PHYSICAL SECURITY MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

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:

• In March 2022, Ouster Inc., a LIDAR technology company and Hexagon AB, a producer and manufacturer of security systems, introduced a joint security solution, Ouster×Accur8vision, for protecting and monitoring critical infrastructures through video surveillance software.

Restraint:

• Device interoperability issues related to physical security systems are expected to hamper the global physical security market growth over the forecast period
• Privacy concerns against installation of surveillance cameras are expected to restrain growth of the global physical security market during the forecast period

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.