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.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1014
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.
Increasing use of IP-based cameras for video surveillance has also played a significant role in driving the adoption of physical security systems and services as businesses strive to meet security requirements. Additionally, megatrends like artificial intelligence and IoT security are emerging in the physical security market. Together, these factors form a powerful force behind the growth and advancement of the physical security market.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=1014
What is physical security?
Physical security limits physical access by unauthorized individuals in controlled facilities to prevent damage to valuable hardware, software, network infrastructure, and other assets. Physical security encompasses security measures to protect against internal and external physical hazards (natural disasters, fire, theft, burglary, vandalism, and terrorist attacks) in physical areas such as campuses, buildings, banks, and offices.
Unique Features in Physical Security Market:
In order to effectively protect people, assets, and properties, the physical security market consists of a number of distinctive characteristics. To start, a lot of solutions include cutting-edge biometric access control technologies, including fingerprint and facial recognition, to provide extremely secure and individualised access management. Artificial intelligence (AI) and video analytics are becoming more and more common, allowing for the real-time danger detection, object recognition, and identification of suspicious behaviour through surveillance cameras.
Another noteworthy aspect of mobile security management is the ability to remotely monitor and control security systems, including real-time video feeds and rapid warnings, from smartphones and tablets. Additionally, the Internet of Things (IoT) integration improves physical security by integrating sensors, smart locks, and connected devices into security systems, enhancing monitoring and danger detection capabilities.
Visitor management systems streamline access control through digital check-ins, badge printing, and background checks in corporate and public places, while cloud-based security solutions provide scalability and flexibility, minimising the need for on-premises hardware. An emerging concept called behavioural analytics analyses patterns of behaviour to spot odd or suspicious activity, giving security staff the ability to anticipate future threats and take appropriate action.
The prevalence of gunshot detection equipment has made it possible to respond to incidents quickly in places like workplaces, public spaces, and schools. Systems that track and identify unauthorised vehicles are used for security, parking management, and license plate recognition. Only people who have been given permission to enter sensitive areas can do so thanks to the integration of access control and physical security systems
Major Highlights of the Physical Security Market:
In order to effectively protect assets and guarantee safety, the physical security market is characterised by a number of significant highlights. Access control, video surveillance, and intrusion detection solutions that work together seamlessly are becoming more popular. These solutions simplify security management and boost overall efficacy. Also increasing popularity are biometric authentication techniques like fingerprint and facial recognition, which provide extremely secure access control and identity verification.
As the technology behind advanced video analytics for in-the-moment danger identification, object recognition, and behaviour analysis, artificial intelligence (AI) is assuming a crucial position in the market. Another crucial component is IoT integration, which enhances the surveillance and automation capabilities of security systems by enabling the integration of sensors, smart locks, and linked devices. Scalability and remote management are features of cloud-based security solutions, which decrease reliance on on-premises equipment and improve cost effectiveness.
A notable feature is the ability to control mobile security via specialised apps, which allows for remote monitoring, access to real-time video feeds, and immediate warnings on smartphones and tablets. With digital check-ins, badge printing, and background checks, visitor management systems are increasing security in public and business settings. In order to enable security professionals to properly respond, behavioural analytics is being used more and more to proactively detect odd or suspect activity.
Security staff may now simultaneously watch several camera feeds thanks to intelligent video walls with intelligent displays, which improve situational awareness and response times. These key points reflect the physical security market’s innovation and dynamism, which is always changing to fulfil the security requirements of diverse industries.
Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=1014
The physical security market is led by some of the globally established players, such as Johnson Controls (Ireland), Bosch Building Technology (Germany), Honeywell (US), ADT (US), Cisco (US), Telus (Canada), Wesco (US), Genetec (Canada), and HID Global (US). Partnerships, agreements, collaborations, product developments, and acquisitions are some of the various growth strategies by these players to increase their market presence.
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).
Honeywell International Inc. is a globally renowned technology conglomerate with its headquarters in Charlotte, North Carolina. With operations in various sectors, including aircraft, building technology, performance materials, and safety solutions, Honeywell has developed into a diverse Fortune 100 corporation. The corporation offers a wide range of cutting-edge goods and services, from aircraft engines, avionics, and aerospace systems to home and building automation, industrial automation, and safety technologies. The firm offers a comprehensive range of security and home control systems, wireless devices, alarm communications and total connect sensors, control panels, keypads, expansion modules, and accessories. Its offerings for video surveillance include cameras, encoders, analog parts, recording devices, hosted video services, systems, and system add-ons, as well as advanced analytics programs.
According to MnM’s approach to evaluating the market, most businesses use various organic and inorganic growth tactics to hold onto their market share. In 2020–2022, transactions rose by 50–60%. Alliances, acquisitions, collaborations, and partnerships together are covered in these agreements. Organizations are anticipated to embrace organic growth strategies starting in 2022 to provide end consumers with physical security systems and services, which would assist businesses in boosting market revenue.
Company Name: MarketsandMarkets Research Private Ltd.
Contact Person: Mr. Aashish Mehra
Email: Send Email
Address:630 Dundee Road Suite 430
State: IL 60062
Country: United States