Latest physical security research pegs market at $193bn by 2030https://totalsecuritysummit.co.uk/wp-content/uploads/2022/08/cctv-surveillance-camera-7267551_1280-2.jpg 960 640 Stuart O'Brien Stuart O'Brien https://secure.gravatar.com/avatar/9defd7b64b55280442ad2d7fb546a9db?s=96&d=mm&r=g
The physical security market size was valued at $104.6 billion in 2020, and is estimated to reach $192.9 billion by 2030, growing at a CAGR of 6.5% from 2021 to 2030.
That’s according to the latest report from Allied Research. In terms of industry vertical, IT and telecom segment holds the largest physical security market share as telecommunications industry is facing one of the biggest challenges for managing their networks of base stations.
Thus, to properly handle their network issues and to increase the security of telecom operator companies are adopting physical security solutions which is enhancing the growth of the market.
However, the BFSI segment is expected to witness growth at the highest rate during the forecast period, with the implementation of highly advanced technologies into financial infrastructure, physical security has become an integral part of the BFSI industry. The key drivers of the physical security market in BFSI includes regulatory safety standards’ compliance, risk of data loss, and increase in the adoption of cloud security solutions at data centers, ATMs, corporate buildings, and cash depots.
However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to the prominent government and police initiatives to enhance physical security software owing to the increase in crime rate. Factors such as increase in insider threats and physical attacks pose great risks on critical infrastructure zones, particularly in developing countries, such as China and India.
Region-wise, the physical security market was dominated by North America in 2020 and is the home to major players offering advanced solutions in the physical security market. In addition, increase in security measures across various industry verticals, such as commercial, transportation, government, and others owing to high terrorism incidences in the region, are expected to drive the growth of the market during the forecast period.
With the outbreak of COVID-19, it is challenging to put new tools in place to mitigate risk going forward. Now is a good time to consider updating access control to a more modern, future-proofed system that can still be effective, even if 90% of the office is working remotely. Therefore, it also affected the physical security market growth.