Overview and Scope
Physical security refers to the protection of people, equipment, software, networks, and data from physical acts and events. This is primarily used to protect the assets and facilities of the organization.
Sizing and Forecast
The physical security market size has grown strongly in recent years. It will grow from $117.43 billion in 2023 to $125.39 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increased use of mobile surveillance technology systems, increasing incidences of terror attacks and increasing use of internet protocol (ip)-based cameras for video surveillance..
The physical security market size is expected to see strong growth in the next few years. It will grow to $165.94 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to growth of population globally and urbanization, integration of video surveillance systems with access control systems and low cost of investment with video surveillance as a service (vsaas). Major trends in the forecast period include focus on new technologies such as 3d digital light detection and ranging (lidar) technology and developing new product solutions to strengthen their position in the market, focus on cloud-based security solutions to make their workplaces safer, centralize security operations and management, assure adaptability, and provide real-time monitoring, focus on product innovations and developing new product solutions with a focus on access management and touchless technology to improve product portfolio, focus on use of artificial intelligence (ai), focus on collaborations and acquisitions to improve their financial strength, product portfolio and geographical presence and focus on the expansion of the internet of things (iot) to give real-time security alerts, potentially changing the landscape of physical security standards..
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Segmentation & Regional Insights
The physical security market covered in this report is segmented –
1) By Component: Systems, Services
2) By Organization Size: Small And Medium-Sized Enterprises(SMEs), Large Enterprises
3) By End-User: Transportation, Government , Banking And Finance, Utility And Energy, Residential, Industrial, Retail, Commercial, Hospitality, Other End Users
North America was the largest region in the physical security market in 2023. The regions covered in the physical security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing incidents of terrorist attacks are expected to boost the growth of the physical security market going forward. A terrorist attack refers to the use of violence or threats to instill fear among a large audience. Physical security provides robust security by preventing the unauthorized access of terrorists and will help in minimizing terror attacks, as a result, increasing incidents of terrorist attacks are expected to boost the physical security market. For instance, in 2021, according to the Institute for Economics and Peace, a Sydney-based organization dedicated to the study of peace, 5,226 terrorist attacks occurred globally, an increase of 17% from previous years. Therefore, the increasing incidents of terrorist attacks are driving the growth of the physical security market.
Key Industry Players
Major companies operating in the physical security market report are Hangzhou Hikvision Digital Technology Co., Ltd, Allied Universal, SECOM Co Ltd, WESCO International, Inc, ADT LLC, Cisco Systems Inc,Axis Communications AB, Honeywell International, Inc., Dahua Tech, Stanley Convergent, Zicom Electronic Security Systems, Godrej Security Solutions, Samsung Techwin, Sony Corporation, Panasonic Corporation, Safety Systems, Genetec, Bosch Security, Milestone Systems, Vanderbilt Industries, Nedap Security Management, Avigilon, G4S Secure Solutions, Prosegur Compañía de Seguridad, S.A, Securitas AB, Salto Systems, Paxton Access, ABAX Systems Sp. z o.o, SATEL S.A., ELDES Sp. z o.o, MICRONIX s.r.o, CETIN a.s, 2N Telekomunikace a.s, AxxonSoft, Intelligent Security System, Beward Co, Securitas Romania, Rheinmetall Automotive AG, SSC Security Services Corp, Paragon Security Verkada Inc, Ajax Systems, Ava Security, Cloudvue, Evolv Technology, Securiguard, Farnek Services LLC, Aqua Security, Safeway Security Services, Grupo GR, Brink’s, Sodexo, VIPSEG, Grupo Forteseg, Fidelity Services Group, Halogen Security Company Limited, Bemil Nigeria Limited, Proton Security Services, Securex Agencies Limited
The physical security market report table of contents includes:
1. Executive Summary
2. Physical Security Market Characteristics
3. Physical Security Market Trends And Strategies
4. Physical Security Market – Macro Economic Scenario
5. Global Physical Security Market Size and Growth
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32. Global Physical Security Market Competitive Benchmarking
33. Global Physical Security Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Physical Security Market
35. Physical Security Market Future Outlook and Potential Analysis
36. Appendix
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