The State of Security: SIA Global Security Market Report

The State of Security: SIA Global Security Market Report

The State of Security: SIA Global Security Market Report

Mar 11
2024

The State of The Market: SIA Global Security Market Report

SIA has recently released a report providing insights and information regarding the state of the global security market. While the big picture may not be relevant to some readers, the report also provides details on regional demands. The "Complexities in the Global Security Market: 2024 through 2026" report presents a detailed analysis and forecast of the security industry, emphasizing the critical trends and market dynamics that security professionals must be aware of.

"Complexities in the Global Security Market: 2024 through 2026": The Highlights

- The physical security equipment and services markets combined (including distribution) were worth almost $377 billion in 2022. The market in 2023 is predicted to be worth almost $405 billion. This is a significant revenue opportunity for service providers and solution vendors active in the industry. (SIA, 2024)

 

 

- The physical security equipment market was worth an estimated $51 billion in 2022. The market in 2023 will be worth almost $56 billion and is predicted to grow to $70 billion in 2026. (SIA, 2024).

 

 

- The second largest equipment market is physical access control. North America is estimated as the largest regional market, while Latin America and the Middle East & Africa are forecast to be the fastest growing regional markets (SIA, 2024).

- Government spending on physical security equipment has increased substantially. Driven by growing security concerns and a renewed focus on infrastructure protection, this surge has roots in several key factors, most notably legislative changes, and economic circumstances. This trend was a growth driver for the video surveillance market. (SIA, 2024)

 

- An important trend in the market is the emergence of mobile credentials as a viable alternative to physical credentials. Mobile credentials store credentialing data on a smartphone application. The credential interacts with a mobile-capable reader using NFC, Bluetooth, Wi-Fi, or cellular 3G/4G transmissions from the smartphone to the reader. They can offer building occupants greater flexibility because entrants only need to possess one device to enter any number of compatible facilities. The use of a personal smartphone is also considered a more hygienic alternative compared with cards and badges. (SIA, 2024)

The Outlook 


This analysis underscores the security industry's complexity, driven by rapid technological evolution, regional market differences, and the constant balancing act between innovation and privacy/regulatory compliance. Security professionals must navigate these dynamics to leverage new opportunities, address emerging threats, and ensure sustainable growth in the evolving global landscape. Using this information can help you make more informed decisions on where you would like to focus business and attention in years to come. Knowledge is power and through understanding this information you may be able to find a gap or niche in the market that could benefit you and your company. IDN loves to see our business partners grow and succeed! We hope you find this information as valuable as we believe it is. 

The research report can be accessed for free by SIA members and ASIS members.

Here

 

 

 

 

 

 

 

  References

: “ASIS International: Advancing Security Worldwide.” ASIS Homepage, 29 Feb. 2024, www.asisonline.org/.

 

 

 

 

 

 

 

 

PREVIOUS POST

The Camden CX-EPD1289L Preload RIM Strike

NEXT POST

Schlage XE360™ Series Wireless Locks

Copyright © 1999 - 2024 All rights reserved.