Global Executive Search specialists within Physical and Cyber Security Sectors.The global security market size is expected to reach USD 225.21 billion by 2030, growing at a CAGR of 8.0% from 2023 to 2030, according to a new report by Grand View Research, Inc. The adoption of security systems is increasing as the systems offer high-quality surveillance with optimised distortion. Illegal activities across the globe and stringent government regulations have led to a surge in the adoption of security systems.
New managed security services provide a cloud-native approach to securing communications between users on any enterprise application and device, regardless of location. Increasing competition in the market, owing to the introduction of advanced technologies, is driving the need for automation in organisations at various levels. In addition, the growing number of infrastructures across the globe has resulted in an increased demand for safety systems, such as access control systems and video surveillance systems for real-time monitoring.
Increased demand for high quality video
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 defence sectors for surveillance purposes. Furthermore, 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.
As one might expect, the video surveillance systems segment led the industry in 2022 owing to the wide range of applications and efficiency of these systems, such as operational efficiency and improved security at premises
According to the researchers, the demand for security systems has been increasing over the years because of increasing security and safety concerns and the awareness of the adoption of advanced systems with real-time monitoring support.
North American dominates
The analysis shows that North America dominated the industry in 2022 and will remain dominant over the forecast period. The governments of various nations, such as the U.S. and Canada, have initiated the implementation of security systems and place an emphasis on cross border safety
In terms of end use, it is the military & defence segment that led the industry in 2022. The increased threat of terrorism and cross-border intrusions have impelled the military & defence sectors of various nations to implement the best security systems.
Some of the key players particularly mentioned in the research include, Assa Abloy, Apex Fabrication & Design, Apex Perimeter Protection, Anixter, Perimeter Protection Germany, Johnson Controls, Honeywell, Zabag Security Engineering, Teledyne Flir, and, Axis Communications.