According to the new market research report “Global Security Market Report 2024-2030”, published by QYResearch, the global Security market size is projected to reach USD 371 billion by 2030, at a CAGR of 1.5% during the forecast period.
Figure. Global Security Market Size (US$ Million), 2019-2030
Figure. Global Security Top 20 Players Ranking and Market Share (Ranking is based on the revenue of 2023, continually updated)
According to QYResearch Top Players Research Center, the global key manufacturers of Security include Hikvision Digital Technology, Dahua Technology, Assa Abloy (Electromechanical and Electronic Locks), Axis Communications, Motorola Solutions (Video Security and Access Control), Uniview Technologies, Tiandy Technologies, Allegion (Electronic Products and Access Control), Hanwha Techwin, Aiphone, etc. In 2023, the global top 10 players had a share approximately 75% in terms of revenue.
Market Drivers: The continuous deterioration of the global security situation has promoted the growth of demand for security protection facilities and technologies; at the same time, urbanization and population growth have also intensified concerns about public safety and promoted the expansion of the security market; in addition, the rapid development of emerging technologies , such as face recognition, video surveillance, intelligent sensing, etc., have improved the intelligence and efficiency of security products and brought new growth momentum to the market.
Restraint: The high cost of equipment upgrades brought about by technology upgrades puts companies under pressure in product development and market competition. At the same time, privacy protection and data security issues are also receiving increasing attention, which may affect the promotion and market acceptance of new technology applications.
Opportunity: With the advancement of smart city construction and Industry 4.0, the demand for intelligent security equipment and solutions will continue to grow, bringing a broad market space for enterprises; at the same time, the internationalization and globalization trends of the security market also provide opportunities for enterprises to expand overseas. The market provides opportunities, strengthens international cooperation and technical exchanges, and promotes the common development of the industry; in addition, the support of government policies and the continuous improvement of industrial standards will also promote the healthy development of the security industry and provide enterprises with a more stable development environment .
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