Physical Security Market Size is valued at USD 105.91 Bn in 2022 and is predicted to reach USD 157.65 Bn by the year 2031 at a 4.6% CAGR during the forecast period for 2023-2031.
Key Industry Insights & Findings from the Report:
- Growing Security Risks Combined with Smart City Projections to Drive Industry Growth
- Increasing Awareness of Security Risks in Businesses Expands the Use Of Physical Security
- North America dominated the market and accounted for a global revenue share in 2023.
- Advanced Physical Security Solution Optimization Is Hampered by a Lack of Technical Expertise
Physical security refers to the measures, policies, and practices to protect physical assets, people, and resources from unauthorized access, damage, theft, or harm. It encompasses various security measures to safeguard physical locations, assets, and information. Physical security is a significant component of overall security strategies and is essential in various settings, including businesses, government facilities, residential areas, and critical infrastructure.
It protects against natural disasters, fire, robbery, vandalism, and terrorism. The increases in the number of terror incidents and the increase in awareness drive the growth of the worldwide physical security industry. Furthermore, technological improvements have a beneficial impact on the growth of the physical security industry. However, privacy issues and a lack of physical and logical security integration are impeding the growth of the physical security sector. On the contrary, increased demand for physical security in smart cities will likely provide lucrative prospects for market advancement throughout the forecast period.
However, the COVID-19 epidemic has harmed the worldwide Physical Security market. Physical security is commonly utilized in oilfield services and pipeline management because it can detect many flaws and abnormalities that might cause system failures. Due to the pandemic, oilfield services and pipeline management encountered financial issues, resulting in the suspension of many new projects, which directly influenced the sales of physical security utilized in oilfield services and pipeline management. As a result, the worldwide Physical Security industry grew slowly during the pandemic.
Competitive Landscape
Some Major Key Players In The 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).
Market Segmentation:
The Physical Security Market consists of component, organization size, and vertical. According to components, the market is segmented as system and service. The system segment includes a physical access control system, video surveillance system, perimeter intrusion detection & prevention, physical security information management, physical identity & access management, security scanning, imaging, and metal detection, fire & life security. Services segment includes System Integration, Remote Monitoring. The organization size segment comprises large enterprises and SMEs. By vertical, the market is further segmented into healthcare, BFSI, government, Retail & eCommerce, transportation & logistics, residential, education, aerospace & defence, IT & ITeS, and other verticals.
Based On Vertical, The Retail And E-Commerce Segment Is Accounted As A Major Contributor To The Physical Security Market.
The Retail and e-commerce category is expected to hold a major share in the global Physical Security Market in 2022. Retail and e-commerce are sectors of the country's economy that deal with selling things to customers via various shops, small grocery stores, supermarkets, major department stores, or the Internet. Previously, CCTV surveillance was an important security feature in retail businesses, but it was solely utilized for video surveillance to prevent theft. However, the surveillance system is currently being integrated with powerful systems. People can be counted, and heat maps can be generated using modern video analytics. These maps will assist in determining which areas of the shop receive the greatest foot traffic. This is likely to drive category growth over the forecast period.
Large Enterprise Segments Witnessed Rapid Growth.
The large enterprise segment is likely to grow at a rapid rate in the global Physical Security Market. The segment is driven by factors such as increased infrastructure to defend, extremely sensitive information to safeguard, and increased revenue to invest. As a result, they are among the early users of physical security. Furthermore, safeguarding their data from theft, hacking, and unauthorized access allows the industry to gravitate toward physical security solutions.
In The Region, The North American Physical Security Market Holds A Significant Revenue Share.
The North America Physical Security Market is expected to record the major market share in revenue in the near future. This pattern is predicted to persist throughout the forecast period. North America has the highest rate of adoption of modern physical security measures. Strong economic growth, regulatory reforms, and increased SME investments in physical security systems are driving the regional market. Furthermore, a number of public facilities and transport systems, including airports, seaports, trains, and bus stations, are focusing on securing their infrastructure through security layers. Asia Pacific is estimated to grow firmly during the forecast period. The increased demand for smart security systems in India and China is to blame for this expansion. The Chinese government's significant investments in safe city initiatives, especially focusing on city surveillance and traffic monitoring, are expected to drive market growth.
Recent Developments:
- In April 18,2024, Cisco, the industry leader in networking and security, today presented a whole new strategy for protecting clouds and data centers in response to the growing demands that the AI revolution has placed on IT infrastructure. With the introduction of Cisco Hypershield, an industry-first, Cisco is rethinking how we leverage and safeguard AI and other contemporary workloads.
- In July 2023, The acquisition of Paladin Technologies was initiated by Bosch. Paladin Technologies had a workforce of around 1,500 individuals across 35 different locations across Canada and the United States. Furthermore, the company's expected sales for the year 2023 were estimated to reach nearly $400 Bn. The inclusion of the company was anticipated to be a valuable contribution to Bosch's Energy and Building Technology business area, which experienced a growth rate of 17.4 percent in the year 2022.
Physical Security Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 105.91 Bn |
|
Revenue Forecast In 2031 |
USD 157.65 Bn |
|
Growth Rate CAGR |
CAGR of 4.6% from 2023 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
Component, Organization Size, and Verticals |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia |
|
Competitive Landscape |
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). |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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