Global Physical Security Market

Physical Security Market Size, Share, Growth Analysis, By Systems (Physical Access Control Systems, Video Surveillance Systems), By Services (System Integration, Maintenance & Support), By End User Industries, By Region - Industry Forecast 2024-2031

Report ID: SQMIG25S2060 | Region: Global | Published Date: August, 2024
Pages: 192 | Tables: 90 | Figures: 71

Physical Security Market Dynamics

Physical Security Market 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.

Physical Security Market 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.
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FAQs

Global Physical Security Market size was valued at USD 127.01 billion in 2022 and is poised to grow from USD 135.65 billion in 2023 to USD 229.60 billion by 2031, growing at a CAGR of 6.8% during the forecast period (2024-2031).

Manufacturing locally to save operational costs is one of the main business tactics used by manufacturers in the physical security sector to serve customers and increase the market sector. The medical field has benefited greatly from the physical security market in recent years. Major players in the physical security market, such Cisco (US) and others, are substantially spending in research & development to fuel market growth. 'Johnson Controls International plc ', 'Honeywell International Inc. ', 'Bosch Security Systems ', 'Schneider Electric SE ', 'Siemens AG ', 'Axis Communications AB ', 'Hikvision Digital Technology Co., Ltd. ', 'Dahua Technology Co., Ltd. ', 'ADT Inc. ', 'Allegion plc ', 'Stanley Black & Decker, Inc. ', 'Tyco International Ltd. ', 'Genetec Inc. ', 'Avigilon Corporation ', 'Pelco, Inc.'

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.

Embracing the Biometric Revolution in Modern Security Solutions: The growing demand for low-idleness data handling and stockpiling at the edge of the organization is driving significant growth and improvement in the edge data center market. The development of IoT devices, autonomous cars, and the growing need for ongoing data analysis across many businesses all fit this pattern.

Due to its sophisticated technological infrastructure, high adoption rates of cutting-edge security systems, and significant investments in public safety, North America leads the world market for physical security. Due to the strict compliance standards and regulatory regulations implemented in this region, there is a high demand for durability security systems. To this end, North America leads thanks to great market players, perpetual advancement in AI and IoT technologies as well as heavy investment on critical infrastructure protection. In addition, there have been rising expectations for safety measures among various sectors such as government establishments; hospitals; and shopping complexes hence making Northern part of America still occupy top position globally when it comes to material safety door locks.

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Global Physical Security Market

Report ID: SQMIG25S2060

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