Physical Security Global Market Sharre
“The Business Research Company recently released a comprehensive report on the Global Physical Security Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
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According to The Business Research Company’s, The physical security market size has grown strongly in recent years. It will grow from $117.43 billion in 2023 to $125.39 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increased use of mobile surveillance technology systems, increasing incidences of terror attacks and increasing use of internet protocol (ip)-based cameras for video surveillance..
The physical security market size is expected to see strong growth in the next few years. It will grow to $165.94 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to growth of population globally and urbanization, integration of video surveillance systems with access control systems and low cost of investment with video surveillance as a service (vsaas). Major trends in the forecast period include focus on new technologies such as 3d digital light detection and ranging (lidar) technology and developing new product solutions to strengthen their position in the market, focus on cloud-based security solutions to make their workplaces safer, centralize security operations and management, assure adaptability, and provide real-time monitoring, focus on product innovations and developing new product solutions with a focus on access management and touchless technology to improve product portfolio, focus on use of artificial intelligence (ai), focus on collaborations and acquisitions to improve their financial strength, product portfolio and geographical presence and focus on the expansion of the internet of things (iot) to give real-time security alerts, potentially changing the landscape of physical security standards..
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Market Drivers and Trends:
The increasing incidents of terrorist attacks are expected to boost the growth of the physical security market going forward. A terrorist attack refers to the use of violence or threats to instill fear among a large audience. Physical security provides robust security by preventing the unauthorized access of terrorists and will help in minimizing terror attacks, as a result, increasing incidents of terrorist attacks are expected to boost the physical security market. For instance, in 2021, according to the Institute for Economics and Peace, a Sydney-based organization dedicated to the study of peace, 5,226 terrorist attacks occurred globally, an increase of 17% from previous years. Therefore, the increasing incidents of terrorist attacks are driving the growth of the physical security market.
Technological advancement is the key trend gaining popularity in the physical security market. Major companies operating in the physical security market are focusing on developing technologically advanced security systems to sustain their position in the market. For instance, in February 2022, Tuchware, an India-based electronics company launched the Smart Lock vendor, XS series which comes with a hotel management software hotel-XS. The unique feature includes an integrated door lock card management interface in addition to other hotel administration functions such as booking management, personnel management, inventory management, and invoicing. The smart lock is specially created with a single body of stainless steel 304 grade as opposed to mild steel or aluminum alloys, making it the most durable option on the Indian market.
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Major Key Players of the Market:
Baxter International Inc., Fresenius SE & Co. KGaA, Otsuka Pharmaceutical Factory Inc, B. Braun Melsungen AG, Sichuan Kelun Pharmaceutical Co. Ltd, American Regent Inc, JW Pharmaceutical, Grifols S.A., Amanta Healthcare, ICU Medical Inc., Hubei Provincial Bafeng Pharmaceuticals and Chemicals Share Co. Ltd., Allergan, Vifor Pharma, Pharmasyntez, Horatev, Soleo Health, Enteris BioPharma, Allena Pharmaceuticals, Abbvie, Johnson & Johnson, Sanofi, Biogen Inc., Farmoterápica, Pfizer Inc., Actavis Inc.
Physical Security Market 2024 Key Insights:
• The physical security market size is expected to see strong growth in the next few years. It will grow to $165.94 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• The Rise In Terrorist Activities Propels The Physical Security Market Growth
• Technological Innovations Drive Advancements In The Physical Security Market
• North America was the largest region in the physical security market in 2023
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