The global physical security market size is expected to reach $216.43 billion by 2030, registering a CAGR of 6.8% over the next seven years.
ReseachAndMarkets’ latest study says increasing awareness about securing the perimeter in developing economies has led to a rise in deployment of IP-based cameras in residential societies as well as commercial complexes and offices. Furthermore, increasing terror threats, border disputes, and refugee crises drive the adoption of stringent safety measures, thereby driving the market growth.
For instance, in February 2022, Hangzhou Hikvision Digital Technology Co., Ltd, the world’s prominent manufacturer of innovative video surveillance systems and solutions, introduced the TandemVu PTZ camera line, which combines PTZ and bullet camera capabilities into a single unit.
These cameras can monitor broad regions and zoom in on individual security incidents while simultaneously maintaining attention on both viewpoints. Further, this camera would be deployed in commercial complexes and residential societies to reduce terror threats and adopt more physical security on the premises.
The increasing convergence of IT and OT technologies have potentially increased concern towards inbuilt security operations that are added into a network. As network video recorders (NVRs) and IP-based surveillance camera are network devices, they are vulnerable to become a target vector to get into a system.
Furthermore, camera & biometrics offer robust physical security benefits. However, in a growing threat ecosystem, these devices are expected to evolve in order to enable safety for deployment in a critical infrastructure asset’s network.
Thus, securing the converged IT & OT network is emerging as one of the top priorities for several companies. For instance, in November 2021, InsightCyber Group, Inc., a company that offers physical, cyber systems to protect businesses, built an AI-driven physical security device for various industries such as transportation, manufacturing supply chain, and others.
Key highlights from the report include:-
- Video surveillance system led the market in 2022.
- System integration is anticipated to dominate the market through the forecast period owing to the factors such as stringent regulations and demand for the cost-effective systems
- The residential segment is predicted to register the highest CAGR during the forecast period owing to the measures taken by the consumers to protect their assets from potential threats
- North America dominated the market in 2022 and is estimated to remain dominant throughout the forecast period. The presence of key physical security market vendors such as Cisco Systems, Inc., Honeywell International, Inc., and Pelco is primarily responsible for the region’s market growth. Businesses across the region are increasingly deploying physical security solutions to prevent identity theft, cyber-attacks, and commercial spying, as well as to ensure data security and privacy to facilitate business continuity