Global Security Market is Expected to Grow at a CAGR of 7.3% in the Forecast Period of 2024-2032

The global security market was being led by the military and defence industries in 2020. The threat of terrorism, as well as cross-border invasions, resulted in the implementation of the best security systems in the military and defence sectors of various countries. With urbanisation and development, the demand for security systems is also rising rapidly.

Critical infrastructure sites, like substations for utilities and transport centres, have significantly increased safety requirements. In December 2020, FLIR Systems, Inc. (NASDAQ: FLIR) declared the launch of three dome-like surveillance Pan-Tilt-Zoom (PTZ) cameras, including the FLIR ElaraTM DX-Series and the FLIR SarosTM DM-series and high-resolution visible cameras for safe city deployments, the FLIR QuasarTM 4 K IR PTZ.

In February 2021, FLIR Systems, Inc. introduced the next generation of compact, high-definition thermal science cameras named FLIR A8580. The camera is an entry-level 1.3-megapixel cooled camera engineered for a broad range of industrial, military, scientific as well as product R&D applications. This camera captures blur-free images of high-speed targets, provides a wide range of precision, manual as well as motorized lenses, and integrates seamlessly with the new thermal analysis software of FLIR Research Studio–all of which provide users with a high-end experience in a lightweight, easy-to-use camera. Thus, in the coming years, the security market is expected to be driven by the rising product diversification and innovations by the leading players in the industry.

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Market Analysis by System, Service, Applications, and Regions:

• The security systems are divided into access control systems, alarms and notification systems, intrusion detection systems, video surveillance systems, and barrier systems, among others.
• The services in the security market include system integration and consulting, risk assessment and analysis, managed security services, and maintenance and support.
• It finds wide applications in government, military and defence, transportation, commercial, industrial, and other sectors.
• The regional security markets include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The rise in illegal activities and terrorism globally has led to an increased demand for security, which is aiding the growth of the market.
• The introduction of advanced technologies is propelling the market growth.
• The growing demand for security systems and real-time monitoring in the commercial sectors is aiding the market growth.
• The systems are also widely being demanded from the residential sectors.
• The rising disposable incomes of consumers is also aiding the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global security market for the periods (2018-2023) and (2024-2032).
• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the regions, systems, services, and applications of security.
• An assessment of the key demand and price indicators has also been provided within the report.

The major key players in the global security market include companies like Ameristar Perimeter Security, ATG Access Ltd., Avon Barrier Corporation Ltd., Barrier1 Systems, LLC, CIAS Elettronica Srl, Delta Scientific Corporation, EL-Go Team, Teledyne FLIR LLC, and Frontier Pitts Ltd. among others. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions, and capacity expansions.

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