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Security Global Market Overview, Driving Factors, Future Trends, Key Players and Growth Opportunities And Forecast By 2033
Security Global Market
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According to The Business Research Company's, 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 in the historic period can be attributed to enhancing awareness, increasing urbanization, increasing cyber threats, expanding global business operations and international travel, and expanding 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 growth in the forecast period can be attributed to smart infrastructure growth, increasing use of cloud services, demand for integrated security solutions, expansion of the critical infrastructure sector, and growth in remote work. Major trends in the forecast period include AI and machine learning, extended detection and response, IoT security, security automation, and the development of new security protocols.
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Market Drivers and Trends:
The growing terrorism is expected to propel the growth of the security market going forward. Terrorism is the use of violence or intimidation, especially against civilians, to achieve political, ideological, or religious goals. Terrorism is increasing due to factors such as political instability, extremist ideologies, and socioeconomic grievances that fuel violence and unrest. Security measures help combat terrorism by preventing attacks through surveillance, intelligence gathering, and protective infrastructure. For instance, in March 2023, according to the Global Terrorism Index 2023, published by the Institute for Economics and Peace, an Australia-based research and education think tank, terrorist attacks became more lethal, averaging 1.7 fatalities per incident, up from 1.3 deaths per attack in 2021. Therefore, the growing terrorism is driving the growth of the security market.
Major companies operating in the security market are developing innovative products, such as AI-powered motion sensors, to enhance threat detection and response capabilities. AI-powered motion sensors use artificial intelligence to enhance motion detection accuracy, predict movements, and adapt to various environmental conditions for more precise and intelligent monitoring. For instance, in June 2023, SimpliSafe, a US-based home security company, launched a revolutionary feature called 24/7 Live Guard Protection to help prevent crime in real-time. Enabled by a smart alarm wireless indoor security camera, this feature allows monitoring agents to visually and verbally engage with intruders using two-way audio. When an alarm is triggered, agents can request the safeword or instruct the intruder to leave. If the safeword is incorrect or the intruder refuses to comply, the agent will promptly notify the police.
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Major Key Players of the Market:
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
Security Market 2024 Key Insights:
• 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 Impact Of Growing Terrorism On The Expansion Of The Security Market
• Innovations In Security Enhanced Real-Time Monitoring Solutions
• North America was the largest region in the security market in 2023
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