During the forecast period 2022-2032, the physical security market is expected to grow at a 6.3% value CAGR. This market was projected to have a global market valuation of US$ 117 billion in 2021 and is expected to reach a total of US$ 229.11 billion by 2032.
Physical security measures are designed to protect buildings and equipment. Physical security breaches and threats, in addition to network and cyber security, must be avoided in order to keep technology and data safe. This applies to all staff and faculty who have access to the building.
The structure is safeguarded against natural disasters, vandalism, fire, theft, and terrorism. Multiple layers of interconnected systems, CCTV surveillance, security guards, locks, and access control comprise the system.
From 2017 to 2021, the physical security industry grew at a CAGR of 5.9%. Global physical security market growth has been boosted by an increase in terror attacks and an increase in awareness. Moreover, technological advancements have also contributed to the growth of the physical security market.
Physical security market growth, however, is hindered by privacy concerns and lack of integration between physical and logical security. On the other hand, the escalating demand for security in smart cities is likely to offer lucrative opportunities for the expansion of the physical security market during the forecast period.
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North America is expected to maintain its leadership position in the physical security industry during the forecast period, owing to a rise in the adoption of physical security solutions across critical infrastructures such as nuclear power plants, chemical plants, and oil and gas facilities across the region. However, Asia-Pacific is expected to be one of the fastest growing regions during the forecast period, driven by a high demand for physical security solutions and an increase in terror attacks.
Key Takeaways from the Market Study
- In 2022, the global physical security market is estimated to have a global market size of US$ 124.37 Billion.
- The physical security market in North America acquired 39% of the global market share in 2021.
- The APAC region is expected to grow with a 5.5% CAGR during 2022-2032.
- The systems segment took over 66% of the global physical security market share in 2021.
- The market was dominated by the SMEs segment in 2021 and a 8.5% CAGR is expected during 2022-2032.
- The residential segment is projected to exhibit a 7% CAGR during 2022-2032.
Competitive Landscape
To gain a larger share of the market, top companies provide diverse solutions to address a range of applications. Moreover, companies seek to increase their market share by merging, acquiring, and forming strategic alliances. The company pursues a variety of strategic initiatives to achieve its goals, including partnerships, mergers, acquisitions, collaborations, and new product development. They offer systems and services to a wide range of industries.
- Immersal-Part of Hexagon, which develops visual positioning systems and mapping software, has been acquired by Hexagon AB. in July 2021. A leader in PKI solutions, DigiCert, Inc., has partnered with Johnson Controls to provide advanced, digital, physical security solutions to buildings in May 2021.
- Hangzhou Hikvision Digital Technology Co., Ltd. released its Hikvision AX PRO wireless external tri-tech detector and dedicated camera in February 2022.
- An Edge360 security solutions provider partnered with Quanergy Systems, Inc., an AI-enabled LiDAR platform, in 2022. Edge360 will be able to provide video surveillance based on LiDAR technology in residential buildings and financial institutions as a result of this partnership.
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Key Segments Covered in the Physical Security Market Report
Physical Security Market by Component Type:
- Physical Security Systems
- Physical Access Control System (PACS)
- Perimeter Intrusion Detection and Prevention
- Video Surveillance System
- Physical Security Information Management (PSIM)
- Fire and Life Safety
- Physical Identity & Access Management (PIAM)
- Physical Security Services
- Remote Monitoring
- System Integration
- Others
- Other Physical Security Components
Physical Security Market by Organization Size:
- Physical Security for SMEs
- Physical Security for Large Enterprises
Physical Security Market by End Users:
- Physical Security for Transportation
- Physical Security for Banking & Finance
- Physical Security for Government
- Physical Security for Utility & Energy
- Physical Security for Industrial Use
- Physical Security for Residential Use
- Physical Security for Retail
- Physical Security for Hospitality
- Physical Security for Commercial Use
- Physical Security for Other End Users
Physical Security Market by Region:
- North America Physical Security Market
- Europe Physical Security Market
- Asia Pacific Physical Security Market
- Middle East & Africa Physical Security Market
- Latin America Physical Security Market
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