The global physical security market size reached $116.8 billion last year and has been predicted to reach U$171.4 billion by 2028, equivalent to a compound annual growth rate (CAGR) of 6.4%.
That’s according to a report from IMARC Group, which says areas such as video surveillance, access control systems, biometrics, and analytics, are driving the growth of the market.
In addition, the growing availability of Internet of Things (IoT)-enabled devices, such as sensors, connected cameras, and smart locks providing real-time data, conducting remote monitoring, and enhancing situational awareness is offering what it calls a favourable market outlook.
The forecast is the latest in a steady stream predicting big growth for the physical security market, with Spherical Insights predicting a $209 billion valuation by 2032, while ResearchandMarkets expects a value of $216 billion by 2023.
Image by Gerd Altmann from Pixabay
