The study categorizes the physical security market by component, system, service, organization size, verticals, and regions.
The global Physical Security Market size is projected to grow from USD 110.2 billion in 2023 to USD 136.9 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 4.4% during the forecast period, according to new research report by MarketsandMarkets™
The growth in the use of IP-based cameras for video surveillance and the rise in instances of malicious activities and security breaches to physical systems drive the growth of the physical security market. Moreover, difficulties addressing the complexity of advanced threats may hinder market growth.
Browse in-depth TOC on “Physical Security Market“
476 – Tables
48 – Figures
346 – Pages
Download PDF Sample: www.marketsandmarkets.com/pdfdown…gn=paid+pr
Based on services, the managed services segment is expected to grow at a higher CAGR during the forecasted period.
Effective management of business processes in contemporary corporate contexts requires the adoption of proven approaches across organizations. Organizations are forced to outsource some tasks since maintaining internal services requires more time, there aren’t enough resources, and it costs more money.
Managed service providers guarantee the protection of important corporate data as well as the efficiency of business processes. Customers are assisted by managed service providers to maintain their hardware, software, physical security systems, and solutions up to date with the most recent improvements.
Customers’ internal capacities are increased when MSPs protect their physical assets and IT system assets.
By managed services, the access control as a services segment is expected to hold the largest market size during the forecast period.
Access Control as a Service (ACaaS) is a cloud-based, service-oriented architecture that supports access control models in new-age operating systems. It integrates cloud-hosted and managed solutions with various on-site access control systems.
The demand for ACaaS is rising across verticals because of its distinguishing characteristics, such as remote management, scalability, real-time control, data security, and secure communications. The importance of access control lies in its ability to bolster the overall security posture of an organization, providing a flexible and scalable solution to meet specific needs, enhance operational efficiency, and ensure the safety of personnel and valuable assets.
By region, Asia Pacific is expected to grow at the highest CAGR during the forecast period.
Due to the region’s rising crime rate, physical security solutions are quickly gaining popularity across Asia and the Pacific. Security-related worries are becoming more prevalent, particularly in China, Malaysia, Australia, and India.
Therefore, the government of several of these nations is encouraging the implementation of physical security measures to manage such a circumstance. Governments in the Asia Pacific are investing a significant portion of their federal budgets in developing security tools, which is expected to drive the adoption of physical security solutions.
Moreover, the region is witnessing the large development of smart cities. Countries such as China have invested heavily in smart city programs.
It is planning to spend USD 39 billion on smart cities. Smart cities heavily rely on physical security solutions, which is also driving the physical security market in the region.
Inquiry : www.marketsandmarkets.com/.asp?id=1014
Key Market Players
Johnson Controls (Ireland), Bosch Building Technology (Germany), Honeywell (US), ADT (US), Cisco (US), Telus (Canada), Wesco (US), Genetec (Canada), HID Global (US), Pelco (US), Hikvision (China), Gallagher (New Zealand), Secom (Japan), Allied Universal (US), Zhejiang Dahua Technology (China), Axis communications (Sweden), Hanwha Vision America (US), Teledyne FLIR (US), Hexagon AB (Sweden), General Dynamics (US), BAE Systems (UK), Huawei (China), NEC (Japan), Qognify (US), SmartCone Technology (Canada), Verkada (US), IOTAS (US), Cloudastructure (US) are the key players and other players in the physical security market.
Factors that Drive Physical Security Market
- Rising Threats and Security Concerns: Rising crime, terrorism, vandalism, and cybersecurity breaches drive up demand for physical security solutions. Businesses, government organizations, vital infrastructure, and public spaces emphasize asset, people, and information security, which drives the use of video surveillance, access control, and intrusion detection systems.
- Regulatory Compliance and Industry Standards: Organizations must invest in physical security measures to ensure regulatory compliance, reduce risks, and secure sensitive data. Healthcare, finance, and government industries must follow legislation governing data privacy, patient confidentiality, and financial security, which is encouraging the adoption of advanced security technology.
- Technological advancements in physical security technology, such as video analytics, artificial intelligence (AI), facial recognition, and biometric authentication, improve security systems’ effectiveness and efficiency. Integrated security platforms, cloud-based solutions, and IoT (Internet of Things) connectivity provide real-time monitoring, remote management, and preemptive threat detection, which is boosting demand for modern physical security systems.
- Integration with IT Systems: The convergence of physical security and IT systems allows for seamless integration, interoperability, and centralized control of security infrastructure. Physical security solutions use IT technologies including network connectivity, data analytics, and software-defined networking (SDN) to improve situational awareness, automate response procedures, and enable collaboration between security teams and IT departments.
Regional Analysis for Physical Security Market
- North America is a considerable market for physical security systems, owing to high crime rates, severe regulatory requirements, and a strong emphasis on public safety and security. The region is distinguished by widespread use of advanced security technology such as video surveillance, access control, and intrusion detection systems. Government and vital Infrastructure: North America’s demand for physical security solutions is driven by government agencies, law enforcement, transportation hubs, and vital infrastructure sectors such as energy, finance, and healthcare.
- Germany, the United Kingdom, France, Italy, and Spain: Europe’s physical security market is mature, with the United Kingdom, Germany, and France leading the way in adoption. Concerns about terrorism, organized crime, and cyber dangers, as well as legal obligations such as GDPR, are driving market growth. European cities invest in smart city programs and urban security projects, which increases demand for integrated physical security systems that improve public safety, traffic management, and emergency response capabilities.
- China, Japan, India, and South Korea: Asia Pacific is a fast expanding market for physical security solutions, driven by urbanization, economic development, and rising security concerns. China and India, in particular, are seeing strong demand due to population growth, urbanization, and infrastructure development. Government Initiatives and Infrastructure Projects: Governments in Asia Pacific invest in smart city projects, transportation infrastructure, and critical infrastructure protection, opening up opportunities for physical security solution providers to address security concerns in rapidly expanding urban areas.
- Brazil, Mexico, and Argentina: Latin America is experiencing an increase in demand for physical security solutions as a result of urban crime rates, drug trafficking, and political instability. Countries such as Brazil invest in security infrastructure to address public safety issues and safeguard vital assets. Retail and Commercial Sector: The retail sector in Latin America invests in video surveillance, access control, and theft prevention systems to reduce losses from theft and shoplifting, which drives the use of physical security technologies.
- The Middle East and Africa region has a high demand for physical security solutions due to geopolitical tensions, terrorism concerns, and infrastructure development projects. Gulf states invest in surveillance, access control, and perimeter security to safeguard important infrastructure and assets. Oil and gas facilities, transportation hubs, hospitality, and retail sectors are among the key verticals driving demand for physical security solutions in the Middle East and Africa. These industries prioritize security to protect assets, ensure safety, and maintain business continuity.
Browse Related Reports:
cyber security industry outlook
News From
![MarketsandMarkets™ - Business Research](https://whatech.com/media/com_mtree/images/listings/s/49629.png)
Category: Industry Reports & Market Analysis Profile: About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, w …
For more information:
This post was originally published on 3rd party site mentioned in the title of this site