The Physical Security by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Physical Security, 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..
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.
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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
Technological advancement is the key trend gaining popularity in the physical security market. Major companies operating in the physical security market are focusing on developing technologically advanced security systems to sustain their position in the market. For instance, in February 2022, Tuchware, an India-based electronics company launched the Smart Lock vendor, XS series which comes with a hotel management software hotel-XS. The unique feature includes an integrated door lock card management interface in addition to other hotel administration functions such as booking management, personnel management, inventory management, and invoicing. The smart lock is specially created with a single body of stainless steel 304 grade as opposed to mild steel or aluminum alloys, making it the most durable option on the Indian market.
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 analysis
5. Physical Security Market Size And Growth
6. Physical Security Segmentation
7.Physical Security Regional And Country Analysis
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27. Physical Security Competitive Landscape And Company Profiles
28. Physical Security Key Mergers And Acquisitions
29.Physical Security Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Hangzhou Hikvision Digital Technology Co. Ltd.
- Allied Universal
- SECOM Co Ltd.
- WESCO International Inc.,
- ADT LLC
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