Newark, Nov. 22, 2022 (GLOBE NEWSWIRE) — The brainy Insights estimates that the global physical security market will grow from USD 110.32 billion in 2022 and reach USD 169.82 billion by 2030. An all-out war like the Russia-Ukraine one has highlighted the need for robust physical security infrastructure, the absence of which leads to catastrophic damage. The Russian attacks on Ukrainian critical infrastructure have left thousands of citizens without water and electricity. The Chinese and Russian cyber-warfare targeting U.S. elections or big silicon-valley giants like Microsoft and apple are also a cause of concern as they impact millions. The complete breakdown of railway lines in India after an alleged Chinese cyber-attack left thousands stranded and caused a loss of crucial infrastructure. These incidents are on the rise in an uncertain global world. The rising polarization and divisive forces worldwide will increase such activities to assert parties’ dominance. Therefore, the physical security market will thrive in the future, given the rising government expenditure on the security infrastructure.

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Key Insight of the Physical Security Market

The Asia Pacific is expected to grow the fastest during the forecast period.

The Asia Pacific market is anticipated to develop the fastest during the projected period. The rapid urbanization and development of smart cities are accompanied by a robust security infrastructure which will drive the regional market’s growth. The market is expanding due to the sizeable consumer markets in China and India, where people have more disposable means and are prepared to spend on physical security measures for protection. The demand for physical security measures has increased due to theft incidents in residential areas, banks, ATMs, and other commercial locations. A burgeoning physical security market results from the rising threat of terrorist attacks on sovereign nations. Multiple security infrastructure breaches have prompted a revision of security protocols, resulting in technology improvement and product innovations.

The video surveillance segment will augment the physical security market during the forecast period.

The type segment is divided into video surveillance, perimeter intrusion & detection, security systems integration, access & entrance control, remote monitoring, safe security system, fire & light safety, and others. The video surveillance segment dominated the market with a revenue share of around 40% in 2022.

The government segment dominated the global physical security market in 2022.

The industry type is divided into retail, residential, BFSI, transportation, it & telecom, government, commercial, industrial, energy & utilities, hospitality, and others. The government segment dominated the market with a market share of around 36% in 2022.

The systems segment dominated the global physical security market in 2022.

The component is divided into systems and services. The systems segment dominated the market with a market share of around 59% in 2022.

The large enterprises’ segment dominated the global physical security market in 2022.

The organization size is divided into large enterprises and small & medium enterprises. The large enterprises’ segment dominated the market with a market share of around 55% in 2022.

Advancement in market

November 2022 – To connect Eagle Eye Networks’ Eagle Eye Cloud video management system (VMS) with Netwatch’s video monitoring service, Netwatch, a provider of video monitoring solutions, has partnered with Eagle Eye Networks. The combination of the technology enables artificial intelligence (A.I.) technology like AI-filtered alerts, which can lower false positive rates and improve overall effectiveness in monitoring for users on the platform to be used with cloud-based video and audio monitoring.

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Scope of the Report:

Market Dynamics

Driver: increasing thefts

The Covid-19 pandemic saw an increase in crime rates, including petty thefts. ATM thefts are also prevalent, as reported regularly on news channels. The increasing incidence of residential thefts or bank thefts has prompted the owners to install video surveillance and alarms on their premises for property protection. The rising thefts have prompted governments to issue guidelines listing the measures residents or owners can take to protect their property. The theft of public property has also led to the installation of CCTV on roads, parks and other public spaces. Therefore, the increasing incidence of thefts will drive the physical security market.

Restraint: integration is difficult

The security measures installed in any capacity and at any institution combine physical and material elements. The material elements are devices and systems. The physical elements are personnel or operators. For the seamless functioning of the security system, they need to be integrated precisely, accurately and comprehensively. The skills required to perform such tasks are a combination of technical and other experienced based qualities, which are rare. Therefore, the lack of qualified personnel contributes to the difficult integration of security elements, thereby restricting the market’s growth.

Opportunities: technological advancements and product innovations

Given the increased automation and digitalization of economies, physical security measures need to be updated as security risks change from physical thefts and attacks to digital means. Furthermore, improved surveillance, monitoring, and defensive systems and gadgets are made possible by technological innovation. The safety and security of assets are improved through the use of artificial intelligence with current physical security measures. They also lower long-term expenditures and the need for staff to manage or operate them. For instance, IoT developments in access control systems, surveillance cameras, and other security equipment provide better and more comprehensive control over security. As a result, the necessity for advanced security measures will increase as threats change, providing market participants with attractive prospects in the future.

Challenge: the debate over threat to privacy from physical security measures

Given the large size or financial considerations, it is occasionally impossible or not financially feasible for most organizations to have in-house physical security. They must hire a qualified outside service provider to handle their security. When a third party is involved in their security, the confidential and sensitive nature of their data or devices raises the possibility of a security breach. Despite the numerous safeguards in place, a privacy breach is likely to occur frequently. As a result, the market’s expansion will be constrained by privacy issues.

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Some of the major players operating in the physical security market are:

• ADT Corporation
• BAE Systems Plc
• Cisco System Inc.
• Genetec Inc.
• Honeywell International Inc.
• Johnson Controls
• PELCO Corporation
• Robert Bosch GmbH
• Hangzhou Hikvision Digital Technology Co. Ltd.
• Stanley Government Security Solutions Inc.

Key Segments cover in the market:

By Type

• Video Surveillance
• Perimeter Intrusion & Detection
• Security Systems Integration
• Access & Entrance Control
• Remote Monitoring
• Safe Security System
• Fire & Light Safety
• Others

By Industry Vertical

• Retail
• Residential
• BFSI
• Transportation
• IT & Telecom
• Government
• Commercial
• Industrial
• Energy & Utilities
• Hospitality
• Others

By Component

• Systems
• Services
By Organization Size
• Large Enterprises
• Small & Medium Enterprises

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

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