Global Physical Security Market Report and Forecast 2024-2032

Global Physical Security Market Report and Forecast 2024-2032

Global Physical Security Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global physical security market size reached a value of USD 123.80 billion in 2023. Aided by the increasing need for advanced security solutions across various sectors, the market is projected to further grow at a CAGR of 6.6% between 2024 and 2032 to reach a value of USD 221.9 billion by 2032.

Physical security involves the protection of personnel, hardware, software, networks, and data from physical actions and events that could cause serious loss or damage to an enterprise, agency, or institution. This includes protection from fire, flood, natural disasters, burglary, theft, vandalism, and terrorism.

As cities grow and infrastructure expands, the need for robust security solutions to protect these investments increases significantly which fuels the physical security market growth. The integration of artificial intelligence (AI) and machine learning in security systems has enhanced the capability of surveillance and access control systems, making them more efficient and adaptive.

Global increases in terrorist activities, theft, and vandalism have heightened the need for enhanced security measures. The Internet of Things (IoT) is becoming integral to physical security solutions, enabling devices to communicate and operate more efficiently and autonomously.

As per the physical security market analysis, increasing use of mobile devices to access real-time surveillance footage and control security systems remotely. Cloud storage is also becoming more popular for its scalability and accessibility. Greater integration of cybersecurity measures with physical security systems to protect against both digital and physical threats in a cohesive manner.

The use of biometric identifiers such as fingerprints, facial recognition, and iris scans is becoming more prevalent due to their reliability and difficulty in duplicating which fuels the physical security market expansion. More stringent regulations regarding security in critical infrastructure, public areas, and private sectors drive the adoption of advanced physical security solutions.

Drones and robotic systems are being deployed for surveillance and patrolling purposes, especially in areas that are difficult or dangerous for human personnel to access. These technologies can provide real-time video feeds and are equipped with various sensors to enhance their surveillance capabilities.

As per the physical security market outlook, as urban areas evolve into smart cities, there is a growing integration of physical security systems with other municipal services such as traffic management and emergency response systems. This trend enhances overall city management and public safety through a more coordinated approach.

There is a growing demand for environmentally friendly security solutions that minimise energy consumption and reduce carbon footprints. This includes solar-powered surveillance systems and energy-efficient security infrastructure, which can contribute to the overall physical security market share.

Edge computing is being used to process data directly at the source of data generation (i.e., surveillance cameras). This reduces latency, decreases the burden on central servers, and enhances the speed and efficiency of data processing and decision-making in security systems.

Cloud-based security services are gaining traction in the physical security market, allowing organisations to subscribe to security services on-demand without the need for significant capital investment in hardware. This model provides scalability, flexibility, and cost-efficiency, making advanced security accessible to a broader range of users.

Enhancements in facial recognition technologies are improving their accuracy and speed, which enhances security measures, particularly in public spaces and critical infrastructures. This technology is also being integrated into other systems like retail and hospitality for both security and customer service enhancements.

In response to health concerns raised by the COVID-19 pandemic, there is an increased adoption of touchless and frictionless security systems, such as contactless fingerprint scanners and IRIS recognition, which reduce the need for physical contact.

Market Segmentation

The market can be divided based on component, enterprise size, end-user, and region.

Market Breakup by Component

• Systems
• Physical Access Control System (PACS)
• Video Surveillance System
• Perimeter Intrusion Detection and Prevention
• Physical Security Information Management (PSIM)
• Physical Identity and Access Management (PIAM)
• Fire and Life Safety
• Services
• Professional Services
• Managed Services

Market Breakup by Enterprise Size

• Large Enterprises
• SMEs

Market Breakup by End-User

• Transportation
• BFSI
• Government
• Energy and Utility
• Residential
• Retail
• Healthcare
• Others

Market Breakup by Region

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

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global physical security market. Some of the major players explored in the report by Expert Market Research are as follows:

• Honeywell International Inc.
• Siemens AG
• Johnson Controls International PLC
• Cisco Systems Inc.
• Robert Bosch GmbH
• HID Global Corporation
• GuidePost Solutions LLC
• ADT LLC
• TELUS Communications Inc.
• FaceTec, Inc.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.