Optimizing Protection and Risk Management

Physical Security Market worth $157.65 Bn by 2031 – Exclusive Report by InsightAce Analytic Pvt. Ltd.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Physical Security Market– (By Component (System (Physical Access Control System, Video Surveillance System, Perimeter Intrusion Detection & Prevention, Physical Security Information Management, Physical Identity & Access Management, Security Scanning, Imaging, and Metal Detection, Fire & Life Security), Services (System Integration, Remote Monitoring), By Organization Size (SMEs, Large Enterprises), By Vertical (BFSI, Healthcare, Government, Retail & eCommerce, Transportation & Logistics, Residential, Education, Aerospace & Defense, IT & ITeS, Other Verticals)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”

According to the latest research by InsightAce Analytic, the Global Physical Security Market is valued at US$ 105.91 Bn in 2022, and it is expected to reach US$ 157.65 Bn by 2031, with a CAGR of 4.6% during a forecast period of 2024-2031.

Get your free sample copy of the report: www.insightaceanalytic.com/request-sample/2120

They safeguard employees, networks, hardware, software, and data against acts and natural catastrophes, including fires, floods, theft, robberies, vandalism, and terrorism, that could cause a business, organization, or government agency to suffer losses or significant damage. An increasing number of IP-based cameras are being used in commercial and office buildings and shared housing due to a growing awareness of perimeter security in emerging nations.

Security is also being increased due to growing terrorist threats, border security issues, and refugee crises. The increasing reliance of businesses on the Internet of Things (IoT) is driving up demand for physical and digital security.

An extreme degree of physical protection is required for the Internet of Things to safeguard data, servers, and networks. People are more worried about their safety and security due to an increase in crime and terrorist activity.

Numerous fatalities and significant damage to infrastructure have resulted from these attacks. There are more opportunities for market expansion due to the expanding digitization trend.

List of Prominent Players in the Physical Security Market:

• Hexagon AB (Sweden), 
• General Dynamics (US), 
• BAE Systems (UK), 
• Huawei (China), 
• NEC (Japan), 
• Qognify (US), 
• SmartCone Technology (Canada), 
• Verkada (US), 
• IOTAS (US), 
• Cloudastructure (US).
• Johnson Controls (Ireland), 
• Bosch Building Technology (Germany), 
• Honeywell (US), 
• ADT (US), 
• Cisco (US),
• Telus (Canada), 
• Wesco (US), 
• Genetec (Canada), 
• HID Global (US), 
• Pelco (US), 
• Hikvision (China), 
• Gallagher (New Zealand),
• Secom (Japan),
• Allied Universal (US), 
• Zhejiang Dahua Technology (China), 
• Axis Communications (Sweden), 
• Hanwha Vision America (US), 
• Teledyne FLIR (US), 

Market Dynamics:

Drivers- 

Terrorist activity and crime rates have escalated worries about the safety and security of people, assets, and systems.

These increasing attacks have resulted in the loss of several human lives and significant infrastructure damage, emphasizing the necessity for physical security solutions.

More physical security measures are put in place in particular places to protect both inhabitants and tourists. As a result, there has been a strong emphasis on safeguarding these critical installations, leading to the creation of all-encompassing physical security systems.

The need to combat evolving terrorist tactics has accelerated technology advancement in the physical security sector. Physical security measures are widely used in organizations due to the criteria that must be satisfied.

These factors are expected to augment the growth of the global Physical Security Market.

Challenges:

Long-term business profitability is increased by implementing physical security systems. It is expensive to deploy and maintain, which impacts the pace of adoption of standardized event and emergency management solutions.

The high installation and maintenance costs of physical security systems provide significant financial challenges for small and medium-sized organizations (SMEs). Monitoring stations, access control systems, alarm systems, and surveillance cameras are all required components of a comprehensive physical security infrastructure.

The initial cost of purchase and installation of these systems, as well as the necessary equipment and cabling, might be too expensive for SMEs. 

Regional Trends:

The North American Physical Security Market is expected to register a major market share in terms of revenue and it is projected to grow at a high CAGR in the near future. This region is a pioneer in the use of modern physical security technologies.

Regulatory reforms, economic growth, and SMEs investing in physical security solutions drive the regional industry.

To secure their infrastructure, many public places, such as bus stations, airports, trains, and seaports, have security measures in place. Domestic crime, theft, terrorist acts, and other reasons have significantly impacted the North American market.

The growing incidence of bank robberies in the country also fuels the demand for video analytics solutions. During the forecast period, this will drive market growth.

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Recent Developments:

• In July 2023, The acquisition of Paladin Technologies was initiated by Bosch. Paladin Technologies had a workforce of around 1,500 individuals across 35 different locations across Canada and the United States. Furthermore, the company’s expected sales for the year 2023 were estimated to reach nearly $400 Bn. The inclusion of the company was anticipated to be a valuable contribution to Bosch’s Energy and Building Technology business area, which experienced a growth rate of 17.4 percent in the year 2022.

• In May 2022, Hikvision introduced the AXE Hybrid PRO alarm system, including incorporating Hikvision’s cutting-edge ‘Speed-X’ transmission technology. This advanced system caters to various settings, such as banks, factories, offices and retail outlets. The AXE Hybrid PRO Series incorporates advanced technologies while retaining the sophisticated design of the original AXE PRO. This integration allows for a solid wired protection system while providing more flexibility through smooth wireless connectivity.

Segmentation of Physical Security Market-

By Component-

• Systems
  • Physical Access Control System (PACS)
  • Video Surveillance System
  • Perimeter Intrusion Detection and Prevention
  • Physical Security Information Management (PSIM)
  • Physical Identity & Access Management (PIAM)
  • Fire and Life Safety
• Services
  • System Integration
  • Remote Monitoring
  • Others

By Organization Size-

By Vertical-

• BFSI
• Healthcare
• Government
• Retail & eCommerce
• Transportation & Logistics
• Residential
• Education
• Aerospace & Defense
• IT & ITeS
• Other Verticals.

By Region-

North America-

Europe-

• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-

• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific

Latin America-

• Brazil
• Argentina
• Rest of Latin America

 Middle East & Africa-

• GCC Countries
• South Africa
• Rest of Middle East and Africa

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