Physical Security Market Growth at USD 156.72 Billion by 2031 | SkyQuest Technology

Westford, USA, Sept. 24, 2024 (GLOBE NEWSWIRE) -- The necessity for securing physical environment from actions like crime, vandalism, possible burglaries, theft, and fire incidences are some of the vital factors that are boosting the growth of physical security market. The demand for physical security market is also increasing due to the growing investment on security to protect vital assets, adoption of cloud-based data storages, and advanced analytics. Furthermore, technological advancements in access control and video surveillance are also propelling the growth of the market. Moreover, the focus is shifting from legacy solutions like badge readers, alarm systems, and door locks to innovative logical security that has breach detection, threat management, and invasion prevention. This has massively assisted many companies and government facilities to mitigate crime and breach more efficiently, boosting the growth of physical security market. Furthermore, governments from various countries are investing of smart cities to improve their infrastructure due to which they are using high-power security systems. These features are modernizing the current infrastructure with better security control and improving the security systems of government building, driving the growth of the physical security market.

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Browse in-depth TOC on the "Physical Security Market"    

• Pages - 192
• Tables - 95    
• Figures – 76    

Physical Security Market Overview:    

Increasing Safety Concerns to Rise Demand for Advanced Physical Solutions

Lately businesses are dealing with huge number of threats like thefts, vandalism, cyberattacks, and natural disasters due to which they are increasing their investment in effective physical security solutions. It consists of using access control systems, surveillance cameras, perimeter fencing, and intrusion recognition systems. These devices have the potential to secure business and government facilities from unauthorized access and alleviate risks of confidential resources. Furthermore, the growing understanding about the significance of proactive security measure for averting possible losses and disruption is also boosting the demand for advanced physical security technologies and services. This is also progressing the expansion of the market.

Growing Technological Advancements to Improve Potential of Security Solutions

Advancement in surveillance cameras, access control, systems, biometric authentication, and artificial intelligence is allowing to detect more complex threats and create better response mechanisms. Incorporation of these technologies with IoT helps the companies to get streamlined connectivity and data-driven insights. This enhances situational awareness and operational effectiveness. Furthermore, developments in cloud computing and edge computing allows scalable and versatile deployment options that can full the wide range of security requirements in various sectors. These technological developments are increasing the resilience of physical security structure and strengthening companies to remain proactive while addressing advancing threats and regulatory necessities. These are boosting the growth of the physical security market.

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Increasing Investment in Security by SMEs to Secure Confidential Data to Boost Market Growth in North America

North America is leading the physical security market due to the growing adoption of advanced physical security systems. The regional market is boosted by factors like economic growth, regulatory reforms, and increasing investments by SMEs in physical security solutions. Furthermore, many public bodies and transportation systems like airports, seaports, railways, and bus stations in this region are also emphasizing on securing their infrastructure with security layers. The physical security market is this region is also immensely influenced by the growing security concerns because of domestic crime, theft, terrorist attacks, and other such variables. The growing prevalence of bank robberies in the region is also driving the necessity of video analytics solutions, boosting the market growth. Many companies are also following regulatory rules set by PCI, DSS, GLBA, and HIPAA to secure confidential customer data. North America is also the hub for most of the key physical security solutions provider, who are positively influencing the growth of the market with their innovative and advanced security devices.

Physical Security Market Insights

Driver

• Increasing incidences of terror attacks to rise demand for physical security
• Growing awareness about physical security to reduce threats
• Rising concerns about privacy violations

Restraints

• High initial investments of physical security to discourage implementation
• Lack of technical knowledge about the security devices
• Increasing prevalence of false alarms makes users doubt about its efficiency

Key Players Operating in Physical Security Market

The following are the Top Physical Security Companies

• Johnson Controls (Ireland)

• Bosch Building Technology (Germany)

• Honeywell (US)

• ADT (US)

• Cisco (US)

• Telus (Canada)

• Wesco (US)

• Genetec (Canada)

• HID Global (US)

• Pelco (US)

• Hikvision (China)

Key Questions Answered in Physical Security Market

• What are the factors driving the growth of physical security market?
• Who are the key players of the market?
• Which region is dominating the global physical security market?

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This report provides the following insights:    

• Analysis of key drivers (Increasing technological advancement, increasing terror attacks, and growing security threats), restraints (Growing security concerns, high initial costs, high prevalence of false alarms, and complex integration of security systems), opportunities (High adoption of AI and ML, shift towards integrated solution, and growth of biometric security devices), and challenges (Lack of skilled workforce and immense technical issues and complexities of physical security), influencing the growth of physical security market   

• Market Penetration: Comprehensive information on the product offered by the top players in the physical security market    

• Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the physical security market    

• Market Development: Comprehensive information on emerging regions    

• Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market    

• Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.    

Related Reports:

Cyber Security Market

Cloud Security Market

Managed Services Market

Endpoint Security Market

IoT Security Market

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