Physical Security Market Size, Share, Growth Analysis, By Systems Type(Physical Access System, Video Surveillance System, Perimeter Intrusion & Detection, Physical Security Information Management and Others), By Service Type(Access Control as a Service, Video Surveillance as a Service, Remote Monitoring Services, Security Systems Integration Services and Others), By Component(System and Services), By Region - Industry Forecast 2024-2031

Drivers

• An Increase in Hostile Activity and Physical System Security Breaches

Concerns about the safety and security of people, property, and procedures have grown as a result of an increase in terrorist attacks and rising crime rates. So, it has become very important to protect these vital infrastructures which has led to the development of comprehensive physical security systems. Technology in the field of physical security has advanced markedly in response to counteract ever-changing terrorist tactics.

• Integration of Digital Technologies with AI, ML, and Analytics

Unrealized possibilities arise when AI, ML, and analytics are combined with surveillance. Among such options is the actual-time recognition of an ongoing offense or terrorism act as well as forecasting upsurge in crime rate. Video surveillance can be made automatic and enriched by artificial intelligence (AI) and machine learning (ML) techniques advanced video analytics. By analyzing previous incidents and through predictive analytics powered by artificial intelligence, it might also be possible to anticipate potential security problems enabling supervision officers to mend system flaws beforehand.

Restraints

• High Incidence of False Alarms

Currently limit false alarm rates that are hindering the growth of physical security market. This makes users doubt its effectiveness, leading to poor incident and emergency management measures. The main reasons why professionals insist on calling these false alarms include external factors, technical malfunction or human failure.

• High Maintenance and Installation Expenses for SMEs

The adoption rate of standardized incident and emergency management solutions is impacted by the high cost of deploying and maintaining physical security solutions. Small and medium-sized businesses (SMEs) face significant financial challenges due to the high costs associated with the installation and upkeep of physical security systems.