According to a research study, the global physical security market was valued at USD 94.03 billion in 2020, to reach $137.99 Billion by 2028, with a CAGR of 6.1% during the forecast period of 2021-2028.
The report is based on a study conducted by Polaris Market Research and presents valuable insights into the industry’s dynamics, including market size, trends, and key players.
The global physical security market is projected to reach a value of USD 137.99 billion by 2028, as indicated by the Polaris Market Research study. This report, titled “Physical Security Market Share, Size, Trends, Industry Analysis Report,” explores various facets of the market, including components, services, systems, end-use sectors, and regional trends.
Market Overview:
Physical security involves the protection of hardware, personnel, software, data, and networks from physical threats and circumstances that could result in significant losses or harm to organisations, institutions, and agencies. These threats encompass natural disasters, terrorism, vandalism, burglary, fire, and floods.
Market Dynamics:
1. Impact of COVID-19 : The pandemic led to disruptions in the supply chain of physical security components. However, it also increased the demand for remote monitoring in containment zones, access control security systems, and video surveillance to enforce lockdown measures.
2. Rising Concerns : Increasing crime rates and the threat of terrorism globally have amplified concerns about the safety of people, processes, and assets, fuelling the demand for physical security solutions.
3. Technological Advancements: Advancements in technology, including wireless systems and IP-based cameras for video monitoring, have further propelled market growth.
4. AI Integration: The use of artificial intelligence (AI) for enhanced monitoring and the adoption of the “as-a-service” model are creating commercial opportunities for market players.
Market Segmentation:
The report divides the physical security market into several segments:
1. Component: Categorised into systems and services.
2. Service: Includes system integration, remote monitoring, and others.
3. Systems: Encompasses various security systems.
4. End-Use: Covers industries like banks, retail, hospitality, and transportation.
5. Region: Explores geographical market trends.
Market Growth Factors:
– The need for safeguarding lives and assets has led to significant growth in the residential segment.
– The transportation sector is experiencing rapid growth due to demand for traffic management and crowd monitoring.
– The increasing incidence of terrorist attacks and a rising focus on workforce protection are driving the adoption of physical security systems.
Recent Developments:
In August 2021, Hikvision introduced HikCentral Professional, a computer vision platform that consolidates physical security operations. This software facilitates the integration of physical security systems and facial recognition technology through a centralised platform. The global physical security market is witnessing substantial growth due to increasing concerns about safety and the adoption of advanced technologies. The industry’s dynamism is driven by factors such as technological innovation, AI integration, and the demand for safeguarding against physical threats. As the market continues to evolve, it is essential for both industry players and authorities to remain vigilant and informed to combat emerging security challenges.
