The global security market reached a value of approximately USD 377.38 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 7.3%, reaching around USD 688.57 billion by 2032. This market encompasses a variety of sectors, including physical security, cybersecurity, and security services such as guarding and video surveillance. Rising security threats, technological advancements, and increasing adoption of smart city projects are key drivers of this market’s growth.
Global Security Market Outlook
The security services sector is comprised of over 20,000 companies globally, with security guard services playing a vital role in protecting assets and ensuring public safety. In 2023, smart cities generated a revenue of USD 89.49 billion worldwide, with video surveillance systems being widely deployed to enhance safety in urban areas. Leading companies in the security market include ATG Access Limited, Barrier1 Systems, LLC, and Cias Elettronica Srl, which provide advanced security solutions for a wide range of sectors.
Global Security Market Growth
A major factor contributing to the growth of the security market is the increasing integration of artificial intelligence (AI) in security systems. AI-powered security solutions are in high demand for smart home systems, particularly in North America. By 2027, it is expected that 58% of all homes in North America, or approximately 88.1 million homes, will be smart homes, further driving the demand for advanced security solutions.
Moreover, the commercial sector is a significant driver of security market growth. Efficient security systems, such as alarms and video surveillance, are essential in safeguarding businesses, customers, and staff from theft and crime. By 2027, the global commercial real estate market is expected to reach USD 12.6 trillion, further increasing the demand for robust security systems.
Key Trends and Developments
Several key trends and developments are shaping the global security market. These include a growing focus on improving security across various sectors, rising technological advancements, the increasing number of smart city projects, heightened security threats, and the widespread adoption of CCTV cameras.
AI and Machine Learning
Technological advancements, such as the incorporation of AI and machine learning in security systems, are helping optimize the performance of both physical and digital security technologies. In 2024, Hikvision Solution Partner, Irida Labs, launched an AI-powered platform, PerCV.ai, optimized for Hikvision cameras. This platform enables the deployment of sophisticated AI models onto Hikvision’s HEOP 2.0 devices, opening new revenue streams in AIoT-based security solutions.
Expanding Smart City Projects
Smart cities are adopting intelligent video surveillance and emergency response systems that leverage real-time data to improve public safety. The global revenue generated by smart cities in 2023 was USD 89.49 billion, and this figure is expected to grow as more cities incorporate these advanced technologies to protect residents and critical infrastructure.
Rising Security Threats
The growing number of security threats faced by businesses and government entities is also driving the demand for advanced security measures. In 2023, the average cost of a data breach reached an all-time high of USD 4.45 million, an increase of 2.3% from 2022. This highlights the critical need for robust cybersecurity solutions, alongside traditional physical security systems, to mitigate risks and protect valuable assets.
Adoption of CCTV Cameras
CCTV cameras remain a cornerstone of security systems worldwide, offering enhanced protection to citizens and mitigating crime. In Europe, countries like the United Kingdom lead the way in mass surveillance, with London having one of the highest concentrations of CCTV cameras globally—nearly 70 cameras per 1,000 people. Additionally, China leads the world in the number of installed CCTV cameras, with Beijing and Shanghai boasting over 1 million cameras each.
Global Security Market Segmentation
The global security market is segmented by type, application, and region. Each segment plays a crucial role in shaping the market’s overall growth and development.
By Type
- Equipment: This category includes access control systems, intrusion detection systems, video surveillance systems, barrier systems, and others. The increasing installation of video surveillance and barrier systems, particularly in commercial and industrial sectors, is driving growth in this segment.
- Services: Security services, including system integration, consulting, risk assessment, and managed security services, are expected to hold a significant market share. As the demand for these services rises, businesses are investing heavily in cybersecurity solutions to safeguard against growing threats.
By Application
- Government: Governments worldwide are investing in advanced security systems to protect public infrastructure, government buildings, and sensitive information.
- Residential: The rise in smart home technologies is fueling the demand for residential security systems, including cameras, alarms, and access control systems.
- Transportation: Airports, train stations, and other transportation hubs require robust security measures to ensure the safety of travelers and prevent potential threats.
- Commercial: The commercial sector, particularly retail and office spaces, is increasingly adopting security systems to protect assets, employees, and customers.
- Industrial: Industrial facilities, including energy and manufacturing plants, are implementing advanced security systems to safeguard critical infrastructure from theft and vandalism.
Regional Analysis
Asia Pacific
Asia Pacific is a prominent region in the global security market due to rising cyber-attacks and the widespread installation of CCTV cameras in leading economies such as China, Japan, and South Korea. In 2022, Asia-Pacific accounted for 31% of all cyber-attacks globally, underscoring the need for robust cybersecurity solutions in the region. Additionally, China leads the world in the number of installed CCTV cameras, further driving demand for video surveillance systems.
Europe
Europe is another key region for the security market, with cities like London, Berlin, and Warsaw leading in the number of CCTV cameras installed. In 2022, Europe had over 311.3 million mobile IoT connections, with countries like France and Germany driving growth through increased investments in connected devices and smart city projects.
North America
In North America, the United States and Canada are significant contributors to the security market. By the end of 2022, there were approximately 34.8 million active monitored alarm systems in these countries. Additionally, the security guard services sector is substantial, with 85.6% of security guards working in the private sector in the U.S.
Latin America and the Middle East
While smaller in comparison to other regions, Latin America and the Middle East are seeing increased investments in security technologies. For instance, MONITORAPP Inc., a cybersecurity company, recently expanded into the Middle East and Africa markets through new partnerships, marking the region’s growing importance in the global security market.
Global Security Market Share
The services segment is expected to hold a significant share of the global security market, driven by rising crime rates and the increasing demand for security guard services and cybersecurity solutions. As of 2023, the physical security market employed over 30 million people globally, with a majority working in guarding services.
Additionally, the equipment segment, which includes security cameras, smoke detectors, and intrusion detection systems, plays a key role in asset protection. By the end of 2021, approximately one billion surveillance cameras were operational globally, underscoring the growing demand for video surveillance systems.
Leading Players in the Security Market
Several companies are driving innovation and growth in the global security market:
- Perimeter Protection Germany GmbH: A leader in high-security and access products, this German company offers advanced control systems, including sliding gates, bollards, and barriers.
- ATG Access Limited: Based in the UK, ATG Access provides physical security solutions for residential, commercial, and traffic management applications.
- Barrier1 Systems, LLC: This U.S.-based company specializes in vehicle barrier systems and is trusted by top security professionals worldwide.
- Cias Elettronica Srl: An Italian company that offers cutting-edge security solutions, including microwave, infrared, and fence detection systems.
Other notable players include Delta Scientific Corporation, Hangzhou Hikvision Digital Technology Co., Ltd., Zhejiang Dahua Technology Co. Ltd., ASSA ABLOY AB, and Motorola Solutions, Inc.
The global security market is poised for significant growth, driven by rising security threats, advancements in technology, and the increasing adoption of smart city projects. Key trends, including AI integration and the growing demand for cybersecurity services, will shape the future of this dynamic industry.
Read More Reports:
https://www.expertmarketresearch.com/reports/digital-education-market
https://www.expertmarketresearch.com/reports/gamification-market/market-size