Physical Security Market Size Analysis Is Expected to Surpass $136.9 Billion by 2028 with CAGR of Roughly 4.4%

Northbrook, IL 60062 -- (SBWire) -- 09/13/2023 --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, according to research report by MarketsandMarkets™.

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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Based on services, the managed services segment is expected to grow at a higher CAGR during the forecasted period.

Effective management of business processes in contemporary corporate contexts requires the adoption of proven approaches across organizations. Organizations are forced to outsource some tasks since maintaining internal services requires more time, there aren't enough resources, and it costs more money. Managed service providers guarantee the protection of important corporate data as well as the efficiency of business processes. Customers are assisted by managed service providers to maintain their hardware, software, physical security systems, and solutions up to date with the most recent improvements. Customers' internal capacities are increased when MSPs protect their physical assets and IT system assets.

By managed services, the access control as a services segment is expected to hold the largest market size during the forecast period.

Access Control as a Service (ACaaS) is a cloud-based, service-oriented architecture that supports access control models in new-age operating systems. It integrates cloud-hosted and managed solutions with various on-site access control systems. The demand for ACaaS is rising across verticals because of its distinguishing characteristics, such as remote management, scalability, real-time control, data security, and secure communications. The importance of access control lies in its ability to bolster the overall security posture of an organization, providing a flexible and scalable solution to meet specific needs, enhance operational efficiency, and ensure the safety of personnel and valuable assets.

By region, Asia Pacific is expected to grow at the highest CAGR during the forecast period.

Due to the region's rising crime rate, physical security solutions are quickly gaining popularity across Asia and the Pacific. Security-related worries are becoming more prevalent, particularly in China, Malaysia, Australia, and India. Therefore, the government of several of these nations is encouraging the implementation of physical security measures to manage such a circumstance. Governments in the Asia Pacific are investing a significant portion of their federal budgets in developing security tools, which is expected to drive the adoption of physical security solutions. Moreover, the region is witnessing the large development of smart cities. Countries such as China have invested heavily in smart city programs. It is planning to spend USD 39 billion on smart cities. Smart cities heavily rely on physical security solutions, which is also driving the physical security market in the region.

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Market Players:

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), Gallagher (New Zealand), Secom (Japan), Allied Universal (US), Zhejiang Dahua Technology (China), Axis communications (Sweden), Hanwha Vision America (US), Teledyne FLIR (US), Hexagon AB (Sweden), General Dynamics (US), BAE Systems (UK), Huawei (China), NEC (Japan), Qognify (US), SmartCone Technology (Canada), Verkada (US), IOTAS (US), Cloudastructure (US) are the key players and other players in the physical security market.

Key Dynamic Factors For Physical Security Market:

Technological Developments: Physical security solutions are significantly impacted by the quick development of technology, including artificial intelligence (AI), machine learning, facial recognition, and biometrics. Security systems become more sophisticated and effective as a result of innovative technologies that increase their efficiency and efficacy.

Integration of cybersecurity measures is essential since physical security systems depend more and more on digital technology and communication. In the physical security sector, protecting these systems from cyber threats is a constant worry.

Internet of Things (IoT): As IoT devices proliferate and are integrated with physical security systems, new monitoring and controlling possibilities arise. However, it also presents additional risks and difficulties for data security and privacy.

Cloud-Based Solutions: Due to its scalability, adaptability, and affordability, cloud-based storage and management of security data and footage are becoming more and more popular. The industry is being dynamically shaped by this switch from on-premises to cloud-based solutions.

Governments and regulatory agencies regularly change the laws and regulations governing data protection and physical security. Security solution vendors and organisations must adhere to these regulations.

Emerging risks: Security risks change frequently, making it necessary to adjust physical security measures. Terrorism, cybercrime, vandalism, and natural disasters are only a few examples of threats.

Consolidation of the market: In the physical security sector, mergers and acquisitions can have a substantial impact on market dynamics. Market share changes and the launch of new goods and services might result from large corporations purchasing smaller ones.

COVID-19 Pandemic: The pandemic has influenced the need for physical security solutions by accelerating the use of contactless access control and health screening technology.

Global Economic Conditions: The physical security market may be impacted by economic considerations. Budget restrictions brought on by economic downturns may affect an organization's investment in security measures.

User Preferences and Expectations: Users have changing needs when it comes to security solutions. End users want security systems that can be integrated with other building management and automation systems, have more streamlined user interfaces, and offer more customization choices.

Environmental Issues: Sustainability and the environment are playing a bigger role in the development and application of physical security systems. Eco-friendly practises and energy-efficient technologies are becoming more popular.

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Competitive and Segmentation Analysis:

Physical security market competitive analysis entails a thorough evaluation of industry players and their tactics. It's critical to recognise both direct competitors providing identical security solutions and indirect competitors, such as cybersecurity companies, who address security demands differently. Competitive positioning can be determined by looking at market share, product/service offers, pricing strategies, distribution methods, and marketing techniques.

Additionally, keeping an eye on consumer feedback and performing SWOT analyses aid in identifying potential growth and differentiating areas. To maintain a competitive edge as the physical security landscape changes due to increasing threats and technology improvements, it is essential to keep an eye on market trends and competitor responses.

Understanding the various consumer needs in the physical security market and developing solutions accordingly depend on segmentation analysis. Demographic and psychographic factors, such as geography and industry type, as well as financial restrictions, can be used as segmentation criteria. Businesses can develop thorough profiles for each segment of the market after segmenting it, analysing its distinct needs and pain areas. This makes it possible to prioritise segments according to their size and potential for growth, directing the creation of specific marketing and product plans. To fulfil the changing needs of each segmented client group, constant testing and optimisation are crucial as market dynamics change as a result of variables including developing technology and regulatory changes.

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