The global physical security market is expected to reach a value of $243.6bn by the end of 2031, equivalent to a CAGR of 8.10% during the forecast period, from 2021 to 2031.
The forecast from Transparency Market Research says there has been a surge in the use of physical security for IoT technology. These factors are anticipated to drive the physical security market during the forecast period.
Players are increasing efforts to incorporate technological advancements in order to improve the quality of the products they offer. Hence, they are seen investing heavily in R&D projects. Moreover, companies are using the strategies of mergers, acquisitions, and collaborations in order to expand their businesses in newer regions, state analysts at TMR.
Physical Security Market: Key Findings
- With rise in the instances of crimes across the globe, enterprises, organizations, institutions, or agencies from varied industry verticals are inclining toward the use of next-gen physical security solutions with ability to protect hardware, personnel, networks, software, and data from physical actions and stop the data loss and damages. This factor is expected to drive the demand opportunities and help in the growth of the physical securitys market share during the forecast period, note analysts of a TMR study.
- In several government organizations and BSFI sectors globally, the adoption of physical security solutions is being rising in the recent years in order to provide high level of protection to facilities, people, and assets from real-world threats. Moreover, there has been a surge in the instances of security breaches across the globe, notes TMR’s sales analysis of physical securitys market. This aside, the demand for physical security solutions is anticipated to increase in the forthcoming years owing to the integration of industrial Internet of Things (IIoT), Internet of Things (IoT), and cloud systems. Thus, technological advancements in the enterprise environment is propelling the global market.
Physical Security Market: Growth Boosters
- Increase in the demand from a wide range of end-use industries is expected to create prominent business prospects for physical security manufacturers
- Surge in the adoption of physical security for IoT technology is expected to boost the size of physical securitys market during the forecast period
- Increase in the cases of security breaches in physical security systems globally is expected to boost the demand of physical securitys market
Physical Security Market: Regional Analysis
- Increase in the adoption of physical security practices across varied industry verticals including the BFSI, retail, hospitality, and governments of nations from North America is driving the sales growth in the regional market, notes a TMR study that provides key insights on the united states physical securitys market share
- The market is anticipated to gain sizable growth prospects in Asia Pacific during the forecast period owing to the increase in the number of smart cities and economic growth of emerging economies of the region