The global physical security market is expected to grow from $102.7 billion in 2021 to $140 billion by 2026, driven by the impact of COVID-19 and equivalent to 6.4% growth during the forecast period.
That’s the conclusion of a new report from MarketsandMarkets, which says modern business environments require proficient handling of their business processes by implementing tested solutions across organisations.
Specifically, a lack of resources and the overheads involved in managing in-house services are forcing businesses to outsource certain processes, including security.
The retail vertical. which includes online and offline retailers, manufacturers, distribution channels and consumers, is leading investment in CCTV surveillance and video analytics systems, not just for security, but also in terms of optimising customer journeys in-store.
In APAC, the physical security systems are becoming rapidly popular because of the increasing crime rate, especially in China, India, Australia and India, with governments in many of these countries is supporting the deployment of physical security systems.
For example, APAC is home to 60% of the world’s cities and is a hub for the development of large so-called smart cities. China is planning to spend $39 billion on smart cities.
The COVID-19 pandemic has also disrupted the supply chains, increased distributed terrorist threats, and imposed travel restrictions. As such, cities integrating smart technologies need to overcome the challenges of physical security infrastructure.