Physical Security Market Size to Expand to $136.9 Billion by 2028
The global physical security market size is projected to grow from USD 110.2 billion in 2023 to USD 136.9 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 4.4% during the forecast period.
The growth in the use of IP-based cameras for video
surveillance and the rise in instances of malicious activities and security
breaches to physical systems drive the growth of the physical security market.
Moreover, difficulties addressing the complexity of advanced threats may hinder
market growth.
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Physical Security Market Dynamics:
Drivers:
- Rising
instances of malicious activities and security breaches to physical
systems
- Global
Number of Terrorist Attacks, 2011 & 2021
- Growing
use of IP-based cameras for video surveillance
- Higher
adoption of & as a service & model
- Increasing
cyber threats to physical security systems
Restraints:
- Considerable
false alarm rates
- Violation
of privacy
- Lack
of efficient data storage and management capacities
Opportunities:
- Integration
of technologies in physical security
- Digital
transformation enabled by video security systems
- Adoption
of IoT-based security systems with cloud computing platforms
- Convergence
of multiple physical security systems
List of Key Players in Physical Security Market:
- 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)
The growth of the physical security market is being driven
by several factors. These include Rising instances of terrorist activities and
security breaches to physical systems and Increasing use of IP-based cameras
for video surveillance. The promising growth of the physical security market
can be attributed to various factors, including the Integration of
technologies, such as AI, ML, and analytics, in physical security.
Trend: Artificial Intelligence/ Machine
Learning
Security solutions based on data-driven ML and AI are the
emerging trends in the physical security market. The market for physical
security has witnessed an increase in security solutions based on data-driven
ML and AL. Today's surveillance cameras integrate AI and deep learning to
increase the accuracy and dependability of security. For instance, Hangzhou
Hikvision Digital Technology (China) introduced the DeepinView Camera Series,
which made use of the deep learning function to deliver precise and reliable
Video Content Analytics (VCA) performance.
Physical security system capabilities have been
significantly improved with the use of ML. Security systems can now learn from
data, observe trends, and make quick judgments because of ML algorithms.
Monitoring camera data may be automatically analyzed to find and identify
objects, persons, vehicles, and strange behaviors. Such advancements minimize
the effort of human operators and aid with real-time threat detection.
Similarly, Security systems are now able to identify and verify persons based
on their facial traits with the help of ML-based facial recognition technology.
The technology is employed for entryway security, suspect identification, and
access control.
Trend: Contactless Biometrics
The use of contactless biometrics such as iris, facial, and
voice recognition is expected to witness broader adoption in access control in
the coming years. Costs of solutions and services based on biometrics are
continuously witnessing a drop. The decreased cost is resulting in more
deployment of contactless biometric technology for general building access
control and authenticating access to critical business resources. Contactless
biometrics have found use in the airline industry for smooth airport operations
and passenger identification verification, as well as in the hotel sector for
guest check-in and identity verification. The requirement for greater security,
convenience, and cleanliness is what has sparked the widespread use of
contactless biometrics. When deploying these technologies, it is crucial to
take privacy and data protection issues into account, making sure that the
right security measures are in place to secure people's biometric data.
By component, the services segment accounts for a larger
market size.
Based on the components offered, the physical security
industry is divided into managed services and professional services. As
physical security services enable the proper operation of software solutions,
they are crucial in this sector. Many market vendors are concentrating on
providing specialized services to assist organizations with the efficient
operation of business operations. Owing to the need for automation in
surveillance systems information protection, and remote monitoring
infrastructures, the demand for physical security services is on the rise. The
increasing instances of physical attacks, such as terrorist activities, thefts,
intrusion drones, and cyberattacks, such as malware, ransomware, virus, and
Advanced Persistent Threats (APTs), are expected to drive the need for
large-scale adoption of physical security services.
By system, the video surveillance system accounts for a
larger market size.
Video surveillance systems monitor any activity in
commercial buildings, public areas, or businesses and can be sound-enabled or
without sound. These systems can be used at any place, such as inside or
outside a building, in a private residence, school, or other places. Depending
on their intended application and price ranges, a variety of video surveillance
systems are available, each giving a different level of protection and
sophistication. Critical infrastructure, governmental organizations, and commercial
buildings are all heavily protected by video surveillance systems like Internet
Protocol (IP) cameras and High Definition (HD) CCTVs. The requirement for
monitoring entities, people, and vehicles to make sure public and private
infrastructures are effectively secured has resulted from the increased focus
on physical safety and security; this, in turn, is likely to fuel the rise of
video surveillance systems.
Opportunity: Digital transformation enabled by video
security systems
Organizations may revolutionize their security operations
and gain new efficiencies by adopting digital video security systems. A
proactive threat detection and real-time reaction capability is possible with
advanced video analytics and integration with IoT devices, increasing total
security. Organizations may simply extend their surveillance networks owing to
the easy scalability and smooth remote monitoring provided by cloud-based video
storage and access. Security administration is simplified by centralized
management and control, which also lowers operating expenses and boosts
productivity. Empowered by AI analytics, smart video security solutions are
designed to improve automation and operational efficiency in various verticals,
such as traffic, retail, manufacturing, residential, and education.
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