Physical Security Market Expected To Register A CAGR Of 6.5% Over The Forecast Period

 Physical Security Industry Overview

The global physical security market size was valued at USD 102.9 billion in 2019 and is expected to register a CAGR of 6.5% over the forecast period.

Increasing importance of improving physical security for organizations and identifying potential threats are the key drivers for market growth. Several end-use industries such as retail, banks, transportation, and hospitality, have a different set of security challenges, wherein traditional security systems at times fail to reduce the risk of resource theft and destruction. Budgetary constraint is one of the crucial hurdles which slows down the adoption of advanced physical security systems. In addition, availability of counterfeit hardware products compromises the growth of the manufacturers.

Gather more insights about the market drivers, restrains and growth of the Global Physical Security Market

Governments across major regions are continually working toward strengthening their physical security infrastructure to curb threats. For instance, in October 2017, undercover federal auditors from the U.S. Government Accountability Office (GAO) gained unauthorized access to secured areas in the Colorado and Maryland campuses of the National Institute of Standards and Technology (NIST). Such incidents have triggered the need to take improved measures to secure NIST’s buildings or other federal buildings. Additionally, the institute has also created a security advisory board to increase awareness regarding the importance of physical security amongst NIST employees.

Entry points into the data systems of an IoT-connected ecosystem have widened the scope of cyberattacks. However, IoT security has also widened the scope of enabling data protection through advanced connected networks of physical security systems. Furthermore, innovations and technological advancements in integrated sensors, videos, and access systems for IoT-enabled devices are anticipated to boost physical security market growth. In addition, shifting focus from traditional solutions such as badge readers, alarm systems, and door locks to advanced physical security solutions, which include breach detection, threat management, and intrusion prevention, of several organizations and government agencies would support market growth.

 

Browse through Grand View Research's Electronic Security Industry Research Reports.

  • Internet of Things (IoT) Security Market: The global Internet of Things (IoT) security market size was valued at USD 1.24 billion in 2017. It is likely to rise at a CAGR of 29.7% during the forecast period. IoT is one of the most significant technology trends and has enticed the attention of several companies across the globe.
  • Contactless Biometrics Technology Market: The global contactless biometrics technology market size was valued at USD 6.92 billion in 2019 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 20.3% from 2020 to 2027.

Physical Security Market Segmentation

Grand View Research has segmented the global physical security market on the basis of component, systems, services, end use, and region:

  • Physical Security Component Outlook (Revenue, USD Billion, 2016 - 2027)
    • Systems
    • Services
  • Physical Security Systems Outlook (Revenue, USD Billion, 2016 - 2027)
    • Video Surveillance
    • Intrusion Detection
    • Access Control
    • Exterior Security Systems
  • Physical Security Services Outlook (Revenue, USD Billion, 2016 - 2027)
    • System Integration
    • Remote Monitoring
    • Others
  • Physical Security End-use Outlook (Revenue, USD Billion, 2016 - 2027)
    • Transportation
    • Government
    • Banking & Finance
    • Utility & Energy
    • Residential
    • Industrial
    • Retail
    • Commercial
    • Hospitality
    • Others
  • Physical Security Regional Outlook (Revenue, USD Billion, 2016 - 2027)
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa (MEA)

Market Share Insights

  • August 2019: Dahua Technology Co., Ltd entered into a strategic alliance with Pepper to offer enhanced security to its video as well as non-video IoT services to protect against unauthorized access of data.

Key Companies profiled:

Some prominent players in the global physical security market

  • Hangzhou Hikvision Digital Technology Co., Ltd.,
  • Honeywell International, Inc.;
  • Genetec Inc.;
  • Cisc Systems Inc.;
  • Axis Communications AB;
  • Pelco;
  • Robert Bosch GmbH;
  • Johnson Control International Plc;
  • ADT LLC.

Order a free sample PDF of the Physical Security Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 


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