Security Market Report 2024

This Security market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The security market size has grown strongly in recent years. It will grow from $125.29 billion in 2023 to $135.82 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth observed during the historic period can be attributed to several factors, heightened awareness of security issues, rising urbanization, an increase in cyber threats, the expansion of global business operations and international travel, and the growth of businesses and infrastructure.

The security market size is expected to see strong growth in the next few years. It will grow to $188.58 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The anticipated growth in the forecast period can be attributed to several factors, the expansion of smart infrastructure, increased use of cloud services, rising demand for integrated security solutions, growth in the critical infrastructure sector, and the rise of remote work. Key trends expected during this period include advancements in AI and machine learning, extended detection and response capabilities, IoT security, security automation, and the development of new security protocols.

The increasing prevalence of terrorism is expected to drive growth in the security market. Terrorism involves the use of violence or intimidation, often targeting civilians, to achieve political, ideological, or religious objectives. The rise in terrorism is fueled by factors such as political instability, extremist ideologies, and socioeconomic issues that contribute to violence and unrest. Security measures are critical in countering terrorism by preventing attacks through enhanced surveillance, intelligence gathering, and fortified infrastructure. For example, the Global Terrorism Index 2023, published in March 2023 by the Institute for Economics and Peace, an Australia-based research organization, reported that terrorist attacks have become more lethal, with an average of 1.7 fatalities per incident, up from 1.3 deaths per attack in 2021. Consequently, the increasing threat of terrorism is driving the growth of the security market.

Key players in the security market are focusing on innovative solutions, such as AI-powered motion sensors, to improve threat detection and response. These sensors use artificial intelligence to enhance the accuracy of motion detection, predict movements, and adapt to various environmental conditions for more intelligent monitoring. For instance, in June 2023, SimpliSafe, a U.S.-based home security company, introduced a new feature called 24/7 Live Guard Protection. This feature, enabled by a smart alarm wireless indoor security camera, allows monitoring agents to interact with intruders in real-time via two-way audio. When an alarm is triggered, agents can request a safeword or instruct the intruder to leave. If the safeword is incorrect or the intruder does not comply, the agent will promptly contact the police.

In April 2024, Pye-Barker Fire & Safety, a U.S.-based provider of fire protection, life safety, and security services, acquired Alarm Specialists Inc. for an undisclosed amount. This acquisition is expected to enhance Pye-Barker's capabilities by leveraging Alarm Specialists' expertise to improve services in the New York metropolitan area, maintaining high-quality service for existing customers while expanding its industry presence. Alarm Specialists Inc. is a U.S.-based company specializing in security and fire alarm systems.

Major companies operating in the security market are Honeywell International Inc., Johnson Controls, Thales Group S.A., ASSA ABLOY AB, Anixter Inc., Teledyne FLIR LLC, Juniper Networks Inc., Zhejiang Dahua Technology Co. Ltd., NortonLifeLock Inc., Ameristar Perimeter Security USA Inc., McAfee LLC, Axis Communications AB, Kaspersky Lab, Senstar Technologies Corporation, ATG Access Ltd., Delta Scientific Corporation, Frontier Pitts Ltd., Perimeter Protection Group, CIAS Elettronica Srl, Barrier1 Systems LLC, ZABAG Security Engineering GmbH, Avon Barrier Corporation Ltd., Apex Perimeter Protection LLC, EL-Go Team.

North America was the largest region in the security market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the security market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Security involves protecting systems, networks, and data from unauthorized access, damage, or attacks. It encompasses measures to prevent threats, detect breaches, and respond to incidents, covering physical, digital, and organizational aspects to ensure safety and integrity.

Key security systems include access control systems, alarms and notification systems, intrusion detection systems, video surveillance systems, barrier systems, and others. Access control systems are advanced mechanisms designed to limit and monitor access to physical or digital resources, ensuring that only authorized individuals can enter secure areas or access sensitive information. These systems offer services such as system integration and consulting, risk assessment and analysis, managed services, and maintenance and support. They are used by a variety of end users, including government, military and defense, transportation, commercial sectors, industrial organizations, and more.

The security market research report is one of a series of new reports that provides security market statistics, including security industry global market size, regional shares, competitors with a security market share, detailed security market segments, market trends and opportunities, and any further data you may need to thrive in the security industry. This security market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The security market consists of revenues earned by entities by providing services such as encryption services, penetration testing, identity and access management, and security awareness training. The market value includes the value of related goods sold by the service provider or included within the service offering. The security market also includes sales of cameras, security gateways, and biometric scanners. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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