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Physical Security Market

Physical Security Market

Global Industry Analysis (2018 - 2021) - Growth Trends and Market Forecast (2022 - 2029)

Published Date: Upcoming | Format:

Industry: Information & Communications Technology | Author Name: Mohit

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The new normal has propelled businesses to host online workplaces and to manage teams remotely. However, despite this shift to remote work, securing physical assets and equipment holds paramount importance. On the other hand, given the volatility of contemporary times, the residential sector should be well-equipped to respond to various kinds of physical security breaches. Sophisticated physical security systems and services offer premium safety against unauthorized access, intruders, natural disasters, and acts of vandalism. Physical security measures include multiple layers of interdependent systems such as CCTV surveillance, perimeter intrusion detection, protective barriers, fire systems, deterrent systems, and access control. The combined force of these measures ensure that, in times of unforeseen disruption, personnel and property remain secure from damage, while operations run uninterrupted.

Today, organizations and residential areas need to be prepared to tackle various forms of security breaches arising from acts of terrorism, natural calamities, equipment malfunction, or human error. Consequently, the demand for modern physical security solutions has surged phenomenally. This fast-evolving trend bodes extremely well for the global physical security market. Over the recent past, concerns around identity theft, growing awareness about novel physical safety measures, and corporate commitment to uphold personnel and customer privacy have opened lucrative business opportunities in the physical security market. These developments are poised to influence strategic partnerships, M&A, and R&D initiatives in the global physical security market.

Protection of Critical Infrastructures Paves Way for Advanced Physical Security Solutions

In present times, it is vital for security-conscious organizations to embrace advanced measures to safeguard their people, critical assets, and sensitive data. At the same time, it is equally crucial for public enterprises or government agencies to incorporate robust physical security measures to defend national critical infrastructures. Various end-use industries such as transportation, retail, banking, hospitality, energy, and other heavy industries are sound demand pools for emerging physical security solutions. Learning from security breaches of the past, governments across several regions of the world consistently improve and implement state-of-the-art physical security measures, creating headways for stellar growth across the physical security market.

Over the forecast period, key players in the physical security market are expected to capitalize on the business opportunities floating across international markets. Industry leaders are set to engage in rigorous technological innovations, particularly in integrated sensors, access systems for IoT-enabled devices, and remote video surveillance systems. Between 2022-2026, a significant number of organizations are expected to shift away from traditional tools to more responsive, adaptable, and progressive physical security measures.

Rising Awareness About Physical Security Creates Favorable Business Outlook  

A recent study found that nine in ten, or 88%, of data breach incidents were caused by human error, or more specifically, by employees’ mistakes. Over the past few years, concerns around lack of security awareness among employees have led security leaders to conduct comprehensive security education programs. This has resulted in notably increasing employees’ awareness about physical security measures. In addition to this, recurring news and security awareness campaigns on social media about various security incidents in homes have cautioned home dwellers against potential security threats. These twin developments have translated into sound expansion of the global physical security market.

Owing to the increase in security awareness, consumers are rapidly adopting advanced physical security solutions. In the residential sector, substantial increase in demand has been observed for automated home security solutions for LPG gas detection, real-time remote monitoring, door and house locking, fire detection, and intruder detection. Whereas, on the corporate front, rising demand for video surveillance systems, live office monitoring, and security equipment maintenance services have recorded significant demand. These systems and services are anticipated to register further increase in demand, emerging as leading physical security solutions during the course of the forecast period.

Video Surveillance Ranks as Top Security System; System Integration Top Security Service

On the basis of systems, the global physical security market is segmented into video surveillance, access control, exterior security, and intrusion detection systems. Among these, video surveillance held the largest market share in 2019, and it is expected to continue to dominate the market share over the assessment period. Novel technological developments and growing need for remote monitoring, coupled with the relatively lower cost of equipment, has resulted in notable growth of this market segment. In the years to follow, promising investments in security architecture by corporate, public, and residential sectors are poised to increase the demand for video surveillance systems.

As per services, the physical security market is primarily classified into system integration and remote monitoring. The former commands a greater market share owing to rising demand for cost-efficient security hardware, adoption of emerging technologies by market players, widespread use of cloud computing across organizations, and stringent regulatory compliance. IoT-enabled physical security devices are poised to garner considerable traction owing to the rapidly-growing consumer preference for greater connectivity for higher convenience. Despite this favorable outlook in the global physical security market, high cost of equipment and services is projected to restrict rapid market growth. However, companies are poised to overcome this challenge through open innovation, government support, and mutually-beneficial partnerships.

North America Leads as Market Player; APAC to Register Highest Growth

In 2019, North America dominated as the regional player in the global physical security market, and it is poised to hold this position over the forecast period. In this region, presence of prominent market players, rising investments in physical security solutions by private and government, institutions, and awareness about latest trends in physical security are the main growth factors of its physical security market. Further, Asia Pacific is set to register the highest CAGR during the assessment period due to the intense demand for modern security solutions. This fruitful outcome is also attributed to favorable government policies that promote advanced physical security solutions, particularly in India and China.

Key market players in the global physical security market include Honeywell International, Inc., Axis Communications AB, Johnson Control International Plc, Cisco, Genetec Inc., BAE Systems plc, ADT LLC., and Pelco, Inc. among others. These industry leaders are predicted to aggressively pursue strategic partnerships, joint ventures, M&A, and innovative product development. For instance, recently Pelco, Inc. upgraded its Sarix and Spectra video camera lines and its well-known video management system, VideoXpert. In 2020, Cisco introduced new cloud-managed solutions to enhance business resilience with greater visibility into physical spaces for IT and OT environments.

Global Physical Security Market is Segmented as Follows:

By Component

  • System
  • Services

By System

  • Video Surveillance
  • Perimeter Intrusion and Detection
  • Access Control
  • Exterior Security System
  • Physical Security Information Management

By Service

  • System Integration as a Service
  • Access Control as a Service
  • Video Surveillance as a Service
  • Remote Monitoring Services

By End-User

  • Retail
  • Transportation
  • Commercial
  • Utility & Energy
  • Government
  • Banking & Finance
  • Industrial
  • Residential
  • Hospitality
  • Manufacturing & Industrial

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • Rest of Asia Pacific
    • Mexico
    • Brazil
    • South Africa
    • Saudi Arabia
    • Rest of LAMEA

Key Elements Included In The Study: Global Physical Security Market

  • Physical Security Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2018 - 2021
  • Market Value at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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