Security

According to its report, Grand View Research anticipates the global security market size to reach USD$167.12 billion by 2025, following expansion at a CAGR of 10.3%. Over this period, North America is expected to continue to lead the market and reach USD$53.15 billion by 2025.

The adoption of security systems is increasing as they offer high quality surveillance with minimized distortion. The rise of criminality worldwide and strict government regulations have also contributed to the increased adoption of security systems.

Moreover, the growing number of infrastructures across the globe has resulted in increased demand for safety systems, such as access control systems (ACS) and video surveillance systems (VSS). The VSS segment led the market in 2018. Continuous and growing use of security cameras in various locations, such as airports, railway stations, and ports, is also driving the market. These systems find extensive use in the military and defense sector for surveillance purposes.

AI-augmented video technology can be potentially used to help companies implement safety measures for their employees and customers at the time of the COVID-19 pandemic and other such emergency situations in the future. Security cameras powered by AI can monitor densely populated locations to ensure employees and customers follow safety precautions, including social distancing, mask wearing, and flow control. These cameras can also provide temperature screenings.

The COVID-19 pandemic has also been contributing to the touchless access control system trend, with numerous modes of touchless verification such as face recognition, palmprint recognition, NFC, and QR code scanning increasing in popularity.

The increased adoption edge computing solutions such as automatic number plate recognition (ANPR), automated event alerting, people counting, heat mapping, illegal parking detection, and hard hat detection, and others are expected to drive the security market.

The perception capabilities of video cameras and systems can be integrated with radar detection, multispectral imagery, humidity and temperature measurement, and gas pressure detection, enabling multi-dimensional perception. Multispectral imagery enables cameras to perceive information in the non-visible light spectrum. For instance, ultraviolet (UV) detection cameras can capture invisible electric arc phenomena, which can be used in safety checks at aging power grids.

5G's greater bandwidth and lower latency make the regular transmission of high quality images possible. As 5G networks are established and wireless cameras become commonplace, more edge devices are connected in remote locations, facilitating wide and rapid deployment of AI applications in edge devices.

The security services industry comprises operators that provide guard and patrol services, in-transit cash and valuables protection, as well as ancillary ancillary services such as alarm systems, cyber security, background screening, investigation, risk analysis, and security consultancy services. These services are provided to a variety of clients, including individuals, businesses, and government agencies. This industry does not include companies that perform credit checks or sell security systems, such as burglar and fire alarms.

The growth of the security services industry corresponds to business formation rates, as new businesses are likely to avail of security services. The industry also relies on government spending, as it is common for federal, state, and local governments to outsource security services for office buildings, parks, and facilities.

According to Ibisworld, the number of businesses in the US security services industry amounts to 14,760, and the industry employment measures 861,045. The security services industry includes the following services:

• Security guard services for buildings and grounds

• Security guard and crowd control services for temporary events

• Armored vehicle services

• Polygraph services

• Corporate investigative services

• Private detective services

• Bodyguard services

The security services industry serves corporations and financial institutions, government and NGO, residential, retail and leisure, and other clients.

The market size of the US security services industry totaled $46.3 billion in 2021, and the market size growth amount to 0.2%. From 2016 to 2021 the annualized market size growth of the security services industry was 3.4%. It outpaced the administration, business support, and waste management sector in terms of growth and is the 7th ranked by market size within this sector, and the 205th largest in the US

Many smaller companies that provide exclusively traditional standing security officer services continue to use the terms “security guard” or “contract security” to define their limited selection of services.

However, the larger companies that still derive a significant portion of their revenue from traditional standing security officer services have ceased referring to their operations in those terms, and instead use terms such as “security solutions,” “integrated guarding," or “integrated security solutions” (or other similar terms) as a way to define their business activity, which now may include the variform security services such as:

• Traditional on-site standing security officers

• Remote video monitoring

• Robots

• Drones

• K-9 security

• Integration of systems with artificial intelligence platforms

• Roving vehicle patrol

• Traditional concierge services

• Executive protection

• Investigation services

• Cash-In-Transit (armored car services; these services are usually provided by traditional manned guarding companies)

• Temperature checks, distance, and mask monitoring during pandemics, such as COVID-19

The large companies continue to emphasize and expand the “Integrated Security” function as a one-stop solution to all security needs. The five world leaders in security services (as of 2019) have made significant investments in technology that enhances the delivery of their offered services.

As of 2019, Securitas had:

• 370,000 employees
• 56 countries with operations
• 150,000 clients (excluding monitoring-only clients)
• 89% client retention rate
• 150 global clients