing their company premises. In addition, numerous organizations provide security solutions and products offering system integration options in a single platform, which can be easily accessed. Managed security services help in improving security, reducing cost, and lowering risk in business operations.

Regional Insights

North America dominated the industry in 2022 and accounted for over 32.55% share of the global revenue. This high share can be attributed 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, optimized power consumption,etc. 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. For instance, in November 2021, IDEMIA Identity & Security North America announced a collaboration with the Mississippi Department of Public Safety to launch Mobile ID to its citizens as part of its initiative to enhance the services offered to citizens.

The technology is an electronic edition of a driver's license allowing individuals to control their identity through an app on their smartphone and providing users with remarkable security and privacy.Asia Pacific is anticipated to register the fastest CAGR over the forecast period. The increased focus of the government on infrastructural development and security systems is expected to drive regional market growth. Several emerging economies, such as China and India, are making huge investments to boost safety-related products and develop innovative products with advanced technology, such as wireless connectivity and more efficient cameras among others. Various threats, such as insider attacks, frauds, and Advanced Persistent Threats (APT), are expected to create growth opportunities for the market in the Asia Pacific region.

Key Companies & Market Share Insights

Prominent firms have used product launches and developments, followed by expansions, mergers and acquisitions, contracts, agreements, partnerships, and collaborations as their primary business strategy to increase their industry share. The companies have used various techniques to enhance market penetration and boost their position in the security industry. For instance, in December 2022, Johnson Controls, an American Irish-domiciled multinational conglomerate announced the acquisition of CDS Integrated Security Systems and Gem Security Services. The acquisition will expand Johnson Controls’ portfolio of cutting-edge and interconnected electronic security solutions designed to safeguard people, property, and assets around the clock. Some of the prominent players in the global security market include:

• ASSA ABLOY

• Apex Fabrication & Design, Inc.

• Apex Perimeter Protection

• Anixter Inc.

• Perimeter Protection Germany GmbH

• Johnson Controls

• Honeywell International, Inc.

• ZABAG Security Engineering GmbH

• Teledyne FLIR LLC

• Axis Communications AB

Security Market Report Scope

Global Security Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global security market report based on system, services, end-use, and region:

• System Outlook (Revenue, USD Billion, 2017 - 2030)

  • Access Control Systems

  • Alarms & Notification Systems

  • Intrusion Detection Systems

  • Video Surveillance Systems

  • Barrier Systems

  • Others

• Service Outlook (Revenue, USD Billion, 2017 - 2030)

  • System Integration & Consulting

  • Risk Assessment & Analysis

  • Managed Security Services

  • Maintenance and Support

• End-use Outlook (Revenue, USD Million, 2017 - 2030)

  • Government

  • Military & Defence

  • Transportation

  • Commercial

  • Industrial

  • Others

• Regional Outlook (Revenue, USD Billion, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

  • Asia Pacific

    • Australia

    • New Zealand

    • China

    • India

    • Japan

  • Latin America

    • Brazil

    • Mexico

  • Middle East and Africa (MEA)