The global security market size is anticipated to reach USD 167.12 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 10.3% during the forecast period. The adoption of security systems is increasing as they offer high quality surveillance with optimized distortion. Rise in illegal activities across the globe coupled with stringent government regulations has led to a surge in adoption of security systems.
Increasing
competition in the market, owing to the introduction of advanced technologies,
is driving the need for automation in organizations at various levels. In
addition, growing number of infrastructures across the globe has resulted in
increased demand for safety systems such as access control systems and video
surveillance system for real-time monitoring. As a result, the demand for
security systems is anticipated to rise over the forecast period.
The
video surveillance systems segment led the market in 2018. Rising 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 are largely being used by the
military and defense sector for surveillance purposes.
The
maintenance and support segment is anticipated to witness substantial growth,
owing to the need for regular maintenance, post installation. The demand for
these services is expected to increase over the forecast period. 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 growth of the security market.
Governments
of various nations such as U.S. and Canada have initiated implementation of
security systems and are emphasizing on cross border safety. Suppliers are
focusing on collaborations with other manufacturers for achieving enhanced
product features and improved performance. Advanced systems help effectively
monitor the surrounding activities with optimized power consumption.
Full Research Report On Security Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/security-market
Security Market
Report Highlights
- Security
systems segment is expected to account for the highest market share in
terms of revenue, witnessing the highest CAGR of 10.0% from 2019 to 2025
- Demand for
security system has been increasing over the years, owing to the
increasing awareness regarding safety concerns and adoption of advanced
systems with real-time monitoring support
- North America
is expected to continue to lead the security market over the forecast
period and reach USD 53.15 billion by 2025
- Key market
players are Anixter International, Inc.; Tyco International Plc.; Honeywell
International, Inc.; FLIR Systems, Inc.; Axis Communications AB; and
Senstar Corporation
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company, registered
in the State of California and headquartered in San Francisco. The company
provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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