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
|
Key companies
profiled
|
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.
|
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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challenges - Request a sample report!
Segment Overview
This physical security market report extensively covers market
segmentation by
- Type
- 1.1 Hardware and software
- 1.2 Services
- End-user
- 2.1 Large enterprises
- 2.2 SMEs
- 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.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
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
-
- 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.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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