The global physical security market size is projected to grow from USD 110.2 billion in 2023 to USD 136.9 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 4.4% during the forecast period. The expansion of the physical security market is being propelled by Rising instances of terrorist activities and security breaches to physical systems.
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Based on services, the managed services segment is expected to grow at a higher CAGR during the forecasted period.
Effective management of business processes in contemporary corporate contexts requires the adoption of proven approaches across organizations. Organizations are forced to outsource some tasks since maintaining internal services requires more time, there aren’t enough resources, and it costs more money. Managed service providers guarantee the protection of important corporate data as well as the efficiency of business processes. Customers are assisted by managed service providers to maintain their hardware, software, physical security systems, and solutions up to date with the most recent improvements. Customers’ internal capacities are increased when MSPs protect their physical assets and IT system assets.
By managed services, the access control as a services segment is expected to hold the largest market size during the forecast period.
Access Control as a Service (ACaaS) is a cloud-based, service-oriented architecture that supports access control models in new-age operating systems. It integrates cloud-hosted and managed solutions with various on-site access control systems. The demand for ACaaS is rising across verticals because of its distinguishing characteristics, such as remote management, scalability, real-time control, data security, and secure communications. The importance of access control lies in its ability to bolster the overall security posture of an organization, providing a flexible and scalable solution to meet specific needs, enhance operational efficiency, and ensure the safety of personnel and valuable assets.
By region, Asia Pacific is expected to grow at the highest CAGR during the forecast period.
Due to the region’s rising crime rate, physical security solutions are quickly gaining popularity across Asia and the Pacific. Security-related worries are becoming more prevalent, particularly in China, Malaysia, Australia, and India. Therefore, the government of several of these nations is encouraging the implementation of physical security measures to manage such a circumstance. Governments in the Asia Pacific are investing a significant portion of their federal budgets in developing security tools, which is expected to drive the adoption of physical security solutions. Moreover, the region is witnessing the large development of smart cities. Countries such as China have invested heavily in smart city programs. It is planning to spend USD 39 billion on smart cities. Smart cities heavily rely on physical security solutions, which is also driving the physical security market in the region.
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Unique Features in the Physical Security Market
The physical security market is rapidly evolving with the integration of advanced surveillance technologies. High-definition (HD) and ultra-high-definition (UHD) cameras, along with thermal imaging and night vision capabilities, offer unparalleled clarity and coverage.
Artificial Intelligence (AI) and Machine Learning (ML) are revolutionizing the physical security landscape. These technologies enable intelligent video analytics, facial recognition, and behavior analysis.
The Internet of Things (IoT) is playing a significant role in modern physical security solutions. Integration with IoT devices such as smart locks, sensors, and alarms allows for comprehensive security systems that provide real-time alerts and remote monitoring capabilities.
Cloud-based security solutions offer significant advantages in terms of scalability, accessibility, and cost-effectiveness. These solutions allow for centralized management and storage of security data, enabling real-time access and analysis. Cloud platforms also facilitate easier integration with other security systems and provide robust backup and disaster recovery options.
Modern access control systems have evolved beyond traditional key and card systems. Biometric authentication methods, such as fingerprint, iris, and facial recognition, provide higher levels of security and convenience.
Major Highlights of the Physical Security Market
The physical security market is witnessing significant technological advancements in surveillance systems. High-definition (HD) and ultra-high-definition (UHD) cameras, along with thermal imaging and night vision capabilities, are becoming standard. These technologies provide exceptional clarity and coverage, enabling detailed monitoring and recording even in challenging conditions, thereby enhancing overall security measures.
Artificial Intelligence (AI) and Machine Learning (ML) are transforming the physical security sector. These technologies enable intelligent video analytics, facial recognition, and behavior analysis. AI-powered systems can detect unusual activities, identify potential threats in real-time, and significantly reduce false alarms, thereby improving the accuracy and efficiency of security operations.
The integration of Internet of Things (IoT) devices with physical security systems is a major highlight. Smart locks, sensors, and alarms, connected through IoT, provide real-time alerts and remote monitoring capabilities. This interconnected approach ensures a comprehensive security environment that enhances responsiveness and situational awareness.
Cloud-based security solutions are gaining popularity due to their scalability, accessibility, and cost-effectiveness. These solutions offer centralized management and storage of security data, enabling real-time access and analysis. Cloud platforms facilitate easier integration with other security systems and provide robust backup and disaster recovery options.
Modern access control systems have evolved to include biometric authentication methods such as fingerprint, iris, and facial recognition. These systems provide higher levels of security and convenience. Additionally, mobile-based access control solutions allow users to manage access via smartphones, offering flexibility and reducing the need for physical credentials.
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Top Companies in the Physical Security Market
Johnson Controls (Ireland), Bosch Building Technology (Germany), Honeywell (US), ADT (US), Cisco (US), Telus (Canada), Wesco (US), Genetec (Canada), HID Global (US), Pelco (US), Hikvision (China), Gallagher (New Zealand), Secom (Japan), Allied Universal (US), Zhejiang Dahua Technology (China), Axis communications (Sweden), Hanwha Vision America (US), Teledyne FLIR (US), Hexagon AB (Sweden), General Dynamics (US), BAE Systems (UK), Huawei (China), NEC (Japan), Qognify (US), SmartCone Technology (Canada), Verkada (US), IOTAS (US), Cloudastructure (US) are the key players and other players in the physical security market.
Cisco Systems, Inc. is a renowned multinational technology company headquartered in San Jose, California. Founded in 1984, Cisco has become a global leader in the networking hardware, software, and telecommunications equipment industries. The company’s main areas of concentration include developing, producing, and marketing a wide variety of goods and services that enable seamless data, voice, and video communication over different networks. With its range of products, including routers, switches, security solutions, teamwork tools, and cloud-based services, Cisco has played a key role in the growth of the Internet and the development of contemporary networking technology. With a strong focus on innovation, Cisco keeps reshaping the digital environment and enabling people, organizations, and governments to connect, cooperate, and prosper in the digital era.
The business focuses on offering IP-based products and services to the Information and Communication Technology (ICT) sector. Networking, wireless and mobile, security, collaboration, data center, analytics, video, Internet of Things, and software are among the products and services it provides. Its wide range of physical security products includes IP cameras, video surveillance platforms, software, access control, and incident response. Its ongoing investment in R&D, which allows advancements in high-quality products and services, places it among the best physical security firms. Technical support and cutting-edge services are among its service offerings.
Johnson Controls International plc is a leading global provider of diverse technology and multi-industrial products. Johnson Controls has a long history of developing ground-breaking solutions for the construction, energy-efficient, and automotive sectors. The company offers products and services pertaining to security, fire detection, suppression, and life safety. It sells physical security products and services under the following brand names: Tyco, SimplexGrinnell, Sensormatic, Ansul, Simplex, Scott and ADT, Software House, Visonic, Chemguard, and Exacq. Through the global products segment, the company designs manufactures and sells fire protection, security, and life safety products, including intrusion security systems, anti-theft devices, breathing apparatus, and access control and VMS, for its customers in the commercial, industrial, retail, residential, education, and government sectors worldwide. This segment also includes the products installed and serviced by its integrated solutions and services. Some of the key subsidiaries of the company in the physical security market are ADT Security Services S.A. (Argentina), Tyco Fire & Security (Australia), and Exacq Technologies, Inc. (US).
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