Security Industry Market Research Reports Analysis and Trends
Security industry consists of companies that provide services such as guard and patrol services, investigative and detective services and protected transport of valuables, including monetary such as currencies, bonds, cheques and cash and other valuable items. The global security systems comprises various domains; from households to the multi-national corporations, businesses in energy and transportation, banks and government offices etc. Internet has become an integral part of every working professional as most of their work revolves around the usage of internet for various purposes such as communication to delivery of products, and increasingly businesses and individuals are continuing to enlist in their daily lives and there is a huge demand for protection from cyber threats that cripple many processes and operations which could cost in large amount of losses.
During the great recession, security providers faced many challenges as companies sealed back their security spending and due to many corporations going bankrupt, security systems or personnel were no longer needed. But soon after there were few signs of recovery, there were improvements in the demand for better and advanced security systems as the technology had played an important role in solidifying the status of security industry into complete mainstream businesses. Globally, the hackers use complex methods, and due to the increasing breaches and failed operations of many companies' firewalls, the security industry started to invest heavily in innovation for sophisticated cyber security solutions. Terror threats mainly drove companies into investing in systems that were secure and reliable, especially in transportation applications. There were increased number of security tools created for better equipment of software installed in transportation sector.
Security providers will face competition from high-tech alternatives like CCTV and alarm systems, but large operators will adapt by providing integrated security services. As more and more companies are expanding their growth and branches with wider reach across various demographics, they have started to use and implement the overall security spending. The global security technology and services market is currently expected to reach US $67.2 billion by the end of 2013 and the forecast for security industry's revenue is expected to reach $86 billion by 2016, according to Gartner.
Security Industry Current Trends
Security industry's four largest companies account for over 30% of the market revenue share which is indicative of low level concentration. The industry concentration has declined over years as self-employed individuals are considered to be accounted as well, as over 20% of private investigators are self-employed. Bodyguards are self-employed and most of them offer services on a part-time basis that often leads to supplement other sources of income. Approximately only 6% of industry's revenue is generated through non-employer establishments and the trend is expected to continue to rise in the major demographics where economical stability is much safer and secure than in the developing regions.
According to Gartner, there are three main areas that are developing into mainstream trends, such as mobile security, big data and advanced targeted attacks. Bring your own device (BYOD) is a an increasingly largely followed trend that has a far-reaching influence on the entire security industry. Changes in how security addresses BYOD leaves several opportunities for technology service providers (TSPs). An opportunity exists for those new entrants that are able to determine the context, and provide security systems for other points of influence, such as the network or applications. The global cyber security market continues to be led by the EU and US markets, and these regions expected to dominate through to 2022. The global cyber security market is dominated by North America, with the US being the largest defense spender in the world, it is expected to spend $93.6 billion on cyber security.
Major Security Industry Players
Major security industry players include Titan Protection and Consulting, Axient, Kentech Consulting, EP Technology, VariQ, DigiCert, DTT Surveillance and Authentify.