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The global security market was valued at US$ 112.07 Billion in 2021.
We expect the global security market to exhibit a CAGR of 9.60% during 2022-2027.
The sudden outbreak of the COVID-19 pandemic has led to the increasing adoption of numerous security strategies for data privacy and security, owing to the rising deployment of remote working and Bring Your Own Device (BYOD) models by numerous organizations.
The growing instances of cybercrime and fraudulent activities, along with the elevating adoption of advanced security strategies to prevent malicious threats and potential security breaches to maintain integrity and confidentiality of sensitive information, are primarily driving the global security market.
Based on the system, the global security market can be categorized into access control systems, alarms and notification systems, intrusion detection systems, video surveillance systems, barrier systems, and others. Currently, video surveillance systems exhibit clear dominance in the market.
Based on the service, the global security market has been segmented into system integration and consulting, risk assessment and analysis, managed services, and maintenance and support. Among these, system integration and consulting currently holds the largest market share.
Based on the end user, the global security market can be bifurcated into government, military and defense, transportation, commercial, industrial, and others. Currently, the military and defense sector accounts for the majority of the total market share.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America currently dominates the global market.
Some of the major players in the global security market include 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).
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