New York, March 14, 2023 (GLOBE NEWSWIRE) -- According to Market.us, the global physical security market was valued at around USD 132.5 billion in 2022 and is expected to reach approximately USD 278.1 billion in 2032, growing at a CAGR of slightly above 7.9% between 2023 and 2032.
Physical security solutions are widely used in many sectors to protect people, assets, and facilities from real-world threats. Physical security solutions can detect intruders and deal with real-world threats such as crime, theft, vandalism, fire incidences, and potential burglaries.
Effective physical security systems are required to combat security breaches. The protection of people, data, software, hardware, and networks from physical acts. This is done in order to prevent data loss or damage to institutions, agencies, organizations, and enterprises. Physical security systems are in high demand due to rising crime rates around the world.
To get additional highlights on major revenue-generating segments, Request a Physical Security Market sample report at https://market.us/report/physical-security-market/request-sample/
Key Takeaway:
- By Component, the System segment held a dominating revenue share of more than 60% in 2022.
- By End-user, the government sector led the market in 2022.
- North America held a revenue share of approximately 36.4% in 2022.
- Asia Pacific market is anticipated to grow at a CAGR of 5.2%.
By shifting their focus away from traditional solutions like badge readers, alarm systems, and door locks. They are shifting toward more advanced logical security that includes threat management, breach detection, and intrusion prevention, and the organization and government agencies have been able to reduce the incidence of crimes and breaches.
Modernizing the infrastructure and improving agency security have been top priorities for governments in developed nations. Employee safety is becoming a bigger concern for businesses. As a result, they are establishing security measures to prevent unauthorized entry. Physical security solutions are even more needed as a result of this. The physical security environment is constantly evolving worldwide.
Factors Affecting the Growth of the Physical Security Market
Several factors can affect the growth of the physical security market. Some of these factors include:
- Increase in Security Breach and Terrorist Activities: People are more concerned about safety and security due to the increase in terrorist activity and crime. Many lives have been taken and infrastructure has been severely damaged as a result of these attacks.
- Advancements in Technology: Combining AI, ML, and analytics with surveillance offers a wave of unrealized possibilities, ranging from predictive crime to real-time identification of an ongoing crime or attack.
- Increasing Trend of Digitalization: The increasing trend of digitalization further offers frequent growth opportunities in the market.
To understand how our physical security market report can bring a difference to your business strategy, Inquire about a brochure at https://market.us/report/physical-security-market/#inquiry
Top Trends in Global Physical Security Market
The market is seeing a positive outlook due to increased security concerns and an increase in terrorist attacks around the world. Different governments are investing in advanced access control and video surveillance systems to protect citizens and prevent terrorist attacks and other serious incidents.
The market is also booming due to the increasing use of smart fence sensors, drones, and mass notification systems (MNS), for surveillance at major events or assemblies. The market is also gaining momentum due to the use of artificial intelligence (AI), which can be used to detect potential areas of compromise and analyze images, videos, or other data to distinguish threats from normal activities.
Market Growth
People, things, and processes have become more concerned about safety and security as a result of the rise in criminal and terrorist activity. Numerous lives have been lost and significant infrastructure damage has occurred as a result of these increasing attacks, highlighting the significance of physical security measures.
The United States Department of State says that terrorist activities are getting worse all over the world. After 9/11, there was a decrease in the number of attacks in the United States, but since 2012, there has been a significant increase.
Due to increased terror and security concerns, global governments have increased their spending on security. Many government institutions, such as embassies and courts, parliaments, and government offices have installed advanced video surveillance and access control systems. Smart fence sensors, drones, and mass notification systems (MNS) are all used to monitor major events in Tier I and II cities.
Many government agencies have established strict guidelines and policies for the installation of physical security systems. The U.S. Government has enacted many laws, regulations, and industry guidelines. They have also applied the Payment Card Industry Data Security Standard (PCI DSS), for increased security. This is a key factor in the expansion of the market for physical security software.
Have Queries? Speak to an expert or To Download/Request a Sample, Click here.
Regional Analysis
North America held more than 36.4% of the largest share in the market and will continue to dominate the market for the forecast period. This region is a leader in the adoption of advanced physical security systems. The regional market is driven by a number of factors including regulatory reforms, economic growth, and SMEs investing in physical security solutions.
Many public places such as bus stations, airports, railways, and seaports have security measures in place to protect their infrastructure. The market in North America is heavily influenced by increasing security concerns due to domestic crime, theft, terrorist attacks, and other factors. The country's increasing number of bank robberies is also driving the need for video analytics solutions. This will drive market growth during the forecast period.
The Asia Pacific market is forecast to grow at the fastest pace during the forecast period. The region will experience a 5.2% CAGR between 2023 and 2032. This growth is largely due to rising demand in India and China for smart security solutions. The Chinese government's investments in safe city projects that mainly focus on traffic surveillance and monitoring are expected to drive market growth. Since 2010, the China Smart City Industry Alliance was established, and 500 smart cities have been built in China.
Competitive Landscape
The competitive landscape of the physical security market has also been examined in this report. Some of the major players include Honeywell International Inc., Robert Bosch GmbH, Genetec Inc., Cisco Systems Inc., Axis Communications AB, Pelco, Hanwha Techwin America, Johnson Controls, ADT LLC, Siemens, Anixter Inc., and Other Key Players.
Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 132.5 Billion |
| Market Size (2032) | USD 278.1 Billion |
| CAGR (from 2023 to 2032) | 7.9% |
| North America Revenue Share | 36.4% |
| Asia Pacific CAGR (from 2023 to 2032) | 5.2% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
People are more concerned about safety and security due to the increase in terrorist activity and crime. Many lives have been taken and infrastructure severely damaged as a result of these attacks. This highlights the importance of physical security solutions. Data Breaches are on the rise across all organizations.
Large organizations invest heavily in data safety and security solutions. This has increased the market’s potential required for growth. The market is experiencing a rapid upward trend due to the shift towards cloud-based data platforms that can manage and defend against cyber security threats and data theft.
Market Restraints
Installation and maintenance of physical security systems are costly due to the need for high-quality hardware. SMEs are unable to afford to adopt new technologies because of a lack of budgets. They are responsible to continue using standard security software.
Businesses only worry about protecting important servers and pay little attention to the data in databases that are idle regularly. Physical security professionals face a significant challenge when it comes to effectively carrying out their IT security responsibilities because of insufficient budgets.
The integration of physical security applications with logic security programs like biometric ID programs is referred to as the integration of physical and logical security systems, such as access control. This merging may assist businesses in increasing the comprehensiveness and efficiency of their security infrastructure.
Market Opportunities
From real-time identification of an ongoing crime or attack to predictive crime, combining AI, ML, and analytics with surveillance offers a divergence of untapped possibilities. In order to keep an eye on a variety of possible scenarios, the security team combines surveillance with AI-based analytics.
When AI detects a potentially hazardous situation, it notifies the on-site monitor, who conducts an investigation and responds appropriately. The operator of the monitoring system may issue an audio warning, get in touch with the company's point of contact, or call for an emergency response. The fact that video analytics is proactive and does help to prevent crime and damage makes it more powerful than other security solutions.
Grow your profit margin with Market.us - Purchase This Premium Physical Security Market Report at https://market.us/purchase-report/?report_id=27784
Report Segmentation of the Physical Security Market
Component Insight
In 2022, the system segment accounted for a 60.0% share of global revenue. The sub-segments include video surveillance systems, physical access control systems, perimeter intrusion detection systems and prevention (PSIM), physical identity and access management (PIAM) plus fire and safety.
With a major market share, the video surveillance system segment is the dominant market segment among others in the market. Analog cameras, axis network cameras, video encoders, and monitors are all part of video surveillance systems. Increased use of cameras for video surveillance systems for remote monitoring and security has been possible due to technological advancements like UHD.
This segment is likely to grow due to increasing safety and security concerns, as well as strict regulatory compliance. The rapid growth of several regions like commercial and institutional infrastructures has also driven the demand for video surveillance, which in turn has boosted segment growth.
End-User Insight
The government segment dominated the Physical security market. Government agencies need to figure out how they can improve their security defenses of physical security infrastructure in this complex and rapidly changing environment. They also need to work with legacy equipment while staying within budget.
Due to the high amount of damage caused to resources and assets during thefts and other attacks, the residential segment will see significant growth over the forecast period. The application of video surveillance systems in residential properties enhances user experience and protects assets from potential risk. The integration of smart access control and rapid breach detection systems into comprehensive video surveillance systems provides safety.
The United States is the world's largest market for residential security equipment. This growth can be attributed to the advancement of smart homes and the increased use of advanced video surveillance systems and access control systems.
For more insights on the historical and Forecast market data from 2016 to 2032 - download a sample report at https://market.us/report/physical-security-market/request-sample/
Market Segmentation
Based on Component Type
- 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
- Other Services
Based on End-User Verticals
- Transportation
- Government
- Retail
- Residential
- Industrial
- BFSI
- Other End-User Verticals
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Market Key Players:
- Honeywell International Inc.
- Robert Bosch GmbH
- Genetec Inc.
- Cisco Systems Inc.
- Axis Communications AB
- Pelco
- Hanwha Techwin America
- Johnson Controls
- ADT LLC
- Siemens
- Anixter Inc.
- Other Key Players
Recent Development of the Physical Security Market
- In February 2022, Hangzhou Hikvision Digital Technology Co. Ltd. has introduced the Hikvision AXPRO wireless external tri-tech detector and dedicated cam. The new product is designed to provide small businesses and home workers with precise detection, clear images, and a modular design that makes alarms safer. Hikvision AXPRO wireless external Tritech detectors will be equipped with dedicated cameras and smart cities in China.
- In July 2021, Hexagon AB acquired Immersal-Part, a company that creates visual positioning systems and mapping systems. Hexagon AB has acquired Immersal-Part of Hexagon, a company that develops visual positioning and mapping systems. This acquisition will allow Hexagon AB to use augmented reality technologies.
Browse More Related Reports:
- Managed Security Services (MSS) Market was valued at USD 25.9 Bn in 2022 and is expected to grow at a CAGR of roughly 11.4% over the forecast period of 2023-2032.
- IoT device management market was valued at USD 1.58 billion in 2021. It is projected to reach USD 31.33 billion at a CAGR of 31.2%.
- Fraud Prevention And Detection Market was worth US$ 24.486 billion in 2021. This number is expected to increase at a CAGR of 18.5% between 2023-2032.
- Legal Process Outsourcing Market was valued at USD 13.2 Bn in 2022. It is expected to have a value of USD 134.7 Bn in 2032 and grow at a CAGR of 26.9% during the forecast period 2023-2032.
- ERP Software Market size is expected to be worth around USD 136.1 Billion by 2032 from USD 51.4 Billion in 2022, growing at a CAGR of 10.5% during the forecast period 2023 to 2032.
- Gesture Recognition Market was valued at USD 14,230 million in 2022. It is expected to grow at a CAGR of 20% between 2023 to 2032.
About Us:
Market.US (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. Market.US provides customization to suit any specific or unique requirement and tailor-makes reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.
Follow Us on LinkedIn | Facebook | Twitter
Our Blog:
