Newark, Oct. 18, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 110.32 Billion in 2022 physical security market will reach USD 169.82 Billion by 2030. Some of the main trends anticipated to propel market expansion include increased expenditure on security to safeguard organisations' most valuable assets, adoption of cloud-based data storage, sophisticated analytics, and technological advancements in access control and video surveillance.
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Key Insight of the Physical Security Market
Asia-Pacific is anticipated to expand at the highest CAGR of 7.42% over the projection period.
Asia-Pacific is expected to grow at the highest CAGR of 7.42% over the forecast period. The rising demand for smart security systems in China and India is responsible for this expansion. Market expansion is predicted to be fueled by significant Chinese government investments in safe city initiatives that largely concentrate on city surveillance and traffic monitoring.
The security systems integration segment is expected to register the highest CAGR of 8.31% over the projected period in the physical security market.
The security systems integration segment is anticipated to grow at the highest CAGR of 8.31% in the physical security market. New technologies, customers' shifting perspectives on security operations, the need for an affordable physical security system, strict regulatory compliance, and the quick expansion of businesses are some of the factors driving this market sector. The use of integrated solutions is anticipated to be fueled by the widespread use of cloud computing solutions in organisations, rising automation, and an integrated approach to business processes.
Over the projected period, the residential segment is expected to register the highest CAGR of 7.63% in the physical security market.
Over the forecasted period, the residential segment is anticipated to grow at the highest CAGR of 7.63% in the physical security market. It happens due to the significant harm that thefts and other types of attacks cause to resources and assets. The user experience has been improved, and assets have been protected from potential hazards because of the application in residential premises. Integrating thorough video surveillance systems, intelligent access controls, and quick intrusion detection systems helps to ensure safety.
The services segment is expected to register the highest CAGR of 8.35% over the projected period in the physical security market.
The services segment is anticipated to grow at the highest CAGR of 8.35% in the physical security market. Services include deploying, maintaining, and updating hardware and software, which enhances performance by giving the user the best possible control over the entire security infrastructure. In expanding economies, infrastructure is developing quickly, and technological breakthroughs like Ultra High Definition (UHD) monitoring have raised the need for more physical security services.
The small & medium enterprises segment is expected to register the highest CAGR of 7.22% over the projected period in the physical security market.
The small & medium enterprises segment is anticipated to grow at the highest CAGR of 7.22% in the physical security market. Since small businesses also have a lot of resources and people to safeguard, the segment can be driven by theft, environmental risks, and intruders. The funds will help companies secure their premises by providing physical protection, safeguarding their resources, and protecting their employees, as risks and criminals are becoming more prevalent around small enterprises.
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Market Dynamics
Driver: Increasing need for safety and security
Because of the rise in terrorism and crime, people worry more about their safety and security. These attacks have claimed numerous lives and severely destroyed infrastructure. This emphasises the significance of physical security measures. All organisations are experiencing an increase in data breaches. Large organisations make significant investments in data security and safety solutions. As a result, the market is experiencing greater potential for expansion. Due to the shift towards cloud-based data systems that can manage and defend against cyber security threats and data theft, the market is growing quickly.
Restraint: High costs
Physical security systems are expensive to install and maintain because they require high-end equipment. Due to limited funding, SMEs cannot afford to embrace new technologies. They must keep utilising industry-standard security software. Businesses focus on safeguarding crucial servers and pay little attention to the information in frequently idle databases. Due to inadequate funding, physical security experts have difficulty efficiently carrying out IT security responsibilities. Combining physical and logical security systems, such as access control, integrates physical security applications with logical security software, such as biometric ID software. Businesses may benefit from the merger by becoming more thorough and effective.
Opportunity: Technological advancements
Combining artificial intelligence, machine learning, and analytics with surveillance opens up various unexplored possibilities, from real-time detection of an ongoing crime or attack to crime prediction. The security team uses surveillance and AI-based analytics to keep a watch on a variety of potential scenarios. AI alerts the on-site monitor when it notices a potentially dangerous situation, which investigates and reacts appropriately. The person in charge of the monitoring system may call for an emergency response, notify the company's point of contact, or deliver an audible warning. Video analytics is more effective than other security measures since it is proactive and reduces crime and property damage.
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Some of the major players operating in the physical security market are:
• ADT Corporation
• BAE Systems Plc
• Cisco System Inc.
• Genetec Inc.
• Honeywell International Inc.
• Johnson Controls
• PELCO Corporation
• Robert Bosch GmbH
• Hangzhou Hikvision Digital Technology Co. Ltd.
• Stanley Government Security Solutions Inc.
Key Segments cover in the market:
By Type:
• Video Surveillance
• Perimeter Intrusion & Detection
• Security Systems Integration
• Access & Entrance Control
• Remote Monitoring
• Safe Security System
• Fire & Light Safety
• Others
By Industry Vertical:
• Retail
• Residential
• BFSI
• Transportation
• IT & Telecom
• Government
• Commercial
• Industrial
• Energy & Utilities
• Hospitality
• Others
By Component:
• Systems
• Services
By Organization Size:
• Large Enterprises
• Small & Medium Enterprises
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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