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2022
Physical Security Market

Physical Security Market

by Component (System, Services), by Systems Type (Physical Access System, Video Surveillance System, Perimeter Intrusion and Detection, Physical Security Information Management, Others), by Service Type (Access Control as a Service, Video Surveillance as a Service, Remote Monitoring Services, Security Systems Integration Services, Others), by Enterprise Size (Large Enterprises, SMEs), by Industry Vertical (BFSI, Government, Retail, Transportation, Residential, IT and Telecom, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030

✷  Report Code: A01900
Pages: 285
Apr 2022 | 21912 Views
Author(s) : Md K, Beesetty Y, Pramod B , Vineet K
Tables: 203
Charts: 72
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Physical Security Market Research, 2030

The global physical security market size was valued at $104.6 billion in 2020, and is projected to reach $192.9 billion by 2030, growing at a CAGR of 6.5% from 2021 to 2030.

Post COVID-19 pandemic, there was a significant demand for contact-based biometric and access control systems. However, owing to the COVID-19 crisis, there is a strong traction for contactless access control and biometric systems, owing to increase in awareness among people to avoid any contacts at public places. Rapid adoption of contact less biometric systems in the pandemic and high demand for video surveillance solutions, specifically for remote monitoring activities are the major factors that propel the market growth.

Physical security measures are designed to protect buildings and safeguard the equipment inside. In short, they keep unwanted people out and give access to authorized individuals. While network and cybersecurity are important, preventing physical security breaches and threats is the key to keeping the technology and data safe, as well as any staff or faculty that have access to the building. It provides safety from natural disasters, fire, theft, vandalism, and terrorism. It includes multiple layers containing interdependent systems, including security guards, CCTV surveillance, locks, protective barriers, access control protocols, and other similar techniques.

Growth in the number in terror attacks and rise in awareness boost the growth of the global physical security market. In addition, growth in technological advancements also positively impacts the growth of the physical security market. However, privacy concerns and lack of physical and logical security integration hamper the physical security market growth. On the contrary, increase in demand for physical security in smart cities is expected to offer remunerative opportunities for expansion of the physical security market during the forecast period.

Physical Security Market, Physical Security Industry, Physical Security Market Size, Physical Security Market Share, Physical Security Market Trends, Physical Security Market Growth, Physical Security Market Forecast, Physical Security Market Analysis

Segment Review

The physical security market is segmented on the basis of component, system type, service type, enterprise size, industry vertical, and geography. On the basis of component, it is classified into system, and services. On the basis of systems type, it is bifurcated into physical access system, video surveillance system, perimeter intrusion and detection, physical security information management, and others. On the basis of service type, it is segregated into access control as a service, video surveillance as a service, remote monitoring services, security system integration services, and others. On the basis of enterprise size, it is categorized into large enterprises, and SMEs. On the basis of industry vertical, it is divided into BFSI, government, retail, transportation, residential, IT and Telecom, and others. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players that operate in the physical security industry are ADT Inc., BAE Systems, Cisco system Inc., Genetec Inc., HONEYWELL INTERNATIONAL, INC., Johnson Controls, PELCO Corporation, Robert Bosch GmbH, STANLEY CONVERGENT SECURITY SOLUTIONS, INC., and Senstar Corporation.

Physical Security Market
By Component

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Rise in awareness of automated security solutions such as door locking, intrusion detection, and fire detection systems by households as well as organizations has a huge positive impact on growth of the physical security services market.

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On the basis of component, the service segment holds the largest physical security market share and is expected to grow at the highest rate during the forecast period, owing to the rise in awareness of automated security solutions, such as door locking, intrusion detection, and fire detection systems by households and organizations had a huge positive impact on the physical security services market.

Physical Security Market
By Region

2030
Asia-pacific 
North America
Europe
Lamea

The market in North America is primarily influenced by rise in security concerns from growing incidents of theft, domestic crime, and acts of terrorism. Further, Rise in number of bank robberies within the country has mandated the need for effective video analytics solutions, which, in turn, is expected to propel the market growth during the forecast period.

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Region-wise, the physical security industry was dominated by North America in 2020, and is expected to retain its position during the forecast period, owing to rise in adoption of physical security solutions in critical infrastructures, such as chemical industries, nuclear plants, and oil & gas facilities across North America. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to high demand for physical security solutions and growth incidences of terror attacks, particularly in Iraq, Pakistan, Afghanistan, India, and others have necessitated the heavy adoption of physical security solutions in the region. These factors are expected to drive the market growth in the Asia-Pacific region.

COVID-19 Impact Analysis

The physical security market size has grown significantly in recent years; but, due to the outbreak of the COVID-19 pandemic, the market is expected to experience surge in market growth. While the U.S. government has identified access control and security as part of the essential workforce during the pandemic, many businesses are still trying to navigate how to ensure the security of their physical spaces and assets without having someone on site, and how to pivketot daily operations as they shift to a remote working environment. In the report, 75% of respondents said the COVID-19 pandemic increased the importance of physical security within their organizations. 60% respondents said they either need immediate cloud-based technology upgrades or are considering the tech in the near term. These factors enhance the growth of the market during the pandemic crisis.

Top Impacting Factors

Surge in Terror Attacks

Governments of various countries have increased their spendings on physical security due to rise in terrorism and increase in security concerns, globally. Key government institutions, such as embassies, parliaments, courts, and government offices focus on installing advanced video surveillance and access control systems. Newer technologies, such as drones, smart fence sensors, and mass notification systems (MNS) are used for surveillance at major events or assemblies in tier I cities. Moreover, several government agencies have implemented strict policies and guidelines for the installation of physical security systems. For instance, the U.S. Government enacted various laws, regulations, and industry guidelines, such as Federal Information Security Act of 2002, Payment Card Industry Data Security Standard (PCI DSS), Privacy Act (5 U.S.C. 552a), and Integrated Physical Security Standards & Procedures (IPSSP) for security requirements. This helps to boost the physical security software market towards growth.

Increase in Awareness for Physical Security

The household and organizational awareness about physical security solutions has increased over the years, owing to increase in theft and robberies. Automated home security solutions for door locking, intruder detection, fire detection, and LPG gas leakage detection witnessed a significant growth. This is due to quick adoption of security systems in the premises of stakeholders to protect their assets, belongings, and human capital from any kind of threat or unauthorized access. These factors are anticipated to fuel the physical security Physical market growth during the forecast period.

KEY BENEFITS FOR STAKEHOLDERS

  • The study provides an in-depth analysis of the global physical security market forecast along with current & future trends to explain the imminent investment pockets.
  • Information about key drivers, restraints, & opportunities and their impact analysis on global physical security market trends, physical security market analysis is provided in the report.
  • The Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
  • The quantitative analysis of the market from 2021 to 2030 is provided to determine the physical security software market potential.

Physical Security Market Report Highlights

Aspects Details
By Component
  • System
  • Services
By Systems Type
  • Physical Access System
  • Video Surveillance System
  • Perimeter Intrusion and Detection
  • Physical Security Information Management
  • Others
By Service Type
  • Access Control as a Service
  • Video Surveillance as a Service
  • Remote Monitoring Services
  • Security Systems Integration Services
  • Others
By Enterprise Size
  • Large Enterprises
  • SMEs
By Industry Vertical
  • Retail
  • Transportation
  • Residential
  • IT and Telecom
  • Others
  • BFSI
  • Government
By Region
  • North America  (U.S., Canada)
  • Europe  (U.K., Germany, France, Russia, Italy, Rest of Europe)
  • Asia-Pacific  (China, India, Japan, Australia, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players ADT CORPORATION, BAE Systems plc, Cisco system Inc., Genetec Inc., HONEYWELL INTERNATIONAL, INC., Johnson Controls, PELCO Corporation, Robert Bosch GmbH, STANLEY CONVERGENT SECURITY SOLUTIONS, INC., Senstar Corporation
 

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The advent of Internet of Things (IOT) has transformed the outlook of the global physical security market. Physical security comprises three essential elements, such as access control, surveillance, and testing. The physical sites are secured against attacks, accidents, or environmental disasters using locks, fencing, biometric access control systems, access control cards, and fire suppression systems. Physical locations are monitored by surveillance cameras and notification systems, including heat sensors, intrusion detection sensors, and smoke detectors. Disaster recovery procedures and policies require periodic scrutiny to ensure better safety and reduce the time taken for recovering from disasters.

Key providers of the physical security market, such as Robert Bosch GmbH, Cisco system Inc. and Honeywell International, Inc. account for a significant share in the market. With the growing requirement for edge analytical software, various companies invest in the R&D initiatives to enhance their capabilities. For instance, in September 2021, Robert Bosch GmbH and Capgemini entered into a strategic collaboration to focus on the consistent expansion of Bosch Connected Industry’s Nexeed Industrial Application System and strengthen client activities. The collaboration between two leading providers of Industry 4.0 software and services helps to create a broad range of offerings, from which industrial companies in particular are expected to benefit in the digitization and sustainability of their production plants.

In addition, in October 2021, Cisco System Inc. announced its partnership with COP26. With the goal of increasing inclusivity and supporting resilience, Cisco is expected to provide the technology to securely connect both, those on-site and permitted registered delegates who are unable to be onsite, through Webex. By partnering with the UK Government, legislate for Webex is expected to support COP26 as crucial negotiations take place between world leaders.

Furthermore, with further growing in investment globally, looking at the increase in demand for physical security, various companies are expanding their current capabilities by adopting the product launch strategy with increasing diversification among customers. For instance, in November 2021, Honeywell International, Inc. launched a Pro-Watch 5.5, the latest iteration of its Pro-Watch Integrated Security Suite. The Honeywell Pro-Watch Integrated Security Suite is a software platform designed for enterprise and critical infrastructure markets to help protect people and property, optimize productivity, and ensure compliance with industry regulations, all while helping to reduce operational costs.

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FREQUENTLY ASKED QUESTIONS?

A. Growth in the number in terror attacks and rise in awareness boost the growth of the global physical security market. In addition, growth in technological advancements also positively impacts the growth of the physical security market.

A. Region-wise, the physical security industry was dominated by North America in 2020, and is expected to retain its position during the forecast period, owing to rise in adoption of physical security solutions in critical infrastructures, such as chemical industries, nuclear plants, and oil & gas facilities across North America.

A. The global physical security market size was valued at $104.56 billion in 2020, and is projected to reach $192.89 billion by 2030, registering a CAGR of 6.5% from 2021 to 2030.

A. The key players that operate in the physical security industry are ADT Inc., BAE Systems, Cisco system Inc., Genetec Inc., HONEYWELL INTERNATIONAL, INC., Johnson Controls, PELCO Corporation, Robert Bosch GmbH, STANLEY CONVERGENT SECURITY SOLUTIONS, INC., and Senstar Corporation.

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