The Global Physical Security market is predicted to grow from $112.67 billion in 2022 to $209.52 billion by 2032, equivalent to a Compound Annual Growth Rate (CAGR) of 6.4% over the period.
A new report from Spherical Insights classes physical security as the measures put in place to protect physical assets, such as buildings, equipment, and people, from unauthorised access, damage, theft, or other physical harm.
So that’s access controls, surveillance systems, locks, barriers, and alarms, as well as policies and procedures designed to minimise the risks of physical threats.
The researched concludes that the services segment in the physical security market is expected to grow due to the increasing complexity of physical security technology and the need for specialised expertise in installing, configuring, and maintaining these systems.
Additionally, it says many organisations are seeking to outsource their physical security needs to third-party service providers to reduce costs and improve operational efficiency. This creates opportunities for service providers to offer a range of services such as installation, integration, maintenance, and consulting, and to develop long-term relationships with clients.
Based on region, Asia-Pacific is expected to be the fastest-growing region in the physical security market due to its rapidly developing economy, increasing urbanisation, and rising security concerns.
The region has a large population and a significant number of businesses that require robust security solutions. The growth of smart cities and the Internet of Things (IoT) in the region is driving demand for integrated security systems that can be centrally managed and monitored.
Additionally, the region has a high adoption of cloud-based security solutions, particularly in countries such as China and India. The increasing awareness and adoption of advanced security technologies, such as artificial intelligence and analytics-based solutions, are further propelling the growth of the physical security market in this region.
Some of the major players identified in the report include Bosch Security Systems, Honeywell International, Johnson Controls, Axis Communications, Pelco by Schneider Electric, Genetec, Avigilon Corporation, Hanwha Techwin, FLIR Systems, Assa Abloy AB, Tyco International, Hikvision Digital Technology, Dahua Technology, Siemens AG, and NEC Corporation.