The global physical security market is projected to expand at a CAGR of 8.10% between 2021 and 2031 to reach $243bn, driven by uptake in BFSI, retail, and manufacturing to counter the increasing risk of real-world threats, such as unauthorized access and natural disasters.
The latest report from Transparency Market Research says the need for robust operational control over disparate physical security systems to keep people, assets, and facilities safe from real-world threats is fueling the growth of the physical security market.
Meanwhile, the integration of Industrial Internet of Things (IIoT) and IoT has led to an increasingly interconnected network of Cyber-Physical Systems, which diminishes the distinction between physical security and cybersecurity.
The deployment of a large number of security systems in organizations that has increased the complexity of managing and controlling incidents due to gap in communication with other systems has led to the rise in security breaches.
Changing work practices over the past few years wherein enterprises rely on both physical and virtual ecosystems hosted on public or private clouds to expand business capabilities is susceptible to real-world threats. This stimulates demand for physical security solutions.
Physical Security Market – Key Findings of Report
- Need for recurring security of IoT ecosystems increases with rise in value of assets and number of connected devices. The fragmented and distributed nature of IoT is subject to larger attack surface with proximity to devices. Lack of sufficient physical security can pose severe security threats to the IoT ecosystem and lead to security breach, thus driving growth of physical security market.
- Consistent technological advancements in physical security solutions such as smartphones, video surveillance, and RFID key card door locks that protects data from unauthorized users amplify demand for physical security solutions
- Innovations in cloud computing and IoT expands vistas for the physical security market. Advent of novel technologies protects networks and data from physical activities that can cause serious loss or damage to an agency, institution, or business enterprise.
- Presence of a robust technology underlying physical security systems does not require control box to control all operations; verifications in physical security system occur at the credential scanner
- Significance of credential scanner lies in verification of physical security systems, which is connected to a network and provides safety solutions to IoT ecosystem
- North America is anticipated to hold the leading share of the physical security market during the forecast period. Significant rise in demand from BFSI and government sectors for physical security solutions for safety of personnel, software, hardware, networks, and data from is creating opportunities in the physical security market of North America.