The global physical security market size was valued at $104.6 billion in 2020, and is estimated to reach $192.9 billion by 2030, registering a CAGR of 6.5% from 2021 to 2030.
That’s according to a new research report published by Allied Market Research, which offers a detailed analysis of changing market dynamics, key winning strategies, major segments, top investment pockets, players’ positioning, and competitive scenario.
Increase in terrorism activities, surge in awareness regarding personal security, and technological advancements drive the growth of the global physical security market. However, concerns regarding privacy and lack of physical & logical security integration hinder the market growth. On the other hand, high demand in smart cities creates new opportunities in the coming years.
Based on type, the services segment contributed to the highest market share in terms of revenue in 2016, and will maintain its highest contribution throughout the forecast period. However, the system segment is projected to register the highest CAGR from 2017 to 2023.
Based on industry vertical, the education, healthcare, retail, energy & utilities, manufacturing & industrial segment collectively garnered the highest revenue share in 2016, and will maintain its dominance during the forecast period. However, the residential sector is estimated to witness the highest growth rate by 2023.
Based on region, North America is the largest supplier of physical security solutions across the world, and the U.S. leads the global market as compared to other countries. However, Asia-Pacific is expected to register a considerable growth throughout the forecast period. China leads the market in Asia-Pacific.