The latest research study “Physical Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that The globalreached US$ 116.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 171.4 Billion by 2028, exhibiting a growth rate (CAGR) of 6.4% during 2023-2028.
Physical Security Market Overview:
Physical security protects individuals, software, hardware, networks, and property against physical events and activities that can lead to significant loss or damage. Some of these instances include vandalism, terrorism, natural disasters, burglary, fire, floods, robbery, and theft.
It uses numerous layers of interdependent systems, such as perimeter intrusion detection, deterrent systems, access control, security systems, locks, fire protection, CCTV surveillance, and security personnel. As a result, physical security finds extensive applications in the retail, information technology (IT), telecommunications, transportation and banking, financial services, and insurance (BFSI) industries across the globe.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Physical Security Market Trends and Drivers:
The global physical security market is primarily driven by rising terror attacks and security concerns. Moreover, governments of numerous countries are focusing on the installation of advanced access control and video surveillance systems to prevent crime incidents, terrorism, and severe damage to infrastructure and people. In line with this, the increasing use of smart fence sensors, drones, and mass notification systems (MNS) for surveillance at major events or gatherings is positively influencing the market growth.
Additionally, the rising awareness regarding physical security measures in residential settings due to the increasing theft and robbery cases has augmented product demand. Besides this, the widespread integration of artificial intelligence (AI) to identify potential areas of vulnerability and analyze videos, photos, and other data to differentiate threats from normal activities has catalyzed market growth.
Furthermore, the installation of automatic home security systems for locking doors and detecting intruders, fires, and gas leakage are contributing to the market growth. Other factors, including the surging adoption of cloud-based data storage, rising demand for video surveillance solutions for efficient monitoring of large areas, and rapid digitization, are also anticipated to drive the market further.
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Physical Security Market 2023-2028 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- ADT LLC
- Assa Abloy AB
- Axis Communications AB (Canon Inc.)
- Cisco Systems Inc.
- Genetec Inc.
- Hangzhou Hikvision Digital Technology Co. Ltd. (China Electronics Technology Group Corporation)
- Honeywell International Inc.
- Johnson Controls International
- Pelco Incorporated (Motorola Solutions Inc.)
- Robert Bosch GmbH (Robert Bosch Stiftung GmbH)
- Senstar Corporation
- Siemens AG and STANLEY Convergent Security Solutions Inc. (Stanley Black & Decker Inc.).
The report has segmented the market on the basis of component, enterprise size and industry vertical.
- Large Enterprises
- Small and Medium-sized Enterprises
- IT and Telecom
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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