Northbrook, IL 60062 -- (SBWire) -- 02/27/2023 --As per MarketsandMarkets analysis, the Physical Security Market in Europe, Middle East and Africa (EMEA) region is estimated to grow from USD 34.4 billion in 2022 to USD 44.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 6.1% during the forecast period 2022-2026. The market was being driven by several factors, including rising incidents of terrorism and crime, and advancements in cloud-based security solutions and managed services.
Key Trends Across Emea
Key trends in the European region include a shift towards integrated and networked solutions, as well as the increasing use of video surveillance and access control systems. Another trend is the growing use of smart security systems that integrate with other systems such as fire alarms and building automation. The growing use of access control systems that integrate with other security solutions such as video surveillance and perimeter intrusion detection are gaining traction.
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The physical security market in the Middle East was experiencing significant growth, driven by factors such as increasing security threats, rising demand for advanced security solutions, and the growth of smart city projects. One of the key trends in the Middle East and Africa (MEA) physical security market is the increasing adoption of IP-based video surveillance systems, which provide enhanced image quality and allow for remote access to video feeds.
Major Vendors, Trending Countries And Verticals Across Emea
The market is dominated by major players such as ASSA ABLOY Group, Honeywell, Siemens, Bosch Security Systems, Hikvision, Johnson Controls, and Axis Communications. These companies are investing heavily in research and development to bring innovative security solutions to the market.
Countries like Austria, Norway, Netherlands, and Sweden are showing promising growth for next five years in European region. Whereas, in MEA region UAE and KSA are fastest growing markets. Retail and healthcare are the verticals generating a lot of traction across entire EMEA region.
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Impact On Security Supply Chain Due To Russia-Ukraine Conflict
Following the impact of Covid-19, supply chains are once again being tested – this time by the war in Ukraine. The conflict has reinforced the imperative for organizations to build resilience into their supply chains; many are trying to reduce their dependency on Russia and East Europe for raw materials and are instead migrating towards more localized or regional sourcing strategies.
The war though will have a minimal impact on the physical security industry across Europe. To start off, Russia is not an active exporter in the security arena. Aside from the few security vendors who are headquartered in Russia, it is not a major manufacturer for security components, so the impact on those aspects of the market will likely be minimal. While Russia and Ukraine are both countries that do have decently robust security purchases, they are not "central hubs" of activity for many security manufacturers. However, the conflict will likely impact any ongoing projects by halting them entirely but may not have a significant financial impact on security manufacturers.
Supply chains are rapidly becoming digital, thanks to smart factories, smart distribution centers, and the growth of the Internet of Things (IoT) where almost every modern device has an IP address. For years, countries and companies have been investing in physical security. However, this conflict has illustrated how digital attacks are now part of modern warfare. State-sponsored and organized attacks have reinforced the critical need for cybersecurity and the resilience of the systems and automation that we are increasingly reliant on.
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Physical Security Market in EMEA : Key Trends, Major Vendors, Top Countries and Verticals, Impact on Security Supply Chain
The Physical Security Market in EMEA was being driven by several factors, including rising incidents of terrorism and crime, and advancements in cloud-based security solutions and managed services.