London, March 28, 2024 (GLOBE NEWSWIRE) -- Global physical security market, valued at US$126.8 Bn in 2022, is on track to reach a staggering US$206.3 Bn by 2030-end, reflecting a projected CAGR of 7.2%. This growth is fueled by the increasing integration of physical and cybersecurity, a booming retail industry, and the rising adoption of smart security solutions.
A recently released report of Fairfield Market Research highlights several key drivers propelling the physical security market forward. The convergence of physical and cybersecurity is a major trend, as organisations seek holistic protection for their assets and data. Additionally, the expanding retail sector and stringent regulations in banking and finance are fueling demand for advanced security solutions.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$126.8 Bn | |
| Estimated Market Size in 2030 | US$206.3 Bn | |
| CAGR | 7.2% | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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"The convergence of physical and cybersecurity is a defining trend shaping the physical security market," says the analyst involved in research, further adding, "Organisations are increasingly recognising the need for integrated solutions, which is forming a strong building block for the expansion of this market”.
While Fairfield’s ranking board reveals the top performing segments of the market, regional analysis of the market uncovers that North America captures the largest market share due to high security spending, and extensive expansion of advanced technologies. On the other hand, the Asia Pacific region is poised for the fastest growth, majorly driven by rapid urbanisation, and government initiatives.
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Key Research Insights
- System components like surveillance cameras, access control devices, and alarms dominate the market due to their core functionality.
- Video surveillance systems hold the largest market share due to their versatility and effectiveness in threat detection.
- System Integration as a Service (SIaaS) is the leading service segment, streamlining complex security infrastructure.
- The retail sector leads the market, prioritising asset protection, theft prevention, and customer safety.
Insights into Segmentation Analysis
System Components Take the Charge
This segment holds the largest market share due to the fundamental role of surveillance cameras, access control devices, and alarms in security infrastructure.
Technological advancements like AI, and IoT integration are further enhancing their capabilities and driving demand.
As organisations seek comprehensive security solutions and expert guidance, the services segment is expected to witness significant growth.
Cloud-based and managed security services, including remote monitoring and threat response, are gaining traction due to the complexity of modern security systems and the need for specialised expertise.
Systems Continue to Witness the Maximum Demand
Video surveillance systems are the most popular category, owing to their diverse applications and effectiveness in threat detection and real-time monitoring.
Advancements in camera technology and the growing demand for remote surveillance are further propelling their market dominance.
However, perimeter intrusion and detection systems are anticipated to witness the fastest growth due to the increasing need for protecting critical infrastructure and property.
The Primacy of Retail Sector will be Intact
The retail sector leads the market due to its prioritisation of physical security for merchandise protection, theft prevention, and customer safety.
The adoption of video analytics and integration with inventory management systems further enhances security and operational efficiencies.
Meanwhile, the banking and finance sector is expected to witness significant growth due to heightened security concerns, stringent compliance regulations, and the need to protect assets, sensitive data, and customer privacy.
Key Report Highlights
- North America maintains the dominant market share due to its emphasis on security across industries, the presence of leading security solution providers, and stringent regulatory frameworks.
- Asia Pacific, projected to witness the fastest CAGR, will be afloat with rapid urbanisation, industrialisation, growing middle-class population, and government initiatives for safe and secure public spaces.
Insights into Regional Analysis
North America's Security Stronghold Prevails
North America holds the undisputed crown as the leader in the physical security market. This dominance can be attributed to several key factors.
Strong emphasis on security is ingrained in the North American culture. Governments, businesses, and individuals prioritize safeguarding people, assets, and infrastructure.
Consistently growing investments in advanced security systems across various industries, from government institutions and critical infrastructure to commercial properties and private residences.
North America boasts a thriving ecosystem of leading security solution providers.
From established giants like Honeywell, and Johnson Controls to innovative start-ups developing cutting-edge security technologies, the region fosters a competitive environment that drives constant advancements.
North American organisations have access to the latest and most effective security solutions available, which favours the growth of the market here.
Stringent regulatory frameworks further propel the physical security market in North America.
Regulations like the Health Insurance Portability and Accountability Act (HIPAA), and the Sarbanes-Oxley Act (SOX) mandate robust security measures for specific industries. This ensures a baseline level of security across the region and incentivizes organisations to invest in compliant solutions.
However, North America faces its own set of challenges. The high cost of implementing and maintaining sophisticated security systems can be a barrier for some organisations. Additionally, the ever-evolving threat landscape necessitates continuous adaptation and upgrades, requiring ongoing investments.
Asia Pacific Emerges as the Rising Star in Security
The Asia Pacific region is poised for the most significant growth in the physical security market.
Rapid urbanisation, and industrialisation are leading to the development of new cities and infrastructure, all of which require robust security measures.
A burgeoning middle class with increasing disposable income is driving demand for secure living and working environments.
Governments across the Asia Pacific region are actively investing in initiatives to create safe and secure public spaces. This translates into increased spending on security solutions for transportation networks, public buildings, and critical infrastructure.
The region also presents fertile ground for technological innovation and integration.
Growing adoption of smartphones and the increasing availability of affordable internet connectivity create opportunities for the deployment of cloud-based security solutions and mobile-enabled access control systems.
However, the Asia Pacific region also faces challenges. A lack of standardised regulations across some countries can hinder the adoption of uniform security practices.
Additionally, concerns around data privacy and intellectual property protection may require security solutions to be tailored to specific regional requirements.
The region offers immense potential for growth in the physical security market, driven by a combination of economic development, government initiatives, and technological advancements.
Key Companies in Global Physical Security Market
- Axis Communications AB
- Bosch Security Systems Inc.
- HikVision Digital Technology Co., Ltd.
- Honeywell Security Group
- Johnson Controls International PLC
- Pelco by Schneider Electric
- Siemens AG
- Tyco International Ltd (ADT Security Services)
- Dahua Technology Co., Ltd.
- FLIR Systems, Inc.
Global Physical Security Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - (By Component Coverage, By System Coverage, By Service Coverage, By End-use Sector Coverage, By Geographical Coverage and By Leading Companies): https://www.fairfieldmarketresearch.com/report/physical-security-market
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