Market Overview:

The global security market reached a value of US$ 112.07 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 200.07 Billion by 2027, exhibiting a growth rate (CAGR) of 9.60% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

Security refers to a set of cybersecurity strategies that prevent unauthorized access to organizational assets, such as computers, networks, and data. It includes different areas of information technology (IT) security, such as network, internet, endpoint, cloud, user, and application. It helps maintain the integrity and confidentiality of sensitive information by blocking access for hackers. As a result, it plays a pivotal role in the modern business strategy, wherein a loophole can cause undesirable outcomes like theft and losing customer trust and loyalty.

Security Market Trends:

The growing instances of cybercrime and fraudulent activities represent one of the major factors positively influencing organizations to install advanced security systems for preventing malicious threats and potential security breaches, which can have a massive impact on the financial health of businesses. Moreover, IT security finds widespread adoption in the energy sector to meet the emerging needs for uninterrupted power supply across the globe. Apart from this, health firms nowadays are relying on specialized information systems, such as electronic healthcare records (HER), e-prescribing, practice management support, clinical decision support, radiology information, and computerized physician order entry. This increases the requirement of protecting the confidentiality, integrity, and availability of electronic information and assets from unauthorized access, use, and disclosure, thereby stimulating the market growth. Besides this, the rising use of information and communication technology (ICT) in the logistics industry for transparency, cost-efficacy, and real-time tracking of goods is resulting in an increased risk of data theft. This, in confluence with the growing popularity of online shopping apps, is driving the demand for security systems to identify potential threats and breaches and protect the confidential information of suppliers and customers.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global security market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on system, service and end user.

Breakup by System:

• Access Control Systems
• Alarms and Notification Systems
• Intrusion Detection Systems
• Video Surveillance Systems
• Barrier Systems
• Others
   

Breakup by Service:

• System Integration and Consulting
• Risk Assessment and Analysis
• Managed Services
• Maintenance and Support
   

Breakup by End User:

• Government
• Military and Defense
• Transportation
• Commercial
• Industrial
• Others
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Ameristar Perimeter Security (Assa Abloy AB), ATG Access Ltd., Avon Barrier Corporation Ltd. (Perimeter Protection Group), Barrier1 Systems LLC, CIAS Elettronica Srl, Delta Scientific Corporation, EL-Go Team, Frontier Pitts Ltd., Honeywell International Inc., Johnson Controls International PLC, Senstar Corporation (Senstar Technologies Ltd.) and Teledyne FLIR LLC (Teledyne Technologies Incorporated).

Report Coverage: