Modern people are increasingly ill at ease regarding their personal security. Natural disasters like earthquakes in China and Japan, Myanmar's floods, and heavy rainfall in the Midwest, as well as international terror and abduction of women and children happen more frequently than in the past, making people more concerned about their safety. In Korea as well, incidents of crime have grown by more than four times compared to 10 years ago. Increasingly, a security industry is emerging to meet rising demand for greater safety for companies and individuals.
“Personal security” refers to all industries related to protecting personal security and preventing people from becoming victims of crime. In a broader perspective security can be divided into two categories, including national security for public safety and personal security to meet individual and private needs.
Worldwide, the national security industry was estimated at 20 billion dollars in 2006 but this is expected to grow by over 60% annually and become a mega size market valued at 1.16 trillion dollars by 2015. As for the personal security industry, experts forecast that personal security will grow over 7% annually and the market size will likely reach 160 billion dollars by 2010.
Recently, there are two trends in the highly promising personal security industry.
First, the scope of security has broadened according to rising needs for personal safety. Earlier, a large part of the security industry was only personal guards. With increasing terror threats, however, the scope of security now includes entrances, control and surveillance of public facilities, and border control. Moreover, schools and homes which needed less security service in the past are demanding more personal security, and surveillance services these days to deal with increasingly serious crimes.
Secondly, security and surveillance equipment is getting more sophisticated. Security has shifted towards an unmanned network-based digital solution because digital and network-based systems can store a large quantity of data effectively. For example, CCTV which was analog in the past, has gradually become a digital and network-based system. These days, CCTV can detect and search criminal suspects in real time in connection with a criminal database. In addition, more and more security equipment is unmanned because demand for 24 hour long surveillance services is increasing while labor forces are insufficient to meet demand. Unmanned aerial vehicles are a good example of this trend. Furthermore, security equipment is incorporating a solution-based system. Since human intelligence is essential to perform effective monitoring and protection services, security equipment has started to adopt a total solution-based system with diverse features like CCTV, shape recognition, networking, and control functions.
At this point, what we have to note is that the security industry can offer business opportunities to Korean companies. To begin with, there is no global major company in this field. Unlike traditional industries, security requires various technologies and equipment to satisfy customers’ needs, which has blurred the borders of industry. In the video surveillance business only a few companies have started to stand out, but there are as of yet no market leaders.
Another reason for Korean companies to pay attention to this industry is that the ability to construct an IT-based system is very important for this industry. This industry requires the convergence of various equipment and services. If Korean companies utilize their convergence capabilities and technological abilities in digital devices and telecommunications, security can be a “blue ocean” for Korean companies.
Thus far, we have looked at the newly emerging security industry. The fact that there is a great need for security services means that customers are willing to open their purse to use this service. The security industry can be a promising business because it has clear demands.
Thank you for watching. I'm Young-Il Bae.
Copyright © 2008 Samsung Economic Research Institute. All rights reserved
“Personal security” refers to all industries related to protecting personal security and preventing people from becoming victims of crime. In a broader perspective security can be divided into two categories, including national security for public safety and personal security to meet individual and private needs.
Worldwide, the national security industry was estimated at 20 billion dollars in 2006 but this is expected to grow by over 60% annually and become a mega size market valued at 1.16 trillion dollars by 2015. As for the personal security industry, experts forecast that personal security will grow over 7% annually and the market size will likely reach 160 billion dollars by 2010.
Recently, there are two trends in the highly promising personal security industry.
First, the scope of security has broadened according to rising needs for personal safety. Earlier, a large part of the security industry was only personal guards. With increasing terror threats, however, the scope of security now includes entrances, control and surveillance of public facilities, and border control. Moreover, schools and homes which needed less security service in the past are demanding more personal security, and surveillance services these days to deal with increasingly serious crimes.
Secondly, security and surveillance equipment is getting more sophisticated. Security has shifted towards an unmanned network-based digital solution because digital and network-based systems can store a large quantity of data effectively. For example, CCTV which was analog in the past, has gradually become a digital and network-based system. These days, CCTV can detect and search criminal suspects in real time in connection with a criminal database. In addition, more and more security equipment is unmanned because demand for 24 hour long surveillance services is increasing while labor forces are insufficient to meet demand. Unmanned aerial vehicles are a good example of this trend. Furthermore, security equipment is incorporating a solution-based system. Since human intelligence is essential to perform effective monitoring and protection services, security equipment has started to adopt a total solution-based system with diverse features like CCTV, shape recognition, networking, and control functions.
At this point, what we have to note is that the security industry can offer business opportunities to Korean companies. To begin with, there is no global major company in this field. Unlike traditional industries, security requires various technologies and equipment to satisfy customers’ needs, which has blurred the borders of industry. In the video surveillance business only a few companies have started to stand out, but there are as of yet no market leaders.
Another reason for Korean companies to pay attention to this industry is that the ability to construct an IT-based system is very important for this industry. This industry requires the convergence of various equipment and services. If Korean companies utilize their convergence capabilities and technological abilities in digital devices and telecommunications, security can be a “blue ocean” for Korean companies.
Thus far, we have looked at the newly emerging security industry. The fact that there is a great need for security services means that customers are willing to open their purse to use this service. The security industry can be a promising business because it has clear demands.
Thank you for watching. I'm Young-Il Bae.
Copyright © 2008 Samsung Economic Research Institute. All rights reserved