Market Research Future (MRFR) asserts that global demand for physical security is poised to reach $195.6bn by 2030, equivalent to a 6.7% CAGR throughout the forecast period (2021–2030).
The reports points out that the physical security market’s competitive landscape is ‘enormous and tense’, with new competitors quickly entering the market and existing players making massive investments.
With the expansion of Internet-based services and technological progress, the market picture for physical security has shifted, however. Utilising physical security systems and solutions to regulate, monitor, and test any potential threats, attacks, environmental disasters, etc. is a trend in the physical security business and one that the report says will drive growth.
The usage of locks and keys with password-protected setups, alarms, sirens, etc., to combat an emergency attack are examples of such technological improvements. Technologies like facial recognition, iris recognition, etc., mean the physical security market is expected to undergo a boom with the entrance of new technological systems.
The Systems subsegment is predicted to account for the greatest market share throughout the forecast period. The growth is mostly attributable to an increase in the residential sector’s adoption of video surveillance equipment.
The Government sector is anticipated to drive the market over the period under review. Governments across the globe are concentrating on securing offices and public spaces using CCTV surveillance. The number of government security breaches has boosted the global demand for physical security solutions. Developed nations in particular are in search of authentication control alternatives that contribute to the improvement of their national security.
The report segments the global market for physical security into four regions, with each contributing considerably to the industry in terms of its capabilities and population requirements. However, North American area has the largest physical security market share, as it is where the primary development drivers for the physical security industry are generated, and the public appears to be fairly interested in market advancements about new goods.
The majority of acoustic insulation market revenue is anticipated to come from countries such as the United States and Canada, which are experiencing an increase in demand for high-tech security solutions in government and private organizations, public places such as shopping malls, restaurants, and movie theaters, etc., as a result of rising terrorist threats.
Due to the rapid evolution of technology, physical security trends in Europe have increased the demand for physical security systems and solutions, contributing to the region’s constant expansion. Due to rapid technological advancement and rising public safety expenditures in these nations, the Asia-Pacific area is identified as one of the key regions that has the potential to be the future market leader.