The global physical security market size is expected to grow from USD 102.7 billion in 2021 to USD 140.0 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 6.4% from 2021 to 2026.
The major factors fueling the physical security market include Rising instances of terrorist activities and security breaches to physical systems, Increasing use of IP-based cameras for video surveillance, and Increasing cyber threats to physical security systems.
Services to grow at a higher CAGR during the forecast period
The physical security market is segmented based on types of services into managed services and professional services. Managed service providers help customers and keep their physical security systems, solutions, hardware, and software updated with the latest available enhancements. The in-house capabilities of customers are enhanced, as MSPs safeguard physical and IT system assets.
The professional services segment includes various services that are required to deploy, execute, and maintain physical security platforms in organizations. As the adoption of these platforms increases, the demand for these services is also expected to increase. The services in the physical security market are critical as they provide support for the proper functioning of the software and hardware-based solutions. physical security services comprise technical support services that require the effective integration of physical security solutions. Technical expertise is required to maintain and update physical security hardware and software.
In organization size segment, Large enterprises to have a higher market share during the forecast period
The large enterprises are highly dependent on physical security systems to protect their highly critical information. To protect their sensitive information from cyberattacks, data thefts, and unauthorized access, large corporations are quickly moving to physical security solutions.
The increasing complexity of threats and the growing sophisticated attacks are forcing large corporations and governments to regularly upgrade their security systems. Businesses that possess a large amount of sensitive and personal information run the highest risk of being targeted by cyber threats.
These threats could result in immense financial losses, information security incidents, and data breaches. Large enterprises have adopted physical security solutions as they largely use the cloud, BYOD devices, mobile devices, and IoT-based applications that are highly susceptible to cyberattacks. Amplifying internet penetration and increasing eCommerce activities are expected to increase the adoption of physical security technology across large firms.
Among, larger firms, critical infrastructure and critical information industries are the major adopters of physical security solutions and services. For example, Manitoba Hydro, the major energy utility company in the province of Manitoba, Canada, upgraded to Genetec Security Center for video surveillance, access control, and intrusion detection. physical security governance laws in the region also support a drive to boost the adoption rate of physical security solutions among large enterprises.
Rising Instances of Terrorist Activities and Security Breaches to Physical Systems
Increasing Use of IP-Based Cameras for Video Surveillance
Increasing Adoption of ‘As a Service’ Model
Increasing Cyber Threats to Physical Security Systems
Violation of Privacy
Considerable False Alarm Rates
Lack of Efficient Storage and Data Management Capacities
Digital Transformation Enabled by Video Security Systems
Integration of Technologies, Such as Ai, Ml, and Analytics, in Physical Security
Adoption of Iot-Based Security Systems with Cloud Computing Platforms
Convergence of Multiple Physical Security Systems
Integration of Logical and Physical Components of Security Systems
High Installation and Maintenance Costs for Smes
Bosch Building Technologies
Hanwha Techwin America
Zhejiang Dahua Technology
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Laura Wood, Senior Press Manager
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