Physical security refers to protection of hardware, software, networks, and data from physical events and actions that could pose severe loss or damage to an institution, agency, or enterprise. This includes protection from natural disasters, fire, flood, theft, vandalism, burglary, and terrorism. All government and business operations face new and complicated security challenges across various operations. The two primary concerns of physical security include prevention and protection serving the security interests of people, equipment, and property. The need for securing critical infrastructure combined with real-time response systems has emerged as the major concern for governments and organizations.
The global physical security market is estimated to account for US$ 817.1 Mn in terms of value by the end of 2030.
Recent Developments:
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Report Coverage | Details | ||
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Base Year: | 2021 | Market Size in 2021: | US$ 171.1 Mn |
Historical Data for: | 2017 to 2020 | Forecast Period: | 2022 to 2030 |
Forecast Period 2022 to 2030 CAGR: | 19.2% | 2030 Value Projection: | US$ 817.1 Mn |
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Companies covered: |
Axis Communications AB, VidSys Inc., Bosch Security Systems Inc., EMC Corporation, Morpho SA, Tyco International Ltd, HikVision Digital Technology Co., Ltd., Assa AB, Genetec Inc., Honeywell Security Group, Cisco Systems Inc., and Pelco Inc. |
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Physical Security Market - Impact of Coronavirus (Covid-19) Pandemic:
The COVID-19 pandemic has adversely affected the global Physical Security market. Physical Security is widely used in Oilfield services and pipeline management as they have the capability to detect a wide range of errors and problems that can cause malfunctions in the system. Due to the pandemic, oilfield services and pipeline management faced financial crises due to which many new projects were suspended which directly impacted the sales of the Physical Security used in Oilfield services and pipeline management. Hence, the global Physical Security market witnessed slow growth during the pandemic.
Asia Pacific held a dominant position in the global Physical Security market in 2021
Figure 1: Global Physical Security Market Share (%), By Region, 2021
Statistics:
Asia Pacific region dominated the global Physical Security market in 2021, accounting for a 35.5% share in terms of value, followed by North America, and Europe respectively.
Figure 2: Global Physical Security Market (US$ Mn) Analysis and Forecast, 2017 - 2030
The global Physical Security market was valued at US$ 171.1 Mn in 2021 and is expected to reach US$ 817.1 Mn by 2030, growing at a CAGR of 19.2% between 2022 and 2030.
Major players operating in the global physical security market are Axis Communications AB, VidSys Inc., Bosch Security Systems Inc., EMC Corporation, Morpho SA, Tyco International Ltd, HikVision Digital Technology Co., Ltd., Assa AB, Genetec Inc., Honeywell Security Group, Cisco Systems Inc., and Pelco Inc.
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