The Physical Security Market was valued at US$ 171.1 Million in 2021 and is expected to surpass US$ 817.1 Million by 2030, registering a CAGR of 19.2% during the forecast period (2022-2030), according to the Global Physical Security Market, By Components (Hardware (Intrusion detection and prevention, Access control and Others), Software (Physical Security Information Management (PSIM) and Management Analysis and Modeling Software) and Services (Video Surveillance as a Service (VSaaS), Remote Management Services, Technical Support, Public Safety Answering Point (PSAP), Security Consulting, Public Alert and Warning System and Others)), By Application (Transportation and Logistics, Government and Public Sector, Control Centers, Utilities/ Energy Markets, Chemical Facilities, Industrial, Retail, Business organizations, Hospitality and casinos and Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), published by Coherent Market Insights.
Physical security is physical and electronic measures for safeguarding personnel, prevention of unauthorized access to infrastructure, equipment, material, information, and installations against vandalism, sabotage, theft, and terrorism. The two primary concerns of physical security include prevention and protection serving the security interests of people, equipment, and property. The security of individuals, property, and information has become a critical global issue, in the recent past.
The global physical security market is estimated to account for US$ 817.1 Mn in terms of value by the end of 2030.
Key Developments
In February 2022, TUCHWARE, a provider of IoT-based services and products in physical security & surveillance, introduced their advanced technology lock with cloud computing solutions, ‘XS’ a new smart lock series, which offers physical security, remote unlocking and locking, Bluetooth, sharing access, and remote monitoring.
Physical Security Market - Impact of Coronavirus (Covid-19) Pandemic:
Globally, most countries are affected by COVID-19 and most of the countries have announced lockdowns. There is an increase in phishing ransom and malspam attacks, as attackers were using COVID-19 as bait to impersonate company brands by misleading employees and customers. Not only businesses were affected by these attacks, but end users who download COVID-19-related information were also being targeted through downloading ransomware disguised as legitimate applications. Cybercriminals were launching COVID-19- themed attacks in the form of phishing mail with malicious attachments that has the capability to disrupt the system and steal important credentials. This, in turn, increases demand for the physical security market during a pandemic.
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Browse 150 market data tables* and 90 figures* on “Physical Security Market- Global Forecast to 2030”
Key Trends and Analysis of the Global Physical Security Market:
- Organizations produce millions of event logs from a variety of user activities such as access to computers and applications and access to buildings or rooms. Often these events are highly relevant for protecting an organization’s privacy, confidentiality, and security. This trend has been further pushed ahead with the digitalization of physical security data. Further, an increasing number of security events fall outside the immediate scope of security infrastructure. For instance, access to office computers cannot be perceived as an immediate threat to security; however, it demands to monitor. Combining event and systems information with security management would result in cost savings, better visibility, and higher efficiency.
- Key companies are focused on research and development activities, in order to enhance the market presence. For instance, in September 2013, Axis introduced the new HDTV 1080p/3-megapixel model AXIS M30 fixed mini dome cameras. In May 2013, Bosch Security Systems Inc. introduced the new FLEXIDOME micro 2000 IP and micro 2000 IP for its advantage line cameras. Moreover, in September 2013, Morpho SA launched the MorphoAccess SIGMA Series for fingerprint identification terminals.
- 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.
