Physical Security Market Size to Hit USD 169.82 Billion by 2030; Deployment of Advanced Security Measures & New Surveillance Gadgets to Bolster Growth: The Brainy Insights

The Brainy Insight

The Brainy Insight

Increasing cases of theft in residential areas, banks, ATMs and other high-rise non-commercial spaces have increased the demand for physical security measures. The North American region emerged as the most important global physical security market, with a market share of 42.19% in 2022.

Newark, Nov. 22 2022 (GLOBE NEWSWIRE) — The brainy Insights estimates that the global physical security market will grow from USD 110.32 billion in 2022 and reach USD 169.82 billion by 2030. All-out war like Russia-Ukraine. has highlighted the need for robust physical security infrastructure, the absence of which causes catastrophic damage. Russia’s attack on Ukraine’s critical infrastructure has left thousands of residents without water and electricity. China and Russia’s cyber war targeting the US election or silicon-valley giants like Microsoft and apple are also of concern because they affect millions. The complete breakdown of railway lines in India after an alleged Chinese cyber attack left thousands stranded and caused the loss of crucial infrastructure. These events are increasing in an uncertain global world. Increasing polarization and divisive forces around the world will increase such activities to assert party dominance. Therefore, the physical security market will develop in the future, given the rising government spending on security infrastructure.

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Key Insights of the Physical Security Market

Asia Pacific is expected to grow the fastest during the forecast period.

The Asia Pacific market is expected to develop the fastest during the forecast period. Rapid urbanization and development of smart cities coupled with strong security infrastructure will drive regional market growth. The market is growing due to the large consumer markets in China and India, where people have more devices and are ready to spend on physical security measures for protection. Demand for physical security measures has increased due to incidents of theft in residential areas, banks, ATMs, and other commercial locations. The growing physical security market results from the rising threat of terrorist attacks on sovereign nations. Several security infrastructure breaches have led to security protocol revisions, resulting in technological improvements and product innovation.

The video surveillance segment will increase the physical security market during the forecast period.

The type segment is divided into video surveillance, intrusion & perimeter detection, security system integration, access & door control, remote monitoring, secure security systems, fire & lighting security, and others. The video surveillance segment dominates the market with a revenue share of around 40% by 2022.

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The government segment dominates the global physical security market in 2022.

Industry types are divided into retail, residential, BFSI, transportation, IT & telecommunication, government, commercial, industrial, energy & utilities, hospitality, etc. The government segment dominates the market with a market share of around 36% by 2022.

The systems segment dominates the global physical security market in 2022.

Components are divided into systems and services. The system segment dominates the market with a market share of around 59% by 2022.

The large enterprise segment dominates the global physical security market in 2022.

The size of the organization is divided into large enterprises and small & medium enterprises. The large enterprise segment dominates the market with a market share of around 55% by 2022.

Progress in the market

November 2022 – To connect Eagle Eye Networks’ Eagle Eye Cloud video management system (VMS) with Netwatch’s video monitoring service, Netwatch, a provider of video monitoring solutions, has partnered with Eagle Eye Networks. The combination of technologies enables artificial intelligence (AI) technologies such as AI-filtered alerts, which can lower the false positive rate and increase the overall effectiveness of user monitoring on the platform used and cloud-based video and audio monitoring.

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Scope of Report:

Report Metrics

details

Market size is available for many years

2019–2030

The base year is considered

2021

time of prophecy

2022–2030

Market Size in 2022

$110.32 billion

Market Value Project in 2030

$169.82 billion

CAGR

5.54% From 2022 to 2030

Section covered

Type, Industry vertical, component, Size of Organization

Geography is covered

North America, Asia Pacific, Europe, Middle East and Africa, and Latin America

The company is covered

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.

Market dynamics

Driver: add thief

The Covid-19 pandemic has seen an increase in crime rates, including petty theft. ATM theft is also prevalent, as regularly reported on news channels. The increasing incidence of residential burglaries or bank robberies has led owners to install video surveillance and alarms in their premises for property protection. The rise in theft has prompted the government to issue guidelines that list measures that residents or property owners can take to protect their property. The theft of public property also led to the installation of CCTV in streets, parks and other public spaces. Therefore, the increasing incidence of theft will drive the physical security market.

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Restraint: difficult integration

Security measures are installed in any capacity and in any institution combining physical and material elements. Material elements are tools and systems. The physical element is the personnel or operator. For the smooth functioning of the security system, they must be integrated accurately, accurately and comprehensively. The skills required to perform such tasks are a combination of technical and other experience-based qualities, which are rare. Therefore, the lack of qualified personnel contributes to the difficult integration of security elements, thus limiting the growth of the market.

Opportunities: technological advances and product innovation

Due to the increasing automation and digitization of the economy, physical security measures must be updated as security risks change from physical theft and attacks to digital means. Furthermore, increased surveillance, monitoring, and defense systems and gadgets are made possible by technological innovation. Asset safety and security is enhanced by using artificial intelligence and current physical security measures. It also lowers long-term expenditure and the need for staff to manage or operate it. For example, IoT developments in access control systems, surveillance cameras, and other security devices provide better and more comprehensive control over security. As a result, the need for advanced security measures will increase as threats change, providing market participants with attractive prospects in the future.

The challenge: the debate about threats to privacy from physical security measures

Given the large size or financial considerations, it is sometimes impossible or not financially feasible for most organizations to have physical security in-house. They should hire a qualified external service provider to handle their security. If a third party is involved in their security, the confidential and sensitive nature of their data or equipment raises the possibility of a security breach. Although many safeguards are in place, privacy breaches seem to occur frequently. As a result, market expansion will be limited by privacy concerns.

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Some of the major players operating in the physical security market are:

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• ADT Corporation
• BAE Systems Plc
• Cisco Systems 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 covered in the market:

Based on Type

• Video Surveillance
• Intrusion perimeter & detection
• Integration of Security Systems
• Access & Door Control
• Remote Monitoring
• Secure Security System
• Fire & Safety Lights
• Others

By industry standing

• Retail
• Residential
• BFSI
• Transportation
• IT & Telecom
• Government
• Commercial
• Industry
• Energy & Utilities
• hospitality
• Others

By component

• System
• Services
By Organization Size
• Big business
• Small & Medium Businesses

By Region

• North America (USA, Canada, Mexico)
• Europe (Germany, France, England, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed by value (Billion USD). All segments have been analyzed on a global, regional, and country basis. The study included an analysis of more than 30 countries for each section. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical insights into the market. This study includes porter’s five style model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channel analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, which aims to provide actionable insights through data analytics to companies to improve their business acumen. We have powerful forecasting and estimation models to meet our clients’ goals of high quality output in a short period of time. We provide custom reports (client specific) and syndicate reports. Our repository of syndicated reports is diverse across all categories and subcategories within the domain. Our customized solutions are tailored to meet the requirements of clients whether they want to expand or plan to launch a new product in the global market.

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