CHICAGO, Sept. 4, 2023 /PRNewswire/ -- The Physical Security Market's future will be characterised by the incorporation of cutting-edge technology, a focus on cybersecurity, privacy issues, and flexibility to respond to new threats and problems in a world that is becoming more connected and digital.
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™. The growth in the use of IP-based cameras for video surveillance and the rise in instances of malicious activities and security breaches to physical systems drive the growth of the Physical Security Market. Moreover, difficulties addressing the complexity of advanced threats may hinder market growth.
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460 - Tables
45 - Figures
353 - Pages
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Scope of the Report
Report Metrics | Details |
Market size available for years | 2017-2028 |
Base year considered | 2022 |
Forecast period | 2023–2028 |
Forecast units | Value (USD Million/USD Billion) |
Segments Covered | Component, system, service, organization size, verticals, and regions |
Geographies covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
Companies covered | Major vendors in the global physical security include 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) and many more. |
Based on services, the managed services segment is expected to grow at a higher CAGR during the forecasted period.
Effective management of business processes in contemporary corporate contexts requires the adoption of proven approaches across organizations. Organizations are forced to outsource some tasks since maintaining internal services requires more time, there aren't enough resources, and it costs more money. Managed service providers guarantee the protection of important corporate data as well as the efficiency of business processes. Customers are assisted by managed service providers to maintain their hardware, software, physical security systems, and solutions up to date with the most recent improvements. Customers' internal capacities are increased when MSPs protect their physical assets and IT system assets.
By managed services, the access control as a services segment is expected to hold the largest market size during the forecast period.
Access Control as a Service (ACaaS) is a cloud-based, service-oriented architecture that supports access control models in new-age operating systems. It integrates cloud-hosted and managed solutions with various on-site access control systems. The demand for ACaaS is rising across verticals because of its distinguishing characteristics, such as remote management, scalability, real-time control, data security, and secure communications. The importance of access control lies in its ability to bolster the overall security posture of an organization, providing a flexible and scalable solution to meet specific needs, enhance operational efficiency, and ensure the safety of personnel and valuable assets.
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By region, Asia Pacific is expected to grow at the highest CAGR during the forecast period.
Due to the region's rising crime rate, physical security solutions are quickly gaining popularity across Asia and the Pacific. Security-related worries are becoming more prevalent, particularly in China, Malaysia, Australia, and India. Therefore, the government of several of these nations is encouraging the implementation of physical security measures to manage such a circumstance. Governments in the Asia Pacific are investing a significant portion of their federal budgets in developing security tools, which is expected to drive the adoption of physical security solutions. Moreover, the region is witnessing the large development of smart cities. Countries such as China have invested heavily in smart city programs. It is planning to spend USD 39 billion on smart cities. Smart cities heavily rely on physical security solutions, which is also driving the Physical Security Market in the region.
Top Key Companies 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), 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) are the key players and other players in the Physical Security Market.
Recent Developments
- In February 2023, Johnson Controls announced a strategic partnership with Willow. Willow is a leading provider of digital twin solutions for critical infrastructure and real estate. This partnership will digitally transform buildings and facilities into safer, healthier, and more sustainable environments for their customers and occupants.
- In June 2022, Honeywell Connected Life Safety Services (CLSS) partnered with Simpro to boost fire safety processes. To assist fire protection businesses in increasing productivity, compliance, and customer service, Simpro and Honeywell CLSS have integrated to automate essential defect quotation operations.
- In October 2021, ADT acquired Edward Electronic Systems. With the acquisition, ADT will expand its integration capabilities and fire and life safety expertise in new regions such as Carolinas.
- In April 2021, Bosch introduced the FLEXIDOME multi 7000i camera family offering. The offering is supported with built-in AI technology to support predictive solutions across application areas, such as public spaces and retail facilities. The intelligent video analytics capability based on AI/ML supports users to garner deep insights from the captured video footage.
- In February 2021, Cisco announced a strategic partnership with Openpath. This partnership includes a new Video Management System (VMS) integration with Cisco Meraki.
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Physical Security Market Advantages:
- Visible physical security measures like cameras and access control systems serve as a deterrent to possible threats, decreasing the possibility of unauthorised access and criminal activity.
- Physical security measures ensure the safety of staff members, guests, and property by preventing unauthorised access and quickly handling emergencies.
- Physical security systems reduce losses and liabilities by providing cameras, alarms, and access controls to help prevent crimes including theft, vandalism, and unauthorised entrance.
- When security breaches or emergencies happen, these technologies enable quick incident response by immediately alerting security professionals or law enforcement.
- Access control systems increase overall security and lessen the danger of insider threats by ensuring that only authorised people are allowed access to secure locations.
- Valuable assets, data centres, equipment, and merchandise are protected by physical security from theft, damage, and unauthorised access.
- In order to help in investigations, evidence gathering, and conflict resolution, surveillance cameras continuously monitor, record, and document activity.
- By screening and tracking visitors, visitor management systems improve security by ensuring that only authorised visitors enter the building.
- In order to provide a cohesive security ecosystem for more effective monitoring and control, physical security systems can interact with other security and building management systems.
Report Objectives
- To define, describe, and forecast the Physical Security Market by component, system, service, organization size, vertical, and region
- To provide detailed information about the major factors (drivers, opportunities, restraints, and challenges) influencing the growth of the Physical Security Market
- To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Physical Security Market
- To forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
- To analyze subsegments of the market with respect to individual growth trends, prospects, and contributions to the overall market
- To profile the key players of the Physical Security Market and comprehensively analyze their market size and core competencies
- To track and analyze competitive developments, such as product enhancements and new product launches; acquisitions; and partnerships and collaborations, in the Physical Security Market globally.
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