According to the latest report by IMARC Group, title “Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, 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 CAGR of 9.60% during 2022-2027.
Security refers to cybersecurity techniques that safeguard organizational assets, including data, computers, and networks, against unauthorized access. It comprises different information technology (IT) security areas, such as cloud, user, network, internet, endpoint, and application. It helps maintain the confidentiality of sensitive information and integrity by blocking access for hackers. As a result, security is gaining immense traction as part of modern business strategies to prevent undesirable outcomes like theft and loss of client trust and loyalty.
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Security Market Trends:
The global security market is primarily driven by the rising product demand to prevent malicious threats and potential security breaches, which can negatively impact the financial health of businesses. Moreover, there has been an increase in the reliance of health firms on specialized information systems, such as radiology information, e-prescribing, practice management support, clinical decision support, electronic healthcare records (HER), and computerized physician order entry. In line with this, the rising need for protecting the confidentiality, integrity, and availability of electronic information and assets from unauthorized access, use, and disclosure is positively influencing the market growth. Additionally, the surging adoption of IT security in the energy sector to meet the emerging needs for uninterrupted power supply has catalyzed market growth. Besides this, the increasing risk of data theft due to the rising use of information and communication technology (ICT) in the logistics industry for cost-efficacy, transparency, and real-time tracking of goods has augmented product demand. Other factors, including the growing popularity of online shopping apps, increasing instances of cybercrime and fraudulent activities, surging adoption of cloud computing, and technological advancements, are also anticipated to propel the market growth.
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Key Market Segmentation:
The report has been segmented the market into following categories:
Breakup by System:
- Access Control Systems
- Alarms and Notification Systems
- Intrusion Detection Systems
- Video Surveillance Systems
- Barrier Systems
Breakup by Service:
- System Integration and Consulting
- Risk Assessment and Analysis
- Managed Services
- Maintenance and Support
Breakup by End User:
- Military and Defense
Breakup by Geography:
- 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
List of Key Companies Covered in this Market Report:
The major players in the market are 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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About IMARC Group:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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