Physical Security Market: Trends, Opportunities, and Competitive Landscape
The physical security market encompasses a broad range of solutions and services designed to protect individuals, facilities, and assets from unauthorized access, theft, vandalism, and other potential threats. This market includes various components such as systems (physical access control, video surveillance, perimeter intrusion detection, and more) and services (system integration, remote monitoring, etc.). The physical security market serves diverse end-users, including transportation, government, banking and finance, utility and energy, residential, industrial, retail, commercial, hospitality, and others.
Latest Trends
- Integration of Artificial Intelligence (AI) and Machine Learning (ML): The incorporation of AI and ML technologies into physical security systems enhances their ability to detect and respond to threats more effectively.
- Cloud-Based Security Solutions: Cloud-based solutions are gaining popularity due to their scalability, cost-effectiveness, and ability to provide real-time monitoring and alerts.
- Increased Focus on Cybersecurity: As physical security systems become more interconnected and reliant on network connectivity, there is a growing need to ensure the cybersecurity of these systems.
- Rise of IoT-Enabled Devices: The proliferation of IoT-enabled devices is expanding the scope of physical security, enabling more comprehensive monitoring and control.
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Market Insights
The global physical security market size was valued at USD 113.54 billion in 2021 and is projected to reach USD 195.60 billion by 2030 at a CAGR of 6.23% from 2022 to 2030.
Key Opportunities- Growing Demand for Integrated Security Solutions: The increasing need for comprehensive security solutions that integrate various systems and services is expected to drive market growth.
- Expansion into Emerging Markets: Companies are looking to expand their presence in emerging markets, where there is a growing demand for physical security solutions.
Key Players
- Hangzhou Hikvision Digital Technology Co. Ltd.
- Honeywell International Inc.
- Genetec Inc.
- Cisco Systems Inc.
- Axis Communications AB
- Pelco
- Robert Bosch GmbH
- Johnson Controls
- ADT LLC.
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Market Segmentations
By Component
- Systems
- Physical Access Control System (PACS)
- Video Surveillance System
- Perimeter Intrusion Detection and Prevention
- Physical Security Information Management (PSIM)
- Physical Identity & Access Management (PIAM)
- Fire and Life Safety
- Services
- System Integration
- Remote Monitoring
- Others
By Organization Size
- SMEs
- Large Enterprises
By End-User
- Transportation
- Government
- Banking & Finance
- Utility & Energy
- Residential
- Industrial
- Retail
- Commercial
- Hospitality
- Others
About Straits Research
Straits Research is a leading provider of business intelligence, specializing in research, analytics, and advisory services. We offer in-depth insights through comprehensive reports, focusing on delivering actionable market data and analysis.
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