Global security market projected to pass $500bn by 2029 says MarketsandMarkets


The global security solutions industry size is expected to be valued at $354.7bn (£277.66bn) in 2024 and is projected to reach $502.1bn (£393.05bn) by 2029, according to a new report by MarketsandMarkets. It is expected to grow at a CAGR of 7.2% from 2024 to 2029. Growth will be driven by the proliferation of smart cities, critical infrastructure projects, and the escalating emphasis on data protection and privacy further propel the demand for innovative security solutions.

Technological advancements, such as high-definition cameras, intelligent analytics, and cloud-based storage solutions, will enhance video surveillance capabilities, making it an indispensable component of comprehensive security strategies, the report predicts. Industries across diverse sectors, including retail, transportation, and critical infrastructure, are increasingly adopting video surveillance systems to enhance situational awareness and ensure a proactive approach to security challenges, thus driving the market’s continued expansion.

Security solutions Industry for video surveillance services to hold the highest CAGR during the forecast period.

According to MarketsandMarkets, the security solutions Industry for video surveillance services is experiencing robust growth due to increasing concerns about security and safety across various sectors, including commercial, residential, and public spaces, drive the demand for advanced surveillance technologies. As incidents of security breaches and criminal activities rise, organisations and individuals are investing in comprehensive video surveillance systems to deter potential threats and enhance overall security. Advanced technologies, such as high-resolution cameras, intelligent video analytics, and cloud-based storage, enhance surveillance capabilities.

Security solutions Industry for residential vertical to hold the highest CAGR during the forecast period.

The security solutions Industry for the residential vertical is experiencing significant growth due to the increasing awareness of the importance of home security, which has driven homeowners to invest in advanced technologies to protect their properties and loved ones, MarketsandMarkets said. The rise in crime rates and security concerns has heightened the demand for robust residential security solutions. The integration of smart home features, such as surveillance cameras, smart locks, and sensors, allows homeowners to monitor and control their security systems remotely. This convenience and ease of use contribute to the market’s growth as more households adopt these advanced solutions.

Security solutions Industry for Asia Pacific to hold the highest CAGR during the forecast period.

The security solutions Industry in the Asia Pacific region is witnessing substantial growth driven by the increasing awareness of the importance of security measures in both public and private domains has led to a surge in demand for advanced security solutions. Rising concerns about terrorism, cyber threats, and geopolitical tensions have heightened the need for sophisticated surveillance and protection systems. Rapid urbanization and economic development in many APAC countries have resulted in a proliferation of critical infrastructure projects, smart cities, and commercial hubs. This expansion creates a substantial demand for comprehensive security solutions to safeguard assets, people, and information.

Some of the prominent key players featuring in the report, include: Johnson Controls (Ireland), Honeywell International Inc. (US), Robert Bosch GmbH (Germany), ADT (US),
Hangzhou Hikvision Digital Technology Co., Ltd. (China). The security solutions Industry for video surveillance systems to hold the highest CAGR during the forecast period. The report contains 186 Market Data Tables, 50 Figures, 270 Pages and in-depth TOC on “Security SolutionsMarket – Global Forecast to 2029”.

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