Chicago, Oct. 18, 2023 (GLOBE NEWSWIRE) -- The global Physical Security Market size is projected to grow from USD 110.2 billion in 2023 to USD 136.9 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 4.4% during the forecast period, according to a new report by MarketsandMarkets™.
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Physical Security Market Dynamics:
Drivers:
- Rising instances of malicious activities and security breaches to physical systems
- Global Number Of Terrorist Attacks, 2011 & 2021
- Growing use of IP-based cameras for video surveillance
- Higher adoption of & as a service & model
- Increasing cyber threats to physical security systems
Restraints:
- Considerable false alarm rates
- Violation of privacy
- Lack of efficient data storage and management capacities
Opportunities:
- Integration of technologies in physical security
- Digital transformation enabled by video security systems
- Adoption of IoT-based security systems with cloud computing platforms
- Convergence of multiple physical security systems
List of Key Players in 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)
The growth of the physical security market is being driven by several factors. These include Rising instances of terrorist activities and security breaches to physical systems and Increasing use of IP-based cameras for video surveillance. The promising growth of the physical security market can be attributed to various factors, including the Integration of technologies, such as AI, ML, and analytics, in physical security.
Trend: Artificial Intelligence/ Machine Learning
Security solutions based on data-driven ML and AI are the emerging trends in the physical security market. The market for physical security has witnessed an increase in security solutions based on data-driven ML and AL. Today's surveillance cameras integrate AI and deep learning to increase the accuracy and dependability of security. For instance, Hangzhou Hikvision Digital Technology (China) introduced the DeepinView Camera Series, which made use of the deep learning function to deliver precise and reliable Video Content Analytics (VCA) performance.
Physical security system capabilities have been significantly improved with the use of ML. Security systems can now learn from data, observe trends, and make quick judgments because of ML algorithms. Monitoring camera data may be automatically analyzed to find and identify objects, persons, vehicles, and strange behaviors. Such advancements minimize the effort of human operators and aid with real-time threat detection. Similarly, Security systems are now able to identify and verify persons based on their facial traits with the help of ML-based facial recognition technology. The technology is employed for entryway security, suspect identification, and access control.
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Trend: Contactless Biometrics
The use of contactless biometrics such as iris, facial, and voice recognition is expected to witness broader adoption in access control in the coming years. Costs of solutions and services based on biometrics are continuously witnessing a drop. The decreased cost is resulting in more deployment of contactless biometric technology for general building access control and authenticating access to critical business resources. Contactless biometrics have found use in the airline industry for smooth airport operations and passenger identification verification, as well as in the hotel sector for guest check-in and identity verification. The requirement for greater security, convenience, and cleanliness is what has sparked the widespread use of contactless biometrics. When deploying these technologies, it is crucial to take privacy and data protection issues into account, making sure that the right security measures are in place to secure people's biometric data.
By component, the services segment accounts for a larger market size.
Based on the components offered, the physical security industry is divided into managed services and professional services. As physical security services enable the proper operation of software solutions, they are crucial in this sector. Many market vendors are concentrating on providing specialized services to assist organizations with the efficient operation of business operations. Owing to the need for automation in surveillance systems information protection, and remote monitoring infrastructures, the demand for physical security services is on the rise. The increasing instances of physical attacks, such as terrorist activities, thefts, intrusion drones, and cyberattacks, such as malware, ransomware, virus, and Advanced Persistent Threats (APTs), are expected to drive the need for large-scale adoption of physical security services.
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By system, the video surveillance system accounts for a larger market size.
Video surveillance systems monitor any activity in commercial buildings, public areas, or businesses and can be sound-enabled or without sound. These systems can be used at any place, such as inside or outside a building, in a private residence, school, or other places. Depending on their intended application and price ranges, a variety of video surveillance systems are available, each giving a different level of protection and sophistication. Critical infrastructure, governmental organizations, and commercial buildings are all heavily protected by video surveillance systems like Internet Protocol (IP) cameras and High Definition (HD) CCTVs. The requirement for monitoring entities, people, and vehicles to make sure public and private infrastructures are effectively secured has resulted from the increased focus on physical safety and security; this, in turn, is likely to fuel the rise of video surveillance systems.
Opportunity: Digital transformation enabled by video security systems
Organizations may revolutionize their security operations and gain new efficiencies by adopting digital video security systems. A proactive threat detection and real-time reaction capability is possible with advanced video analytics and integration with IoT devices, increasing total security. Organizations may simply extend their surveillance networks owing to the easy scalability and smooth remote monitoring provided by cloud-based video storage and access. Security administration is simplified by centralized management and control, which also lowers operating expenses and boosts productivity. Empowered by AI analytics, smart video security solutions are designed to improve automation and operational efficiency in various verticals, such as traffic, retail, manufacturing, residential, and education.
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