ASIS and SIA release global security market report for 2024 to 2026

ASIS International and the Security Industry Association (SIA) have jointly released a new research report, Complexities in the Global Security Market: 2024 Through 2026, which covers several key aspects of the security industry including technology, services and employment. SIA and ASIS partnered with Omdia to complete the research.

According to the associations, the report was designed for both practitioners of security serving in an end-user capacity, as well as solution providers, equipment manufacturers and others allied to the security industry.

Key findings from the report include:

• The global physical security equipment market is expected to be worth US$60.1 billion in 2024, as the industry continues to recover following the COVID-19 pandemic and grow to US$70 billion by 2026.
• The overall physical security equipment and services market totalled US$405 billion in 2023 and is projected to grow to nearly US$500 billion by 2026.
• The physical security market employs more than 30 million people worldwide (210,000 in the equipment market, about 7.87 million in the services market and 22.6 million working as security end users).

“The Complexities in the Global Security Market report presents critical economic insights on the importance of the global security industry and offers a valuable snapshot of where we are moving over the next three years,” said SIA CEO Don Erickson, in a statement. “Through a collaborative effort between SIA and ASIS, we are pleased to present new and useful data and trend insights on the direction of the physical security market, employment and the influence of technological change to our members. We hope that our members will leverage this report to shape their future business strategies.”

“The industry has long needed a study to understand the scope and breadth of the security sector, which is important economically just as it is vital to ensure we have secure and safe workplaces around the world,” added Peter O’Neil, CEO, ASIS International. “We are proud to have worked with the Security Industry Association on this groundbreaking research. The strength, vitality and importance of the security industry has never been more apparent.”

The report, which can be accessed for free by ASIS and SIA members, also includes analyses of regional demand, solution requirements, economic conditions, service and equipment preferences, and political challenges, as well as the impact of technology trends like artificial intelligence and cloud computing.