The Global Physical Security Market size was estimated at $78.23 billion in 2020 and expected to reach $83.87 billion this year, followed by a Compound Annual Growth Rate (CAGR) of 7.54% from 2020 to 2026 to reach $121.01 billion.
A new report published by ResearchandMarkets, analyses the competitive landscape in terms of markets, applications and geographies, describing the optimal or favourable fit for vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies.
The report identifies the following market dynamics:
Drivers
- Increasing instances of terror attacks
- Shifting focus from traditional solutions
- Protection to business assets, employee, and customer
- Adoption of IoT and cloud-based data storage
- Ongoing developed of smart cities
- Enforcement of government regulations and compliance
Restraints
- Limited use of advanced technologies
- Integration issue among security solutions
Opportunities
- Collaboration between contract security provider and physical security vendors
- Technological development in video surveillance
- Use of IP-based HD video for video surveillance
- Emergence of automated drones for security patrolling
Challenges
- Integration of logical and physical components
- Device vulnerability and chances of system being hacked
