Is the Security Industry Growing? Trends & Insights

From safeguarding businesses and homes to protecting sensitive data and critical infrastructure, the security industry plays a pivotal role in ensuring our safety and peace of mind.

But is the security industry growing? 

Does the surge in illegal events, acts of terrorism, and fraudulent activities witnessed worldwide have compelled individuals, businesses, and governments to prioritize security measures? 

Is there a Growth in the Security Industry? 

video monitoring surveillance

The global security market has grown substantially in recent years, reflecting its vital role in addressing society’s escalating challenges. 

Based on Grand View Research, in 2022, the market boasted a significant valuation of USD 119.75 billion, marking a substantial milestone in its development [1]. 

The trajectory appears promising, with a projected compound annual growth rate (CAGR) of 8.0% anticipated from 2023 to 2030.

Current Market Size and Trends

As published by Statista Research Development last September 2023, the global security market boasted a substantial valuation, estimated at USD 48.13 billion in the US [2]. 

A significant and unmistakable growth area within the broader security industry is cybersecurity. In 2022, global expenditures on cybersecurity soared to approximately 71 billion US dollars, marking a substantial surge compared to the prior year. 

Also, the size of the security services market within the United States has experienced a dramatic surge since 2014, culminating in an impressive valuation of nearly 50 billion US dollars by 2022. 

Statistical Growth in the Security Industry 

Physical Security 

The market size of physical security for 2023 is estimated at $110.2 billion, projected to increase to $136.9 billion by 2028, reflecting a compound annual growth rate (CAGR) of 4.4% [3].

This growth trajectory is further propelled by introducing cutting-edge AI/ML-powered solutions and the ongoing digital transformations facilitated by advanced video security systems.

Cybersecurity 

Statista’s projections for the cybersecurity market indicate that revenue is set to reach a substantial US$166.20 billion by 2023.

Security Services stand as the dominant force within this dynamic landscape, with an anticipated market volume of US$87.97 billion in 2023. 

This trend is poised to continue, with revenue expected to exhibit a robust annual growth rate (CAGR 2023-2028) of 10.48%, culminating in a staggering market volume of US$273.60 billion by 2028.

Surveillance systems 

Anticipated to witness substantial growth, the global video surveillance market is poised to attain a valuation of USD 53.7 billion in 2023, with further projections indicating a remarkable surge to USD 83.3 billion by 2028. 

According to Markets and Markets, the growth trajectory signifies a robust compound annual growth rate (CAGR) of 9.2% from 2023 through 2028.

Access control

The global Access Control Security market exhibited a valuation of USD 7,814.5 million in 2022, and it is poised for significant expansion for access control installation

Projections indicate a substantial compound annual growth rate (CAGR) of 7.95% during the forecast period, culminating in an estimated USD 12,366.21 million by 2028.

Factors Driving Industry Growth 

Technological Advancements 

Technological innovation is propelling the security industry forward. Artificial intelligence (AI) and machine learning transform threat detection, enabling systems to identify and respond to anomalies quickly. 

Integrating Internet of Things (IoT) devices into security systems provides a comprehensive view of environments, while advanced biometric authentication methods enhance access control. 

Rising Cyber Threats

The persistent rise in cyberattacks and data breaches is a significant growth driver in the security industry. 

Malware and ransomware attacks are becoming increasingly sophisticated, posing a considerable risk to organizations. 

With the expansion of remote work, the attack surface has broadened, making robust cybersecurity measures essential. 

Regulatory Compliance

Stringent regulatory requirements have compelled organizations to invest heavily in security.  

Regulations such as the General Data Protection Regulation (GDPR) impose strict data protection standards, and various industries now mandate cybersecurity compliance.

Governments globally have issued regulations that demand specific security measures, resulting in increased investments in security infrastructure. Non-compliance can lead to severe legal consequences, further incentivizing organizations to prioritize security.

Physical Security Concerns 

Security concerns encompass physical environments as well. Heightened awareness of workplace violence and safety has increased the need for access control and surveillance systems

Economic Growth 

Economic growth fuels the expansion of the security industry. As economies prosper, businesses and individuals invest in safeguarding assets, leading to increased demand for security services and solutions. 

This symbiotic relationship between economic growth and security underscores the industry’s role in supporting and protecting thriving societies and businesses.

FAQs

Why is the security industry important?

The security industry is crucial in ensuring individuals, businesses, and critical infrastructure safety and protection. 

It helps prevent and respond to various threats, including physical attacks, cyberattacks, terrorism, natural disasters, and more.

Through its proactive measures and swift response capabilities, the security industry contributes significantly to maintaining the security and resilience of our communities and vital assets.

How has technology impacted the security industry? 

Technology has revolutionized the security industry. Innovations like artificial intelligence (AI), machine learning, and the Internet of Things (IoT) have enabled more efficient threat detection and response. 

These technological advancements enable more efficient, precise, and proactive security measures, bolstering our ability to safeguard against a wide range of threats effectively.

Final Say

The security industry is undeniably on an upward trajectory, driven by various factors. The industry’s consistent growth reflects its indispensable role in addressing evolving threats, physical or digital. 

The global security market has reached a significant valuation of USD 119.75 billion with a projected CAGR of 8.0% from 2023 to 2030. 

Technological innovations, rising cyber threats, regulatory compliance, physical security concerns, and the symbiotic relationship between economic prosperity and security investments drive security industry growth. 

Contact us now for professional guidance and seamless implementation.

References:

  1. https://www.grandviewresearch.com/industry-analysis/security-market
  2. https://www.statista.com/topics/2188/security-services-industry-in-the-us/#topicOverview
  3. https://www.marketsandmarkets.com/Market-Reports/physical-security-market-1014.html

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