Physical Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Physical Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global physical security market size reached US$ 116.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 171.4 Billion by 2028, exhibiting a growth rate (CAGR) of 6.4% during 2023-2028.

Physical security protects physical assets, personnel, software, hardware, networks, and property from physical actions and events that could cause profound loss or damage. Some of these instances include natural disasters, burglary, fire, floods, robbery, vandalism, terrorism, and theft. It involves the use of multiple layers of interdependent systems, including perimeter intrusion detection, access control, security systems, locks, deterrent systems, fire protection, CCTV surveillance, and security guards. Physical security assists in tracking security breaches, preventing unauthorized access to facilities, and maintaining trust and confidence. As a result, physical security finds extensive applications across the transportation, retail, information technology (IT), telecommunications and banking, financial services, and insurance (BFSI) industries.

Physical Security Market Trends:

Increasing security concerns and a surge in terror attacks across the globe are creating a positive outlook for the market. Governments of various countries are focusing on installing advanced video surveillance and access control systems to prevent terrorism, crime incidents, and severe damage to infrastructure and people. Additionally, the growing utilization of drones, smart fence sensors, and mass notification systems (MNS) for surveillance at major events or assemblies is favoring the market growth. Apart from this, the integration of artificial intelligence (AI) to identify potential areas of compromise while analyzing images, videos, and other data to differentiate threats from standard activities are providing an impetus to the market growth. Moreover, the increasing awareness about physical security solutions in residential spaces owing to the increasing theft and robbery incidences is acting as another growth-inducing factor. Furthermore, the installation of automated home security solutions for door locking and intruder, fire, and LPG gas leakage detections are positively influencing the market growth. Other factors, including increasing digitization, widespread adoption of cloud-based data storage, and the rising demand for video surveillance solutions for efficient monitoring of large areas, are supporting the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global physical security market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, enterprise size and industry vertical.

Breakup by Component:

System
Services

Breakup by Enterprise Size:

Large Enterprises
Small and Medium-sized Enterprises

Breakup by Industry Vertical:

Retail
Transportation
Residential
IT and Telecom
BFSI
Government
Others

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being ADT LLC, Assa Abloy AB, Axis Communications AB (Canon Inc.), Cisco Systems Inc., Genetec Inc., Hangzhou Hikvision Digital Technology Co. Ltd. (China Electronics Technology Group Corporation), Honeywell International Inc., Johnson Controls International, Pelco Incorporated (Motorola Solutions Inc.), Robert Bosch GmbH (Robert Bosch Stiftung GmbH), Senstar Corporation, Siemens AG and STANLEY Convergent Security Solutions Inc. (Stanley Black & Decker Inc.).

Key Questions Answered in This Report:

How has the global physical security market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global physical security market?
What are the key regional markets?
What is the breakup of the market based on the component?
What is the breakup of the market based on the enterprise size?
What is the breakup of the market based on the industry vertical?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global physical security market and who are the key players?
What is the degree of competition in the industry?