New York, US, June 06, 2022 (GLOBE NEWSWIRE) -- Physical Security Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Physical Security Market Analysis by Type (System, Service), Industry (Education, Oil & Gas, Government, Retail, Hospitality, BFSI, Retail) and Region - Forecast 2030” valuation is poised to reach USD 195.6 Billion by 2030, registering an 6.7% CAGR throughout the forecast period (2021–2030).
Physical Security Market Report Scope:
For many years now, the physical security industry has been providing organizations with services that protect their hardware and software from any third-party attacks such as terrorism, robbery and theft as well as their personnel and other operations by using various kinds of physical security systems such as security guards, physical surveillance, CCTV cameras and protective barriers.
| Report Metric | Details |
| Market Size | USD 195.6 Billion |
| CAGR | 6.7% |
| Base Year | 2020 |
| Forecast Period | 2021-2030 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Cisco (US), Johnson Controls (US), Genetec (Canada), Axis Communications (Sweden), ADT (US), Hikvision (China), Pelco (US), SECOM (Japan), Bosch Building Technologies (Germany), Honeywell (US), Anixter (US), G4S (UK), Dahua Technology (US), STANLEY (US), Kastle Systems (US) |
| Key Market Opportunities | Demand has significantly increased in private institutions, homes, private rooms, etc. |
| Key Market Drivers | Increase in terrorist activities and the growing crime rates |
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The physical security market's competitive landscape has been enormous and tense, with new competitors quickly entering the market and existing players making massive investments in this sector.
Market USP Covered:
Physical Security Market Drivers:
In recent years, the Physical security sector has been one of the markets with the greatest development potential. With the expansion of Internet-based services and technological progress, the market picture for physical security has shifted. Utilizing physical security systems and solutions to regulate, monitor, and test any potential threats, attacks, environmental disasters, etc. is a trend in the physical security business.
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The demand for physical security solutions has developed not only in businesses and public areas, but also in private institutions, residences, private rooms, etc., as the likelihood of being struck off by such unknown attacks has become extremely widespread in many countries.
Due to the ever-increasing likelihood of theft attacks, housebreakings, robberies, and criminal trespassing, the demand for physical security devices has been on the rise. To combat such physical threats, the relevance of physical security services is growing.
The physical security market has been increasingly focused on technical breakthroughs, with new innovations in physical security devices continually emerging to enhance the physical security market.
The usage of locks and keys with password-protected setups, alarms, sirens, etc., to combat an emergency attack are examples of such technological improvements. Utilizing technologies like facial recognition, iris recognition, etc., the physical security market is expected to undergo a boom with the entrance of new technological systems.
Market Limitations:
Though the market for physical security has been consistently driven by an upward force, there have been obstacles that have repeatedly slowed the expansion of the commercial security industry that must be kept in mind in order to achieve the best results.
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Physical Security Market Segments
By Type
The systems subsegment is predicted to account for the greatest market share throughout the forecast period. The growth is mostly attributable to an increase in the residential sector's adoption of video surveillance equipment. Video surveillance solutions aid businesses and individuals in acquiring evidence in the event of a security breach and in monitoring their surroundings.
By Industry
The government sector is anticipated to drive the market over the period under review. Governments across the globe are concentrating on securing offices and public spaces using CCTV surveillance. The number of government security breaches has boosted the global demand for physical security solutions. The developed nations are in search of authentication control alternatives that contribute to the improvement of their national security.
Physical Security Market Regional Analysis
The global market for physical security has been segmented into four areas, with each region contributing considerably to the industry in terms of its capabilities and population requirements. However, among the four countries, the North American area has the largest physical security market share, as it is where the primary development drivers for the physical security industry are generated, and the public appears to be fairly interested in market advancements about new goods.
The majority of acoustic insulation market revenue is anticipated to come from countries such as the United States and Canada, which are experiencing an increase in demand for high-tech security solutions in government and private organizations, public places such as shopping malls, restaurants, and movie theaters, etc., as a result of rising terrorist threats.
Due to the rapid evolution of technology, physical security trends in Europe have increased the demand for physical security systems and solutions, contributing to the region's constant expansion. Due to rapid technological advancement and rising public safety expenditures in these nations, the Asia-Pacific area is identified as one of the key regions that has the potential to be the future market leader.
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COVID-19 Analysis:
The new coronavirus or the Covid 19 pandemic has had a negative influence on the physical security industry, as the widespread lockdowns and limitations have decreased the likelihood of terrorist attacks or other mishaps. As a result of the lockdowns in many nations, the demand for various physical security devices has decreased, which has impacted the supply and manufacture of various raw materials and finished goods.
The effects of covid 19 are readily apparent in that the majority of large companies are compelled to shut down their primary production plants and lay off staff. As soon as the lockdown limitations are lifted and individuals are allowed to travel freely, it is anticipated that the market for physical security would experience significant development. To avoid invasion, criminal activity, and burglary, it is anticipated that the period following the lockdown will be a huge success for the physical security market's revenue. The segment by the system is anticipated to yield the highest profits as the public invests more for security concerns.
Dominant Key Players in Physical Security Market Covered are:
- Cisco (US)
- Johnson Controls (US)
- Genetec (Canada)
- Axis Communications (Sweden)
- ADT (US)
- Hikvision (China)
- Pelco (US)
- SECOM (Japan)
- Bosch Building Technologies (Germany)
- Honeywell (US)
- Anixter (US)
- G4S (UK)
- Dahua Technology (US)
- STANLEY (US)
- Kastle Systems (US)
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