Physical Security Market
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 2023-2031.
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The protection of employees, infrastructure, networks, hardware, software, and data from threats such as fire, floods, natural disasters, theft, vandalism, and terrorism is essential to safeguarding companies, organizations, and government agencies from significant loss or damage. Increasing awareness of perimeter security in developing markets has led to greater adoption of IP-based cameras in residential complexes, commercial properties, and office spaces. Furthermore, rising incidents of terrorism, border security issues, and refugee crises have heightened the demand for enhanced security solutions.
The growing dependence on the Internet of Things (IoT) among businesses has further increased the need for both digital and physical security to protect data, servers, and networks. The rise in criminal and terrorist activities has intensified public concern over personal safety and infrastructure security. Such incidents have resulted in loss of life and significant infrastructure damage, reinforcing the need for robust security measures. Additionally, the ongoing trend of digitalization presents new opportunities for market growth, as organizations seek advanced security solutions to address emerging threats.
List of Prominent Players in the Physical Security Market:
• 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),
• Hexagon AB (Sweden),
• General Dynamics (US),
• BAE Systems (UK),
• Huawei (China),
• NEC (Japan),
• Qognify (US),
• SmartCone Technology (Canada),
• Verkada (US),
• IOTAS (US),
• Cloudastructure (US).
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Market Dynamics
Drivers:
Rising terrorist activities and increasing crime rates have heightened concerns regarding the safety and security of individuals, assets, and infrastructure. These growing threats have resulted in the loss of human lives and extensive infrastructure damage, underscoring the urgent need for advanced physical security solutions. In response, governments and private entities are prioritizing the implementation of comprehensive physical security systems to protect residents and visitors in key locations. The need to address evolving terrorist tactics has accelerated technological advancements in the physical security sector. Additionally, the adoption of physical security measures is being driven by stringent regulatory requirements, which are expected to bolster the growth of the global physical security market.
Challenges:
Although the implementation of physical security systems enhances long-term business resilience and profitability, the high costs associated with deployment and maintenance present a significant challenge. The substantial expenses involved in installing and maintaining physical security infrastructure, including monitoring stations, access control systems, alarm systems, and surveillance cameras, pose financial barriers, particularly for small and medium-sized enterprises (SMEs). The initial investment in hardware, installation, and supporting infrastructure, such as cabling, may deter smaller organizations from adopting these solutions, thereby limiting market growth.
Regional Trends:
The North American physical security market is expected to secure a leading share of global revenue and is projected to grow at a high compound annual growth rate (CAGR) in the coming years. This growth is driven by regulatory changes, economic expansion, and increased investments by SMEs in physical security solutions. Public infrastructure, including bus stations, airports, train stations, and seaports, is increasingly being equipped with security systems to mitigate domestic crime, theft, and terrorist threats. The rising frequency of bank robberies and other criminal incidents in North America is further driving demand for advanced video analytics and surveillance solutions, contributing to the region’s market growth during the forecast period.
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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
o Physical Access Control System (PACS)
o Video Surveillance System
o Perimeter Intrusion Detection and Prevention
o Physical Security Information Management (PSIM)
o Physical Identity & Access Management (PIAM)
o Fire and Life Safety
• Services
o System Integration
o Remote Monitoring
o Others
By Organization Size-
• SMEs
• Large Enterprises
By Vertical-
• BFSI
• Healthcare
• Government
• Retail & eCommerce
• Transportation & Logistics
• Residential
• Education
• Aerospace & Defense
• IT & ITeS
• Other Verticals.
By Region-
North America-
• The US
• Canada
• Mexico
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
About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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This release was published on openPR.
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