Dublin, April 09, 2024 (GLOBE NEWSWIRE) -- The "Physical Security Market Report by Component (System, Services), Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), Industry Vertical (Retail, Transportation, Residential, IT and Telecom, BFSI, Government, and Others), and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The global physical security market size reached US$ 124.3 billion in 2023. Looking forward, the market is expected to reach US$ 211.4 billion by 2032, exhibiting a growth rate (CAGR) of 6.1% during 2023-2032.
Increasing security concerns and a surge in terror attacks across the globe are creating a positive outlook for the market. Governments of various countries are focusing on installing advanced video surveillance and access control systems to prevent terrorism, crime incidents, and severe damage to infrastructure and people. Additionally, the growing utilization of drones, smart fence sensors, and mass notification systems (MNS) for surveillance at major events or assemblies is favoring the market growth.
Apart from this, the integration of artificial intelligence (AI) to identify potential areas of compromise while analyzing images, videos, and other data to differentiate threats from standard activities are providing an impetus to the market growth. Moreover, the increasing awareness about physical security solutions in residential spaces owing to the increasing theft and robbery incidences is acting as another growth-inducing factor. Furthermore, the installation of automated home security solutions for door locking and intruder, fire, and LPG gas leakage detections are positively influencing the market growth.
Other factors, including increasing digitization, widespread adoption of cloud-based data storage, and the rising demand for video surveillance solutions for efficient monitoring of large areas, are supporting the market growth.
Key Market Segmentation
The report provides an analysis of the key trends in each sub-segment of the global physical security market report, along with forecasts at the global, regional and country level from 2024-2032. The report has categorized the market based on component, enterprise size and industry vertical.
Breakup by Component:
- System
- Services
Breakup by Enterprise Size:
- Large Enterprises
- Small and Medium-sized Enterprises
Breakup by Industry Vertical:
- Retail
- Transportation
- Residential
- IT and Telecom
- BFSI
- Government
- Others
Competitive Landscape
The competitive landscape of the industry has also been examined along with the profiles of the key players being:
- ADT LLC
- Assa Abloy AB
- Axis Communications AB (Canon Inc.)
- Cisco Systems Inc.
- Genetec Inc.
- Hangzhou Hikvision Digital Technology Co. Ltd. (China Electronics Technology Group Corporation)
- Honeywell International Inc.
- Johnson Controls International
- Pelco Incorporated (Motorola Solutions Inc.)
- Robert Bosch GmbH (Robert Bosch Stiftung GmbH)
- Senstar Corporation
- Siemens AG
- STANLEY Convergent Security Solutions Inc. (Stanley Black & Decker Inc.)
Key Attributes
| Report Attribute | Details |
| No. of Pages | 139 |
| Forecast Period | 2023-2032 |
| Estimated Market Value (USD) in 2023 | $124.3 Billion |
| Forecasted Market Value (USD) by 2032 | $211.4 Billion |
| Compound Annual Growth Rate | 6.1% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/ywodxv
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