According to a market report, published by Sheer Analytics and Insights, the total global Physical Security Market was valued at $110.2 billion in 2021 and it is expected to reach $240.2 billion at a CAGR of 7.3% between 2022 and 2032. Physical security protects hardware, software, personnel, networks, and data from physical actions and events that could be damaged by some unauthorized access. Physical security also provides protection from floods, fire, natural disasters, and terrorism. Therefore, the absence of proper physical security leads to a higher rate of thefts and terrorism. Moreover, the physical security structure is produced by three major components such as surveillance, testing, and access control. Factors such as safeguarding any individual assets and perimeter of any places or expensive technological products or equipment have been driving the physical security market growth. Rising awareness about securing private and individual perimeter in developing economies increased the demand for IP-based cameras in residential places as well as other complexes, and corporate and government offices. Other key factors such as increasing cases of terror threats, border issues, and refugee crises are further have been driven the market growth across the globe. Therefore, so many companies and organizations are focusing on improving their security budgets mainly for access control, surveillance, detection of intrusion, and prevention system.
The demand for physical security is increasing in smart cities, which is expected to create several opportunities for physical security to expand their market growth across other regions. However, in several developing countries lack of physical and logical security and privacy concerns are expected to hinder the market growth during the forecast period. In the U.S country, several terror attacks had happened in the last few decades, which have increased the awareness of physical security integration, and thereby, adequate investments continue to be an important concern in regions across the country. Even the government is supporting building up the physical security integration of high-quality hardware. Additionally, the government and private organization sectors are focusing on taking steps to lower the impact of a video surveillance system on the privacy of people by issuing guidelines. For instance, in the U.S country, the GDPR has introduced Consumer Protection Act which is using CCTV in public areas, and if anyone fails to maintain the public rules, then he would be subjected to heavy penalties.
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So many citizens are protesting against the on-premises video surveillance and facial recognition system due to their privacy concerns and misuse of their identity. Therefore, this issue has been hampering the growth of the physical security market across the country. When it comes to the adoption of physical security solutions, SMEs tend to suffer from resource constraints, such as financial resources and technical expertise. However, SMEs are widely adopting physical security systems to provide and expand their services to a large number of people. Additionally, governments from several countries are also taking advantage to promote the adoption of the physical security system and solutions in SMEs across their nations. Therefore, the increasing adoption of physical security systems is expected to drive the growth of the market throughout the forecast period from 2022 to 2032.
According to the study, key players dominating the global physical security market are Apollo Global Management Private Equity Company (U.S), Cisco Networking Hardware Company (U.S), Honeywell Multinational Conglomerate Company (U.S), Johnson Control HVAC Company (Ireland), TELUS Corporation Company (Canada), WESCO International Company (U.S), Genetec Company (Canada), Robert Bosch Engineering Company (Germany), Assa Abloy Manufacturing Company (Sweden), Motorola Solutions Telecommunications Equipment Company (U.S), China Electronics Technology Group Communications Equipment Company (China), Secom Security Company (Japan), GardaWorld Company (Canada), Convergint Technologies LLC IT Service Management Company (U.S), Paladin Security and Intelligence Services (India), BCE Inc Mass Media Company (Canada), SmartCone Technologies Inc (Canada), Hanwha Techwin America (U.S), IOTAS Home (U.S), SightLogix Inc (U.S), Brivo Company (U.S), Exacq Technologies Inc (U.S) Allied Universal Security Company (U.S), TELSCO Security Systems (Canada), Alarm.Com Home Automation Company (U.S), Canon Optical Products Company Japan), among others.
The Global Physical Security Market Has Been Segmented Into:
The Global Physical Security Market – By Systems:
The Global Physical Security Market – By Components:
The Global Physical Security Market – By End-Users:
The Global Physical Security Market – By Regions: