Physical Security Market size is set to grow by USD 48.6 billion from 2024-2028, Increase in development of physical security system boost the market, Technavio

NEW YORK, July 26, 2024 /PRNewswire/ -- The global physical security market size is estimated to grow by USD 48.6 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.79% during the forecast period. Increase in development of physical security system is driving market growth, with a trend towards integration of iot in physical security. However, high initial investment in physical security system poses a challenge. Key market players include Advancis Software and Services GmbH, Allied Universal, AxxonSoft, Canon Inc., Cisco Systems Inc., Corps Security UK Ltd., Genetec Inc., Hangzhou Hikvision Digital Technology Co. Ltd., Honeywell International Inc., Huawei Technologies Co. Ltd., ICTS International NV, Johnson Controls International Plc., Kastle Systems International LLC, KBR Inc., Motorola Solutions Inc., NEC Corp., Robert Bosch GmbH, Schneider Electric SE, Securitas AB, Stanley Black and Decker Inc., WESCO International Inc., and Dahua Technology Co. Ltd..

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              Physical Security Market Scope


      Report Coverage                           
      Details



     Base year                                                                                                                                                      2023


      Historic period                           
      2018 - 2022


      Forecast period                           
      2024-2028


      Growth momentum & CAGR                                                                                                                Accelerate at a CAGR of 6.79%


      Market growth 2024-2028                   
      USD 48.6 billion


      Market structure                          
      Fragmented


      YoY growth 2022-2023
       (%)                                                                                                                                                          6.24


      Regional analysis                         
      North America, Europe, APAC, South America, and Middle East and Africa


      Performing market
       contribution                                                                                                                                  North America at 31%



     Key countries                             
      US, China, Japan, Germany, and UK


                                                  Advancis Software and Services GmbH, Allied Universal, AxxonSoft, Canon Inc., Cisco Systems Inc., Corps Security UK
                                                    Ltd., Genetec Inc., Hangzhou Hikvision Digital Technology Co. Ltd., Honeywell International Inc., Huawei Technologies
                                                    Co. Ltd., ICTS International NV, Johnson Controls International Plc., Kastle Systems International LLC, KBR Inc.,
                                                    Motorola Solutions Inc., NEC Corp., Robert Bosch GmbH, Schneider Electric SE, Securitas AB, Stanley Black and Decker
      Key companies profiled                        Inc., WESCO International Inc., and Dahua Technology Co. Ltd.

Market Driver

The Internet of Things (IoT) revolutionizes physical security by enabling objects to be accessed over the Internet. IoT connects various devices, from microcontrollers to processors, creating a network for real-time data collection and analysis. In the industrial sector, this technology is increasingly used for wireless video surveillance, providing immediate responses and enabling real-time decision-making. The demand for enhancing the efficiency of industrial facilities, such as waste management, energy, and water management plants, is driving the installation of IoT-based physical security devices. IoT transforms video surveillance and commercial systems, improving communication between devices and enhancing access management and onsite security. Overall, the integration of IoT in physical security solutions is anticipated to significantly boost market growth during the forecast period.

The Physical Security Market is witnessing notable trends due to increasing concerns over vandalism, potential burglaries, theft, and fire incidences. Cloud-based data storages and advanced analytics are driving technological developments in the market. Access control, video surveillance, alarm systems, door locks, and advanced logical security solutions are in high demand. Breach detection, threat management, intrusion prevention, and rescuer systems are also gaining popularity. Smart city initiatives and infrastructure development are creating opportunities for physical security solutions in the large enterprise segment. Cyber threats, SMEs, and individual homes are also adopting physical security solutions to protect their assets and resources. Integrated sensors, video access systems, and connectivity are key features of modern physical security systems. Analog and Axis network cameras, video encoders, monitors, and storage solutions are essential components of the system segment. IoT and banking institutions are significant end-users in the market. Unauthorized access, security breaches, and theft by intruders continue to pose challenges, driving the need for advanced security solutions.

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Market Challenges

    --  The physical security market presents new entrants with a significant
        challenge due to the high initial investment required for the necessary
        IT infrastructure. This investment, which can reach tens of thousands of
        dollars, is a substantial barrier for some companies. Established
        vendors, on the other hand, are witnessing a significant increase in
        spending. Additionally, the cost of replacing and upgrading physical
        security devices and software is considerable. As new physical security
        technologies emerge, there will be a growing demand for updated
        professional expertise. Organizations that lack this expertise may
        invest heavily in training their personnel or hire professionals at a
        premium cost. Consequently, the high initial investment is a major
        hurdle for the expansion of the global physical security market during
        the forecast period.
    --  The Physical Security Market faces several challenges in 2023, including
        effective threat management and intrusion prevention. With the rise of
        smart city initiatives and increasing infrastructure development,
        securing physical objects from unauthorized access and security breaches
        becomes crucial. Employee safety is another major concern, especially
        with the growing trend of remote work and connectivity. Cyber threats
        pose a significant risk to both large enterprises and SMEs, requiring
        integrated sensors, video, and access systems for comprehensive security
        solutions. Theft and intruders continue to target assets and resources,
        making video surveillance and access control systems essential. Smart
        homes and IoT devices add to the complexity of security, while banking
        institutions and traffic congestion require specialized solutions for
        monitoring crowds and accidents. Terror attacks and LiDAR-based video
        surveillance from companies like Edge360 and Quanergy Systems, Inc.
        Offer advanced security features. Access control systems, including
        smart locks and Bluetooth technology, provide convenience and enhanced
        security. The market segments include analog cameras, Axis network
        cameras, video encoders, monitors, and storage solutions for remote
        monitoring. The system segment focuses on providing comprehensive
        security solutions to meet various business needs.

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Segment Overview

This physical security market report extensively covers market segmentation by

    1. Type
        --  1.1 Hardware and software
        --  1.2 Services
    2. End-user
        --  2.1 Large enterprises
        --  2.2 SMEs
    3. Geography
        --  3.1 North America
        --  3.2 Europe
        --  3.3 APAC
        --  3.4 South America
        --  3.5 Middle East and Africa

1.1 Hardware and software- The Physical Security Market is a significant industry that provides solutions to protect businesses and organizations from unauthorized access, theft, and damage. It includes products such as access control systems, surveillance cameras, and physical barriers. Companies invest in physical security to safeguard their assets, ensure employee safety, and comply with regulations. Growth in this market is driven by increasing security concerns, technological advancements, and rising crime rates. Businesses seek reliable and cost-effective security solutions to mitigate risks and maintain a secure environment.

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Learn and explore more about Technavio's in-depth research reports

The global containerized and modular data center market is experiencing significant growth due to the rising demand for scalable and efficient data storage solutions. These modular centers offer rapid deployment and cost efficiency, catering to diverse industry needs. Simultaneously, the global wireless home security camera market is booming, driven by increasing concerns about home security and advancements in wireless technology. These cameras provide flexible, easy-to-install security solutions for homeowners, contributing to enhanced safety and peace of mind. Both markets reflect the growing trend towards innovative, adaptable technology solutions.

Research Analysis

The Physical Security market encompasses various solutions designed to protect physical objects and infrastructure from vandalism, potential burglaries, theft, and fire incidences. Technological developments have led to advanced security systems, including cloud-based data storages, advanced analytics, and real-time threat management. Access control systems, such as badge readers and advanced logical security, are essential components, as are video surveillance and alarm systems. Legacy solutions, like door locks and analog cameras, continue to play a role in the market. Integrated sensors, connectivity, and breach detection systems are also crucial elements. Smart city initiatives and employee safety are key drivers for the market, with a focus on preventing unauthorized access, security breaches, and ensuring the safety of physical objects. Intrusion prevention and threat management systems are essential for infrastructure protection. Rescuers and first responders also rely on these technologies for effective response during emergencies.

Market Research Overview

The Physical Security market encompasses various solutions aimed at safeguarding physical objects and infrastructure from potential threats such as vandalism, burglaries, theft, and fire incidences. Technological advancements have led to the emergence of cloud-based data storages, advanced analytics, and connectivity, transforming traditional security systems. Solutions include access control systems using badge readers and advanced logical security, intrusion prevention systems, alarm systems, and door locks. Integrated sensors, video surveillance, and remote monitoring are essential components, with the market segmented into system segments, large enterprises, SMEs, and smart homes. IoT and cyber threats are significant challenges, with LiDAR-based video surveillance and smart locks utilizing technologies like Bluetooth offering enhanced security. The market caters to various sectors, including banking institutions, infrastructure development, and smart city initiatives, prioritizing employee safety and unauthorized access prevention. Solutions also address threats such as terror attacks, traffic congestion, and monitoring crowds for potential accidents.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

    --  Type
        --  Hardware And Software
        --  Services
    --  End-user
        --  Large Enterprises
        --  SMEs
    --  Geography
        --  North America
        --  Europe
        --  APAC
        --  South America
        --  Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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