IMARC Group, a leading market research company, has recently releases report titled “Physical Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The global physical security market size reached 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.
What is Physical security?
Physical security is crucial in safeguarding physical assets, personnel, software, hardware, networks, and property against various physical threats and actions that can result in significant loss or damage. These dangers encompass natural disasters, burglary, fires, floods, robberies, vandalism, terrorism, and theft. This solution relies on several interconnected systems to address these risks, including perimeter intrusion detection, access control, security systems, locks, deterrent measures, fire protection, CCTV surveillance, and security guards. In addition to this, it tracks security breaches, prevents unauthorized access, and instils trust and confidence. As a result, physical security finds widespread applications across various sectors, such as transportation, retail, information technology (IT), telecommunications, banking, financial services, and insurance (BFSI).
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Physical Security Market Trends and Drivers:
The increasing safety concerns and the launch of several policies by the government bodies to promote the installation of advanced video surveillance and access control systems to mitigate terrorism, crime incidents, and potential damage to infrastructure and people are primarily driving the physical security market. Besides this, the extensive utilization of drones, smart fence sensors, and mass notification systems (MNS) for surveillance purposes during major events or gatherings is further augmenting the market growth.
Moreover, the rising awareness toward the importance of physical security solutions in residential spaces, owing to growing incidents of theft and robbery, and the usage of automated home safety services that encompass features, such as door locking, intruder detection, fire detection, and LPG gas leakage detection, are also catalyzing the global market. Apart from this, the emerging trend of digitization and the escalating demand for cloud-based data storage are acting as significant growth-inducing factors. Furthermore, the integration of artificial intelligence (AI), which enables the identification of potential vulnerabilities by analyzing images, videos, and other data to distinguish threats from normal activities, is expected to bolster the physical security market in the coming years.
Physical Security Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
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.
Breakup by Component:
- System
- Services
Breakup by Enterprise Size:
- Large Enterprises
- Small and Medium-sized Enterprises
Breakup by Industry Vertical:
- Retail
- Transportation
- Residential
- IT and Telecom
- BFSI
- Government
- Others
Breakup by Region:
- 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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