The global physical security market size is expected to reach USD 137.99 billion by 2028 according to a new study by Polaris Market Research. The report Physical Security Market Share, Size, Trends, Industry Analysis Report, By Component (Systems, Services), By Service (System Integration, Remote Monitoring, Others), By Systems, By End-Use, By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Significant factors of the market such as increasing smart city projects by the government deploying various physical security systems coupled with the improving infrastructural development with the robust access control measures are impelling the market demand. Besides, growing awareness regarding the availability of numerous IP-based cameras for video surveillance is further boosting the market demand across the globe.
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Furthermore, the growing number of terrorist attacks as well as rising concern regarding workforce protection, hence implementing systems to avoid unauthorized access, also contributes towards the growth over the impending years. Based on end-use, the residential segment holds the largest share globally. This is due to rising concern for safeguarding lives and protecting assets from any potential risks.
The transportation segment is projected to rise at the second-fastest CAGR in the forecasting period due to the growing demand for the equipment opted in overseeing traffic congestions and monitoring crowds. The growing incidence of terrorist attacks is the foremost driving factor that impels industry growth around the world. In the few past decades, the crime rate, as well as terrorist activity, is increasing,
Major Participants such as G4S Limited, Anixter Inc., Axis Communications AB, Cisco Systems, Inc., Dahua Technology Co., Ltd, Genetec Inc., ADT, Hangzhou Hikvision Digital Technology Co., Ltd., STANLEY CONVERGENT SECURITY SOLUTIONS, INC., Honeywell International Inc., Pelco, Dahua Technology Co., Ltd., Robert Bosch GmbH, SECOM CO., LTD, Kastle Systems International LLC, and Johnson Controls are some of the key players operating in the global market.
There are abundant competitors in the industry which are introducing and advancing innovative products for expanding their business operations around the world. For instance, in August 2021, Hikvision introduced the company’s HikCentral Professional- computer vision platform for consolidating physical security operations. This software assists in the integration of the physical security systems as well as its facial recognition technology with the help of a centralized platform.
Polaris Market Research has segmented the physical security market report on the basis of component, system, service, end-use, and region:
Physical Security, Component Outlook (Revenue, USD Billion, 2016 - 2028)
Physical Security, System Outlook (Revenue, USD Billion, 2016 - 2028)
Physical Security, Service Outlook (Revenue, USD Billion, 2016 - 2028)
Physical Security, End-Use Outlook (Revenue, USD Billion, 2016 - 2028)
Physical Security, Regional Outlook (Revenue, USD Billion, 2016 - 2028)