Global Physical Security Market- WishTree Insight

Global Physical Security Market by Component (System and Services), Size (Large Enterprise, Small Enterprises, and Medium Enterprises), End-User (Residential, Retail, Government, Hospitality, Banking & Finance, and Others), and Regions, (APAC, Europe, North America, and LAMEA) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2022 – 2032

The Physical Security market size was valued at USD 127.2 billion in 2022 and is expected to surpass USD 196.3 billion by 2032, expanding at a CAGR of 6.9 % during the forecast period, 2022–2032. The market's growth is attributed to the increasing demand to secure the physical environment from various activities and incidences like crime, theft, fire incidence, and others.

INTRODUCTION

Physical Security refers to the measures taken to protect physical assets, such as buildings, equipment, and people, from unauthorized access, theft, damage, or harm. This type of service is often provided by security companies that specialize in protecting physical locations or assets.

Physical Security typically includes a range of measures, such as access control, security guards, surveillance systems, alarms, and emergency response procedures. Access control measures may include locking doors, installing security cameras, or using biometric technology to restrict access to certain areas. Security guards may be deployed to monitor access points, patrol the premises, or respond to alarms. Surveillance systems may include CCTV cameras, motion detectors, or intrusion detection systems that can detect unauthorized access or activity. Alarms may be installed to alert security personnel or law enforcement authorities in the event of a security breach or emergency.

Physical Security may be required for a variety of industries and purposes, such as commercial or residential properties, government buildings, hospitals, airports, or critical infrastructure facilities. The specific services provided will depend on the needs of the client and the nature of the assets to be protected.

Market Trends, Drivers, Restraints, and Opportunities

• Growing concerns to ensure the safety of resources, people, and vital assets are expected to drive the market growth.
• Rising threat incidents have surged the need for physical security at residential as well as business premises.
• Government regulations towards smart city initiatives are expected to propel the market.
• Increasing terror attacks and a rise in awareness are anticipated to boost the growth of the global physical security market.

Scope of the Report

Market Segment Insights

The system segment is projected to register a considerable share of 65.1%

Based on Components, the Physical Security market is bifurcated into Systems and Services. The system segment is projected to register a considerable share of 65.1%. The system segment is categorized into physical access control system (PACS), perimeter intrusion detection and prevention, physical security information management (PSIM), video surveillance system, fire & life safety, and physical identity & access management (PIAM). The video surveillance segment is driving the market. However, the services segment is anticipated to hold a significant share in the coming years. The service segment is sub-segmented into system integration, remote monitoring, and others. The system integration segment holds a significant share of 48.2% owing to new technologies, changing approach of customers toward security operations, the rapid growth of enterprises, stringent regulatory compliance, and others.

The large enterprise segment is expected to expand at a rapid pace with a 60.1% market share

Based on Size, the Physical Security market is divided into Large Enterprises, Small Enterprises, and Medium Enterprises. The large enterprise segment is expected to expand rapidly during the forecast period owing to significant infrastructure to safeguard, greater revenue to spend, and highly critical information to protect. The small & medium enterprises segment is expected to grow significantly in the coming years owing to theft, environmental dangers, intruders, and others.

The government segment is projected to register an 18.1% of considerable share

On the basis of End-User, the Physical Security market is segregated into Residential, Retail, Government, Hospitality, Banking & Finance, and Others. The government segment is projected to register 18.1% of the considerable market share during the forecast period. On the other hand, the residential segment is anticipated to account for a major market share during the forecast period owing to the high number of damages caused to assets and resources.

North America dominates the market with a 38.2% share

In terms of regions, the Physical Security market is classified as APAC, Europe, North America, and LAMEA. The market of North America dominates the market with a 38.2% share of the market and is expected to continue a key share of the market during the projected period owing to strong economic growth, rising investments by SMEs, and regulatory reforms. However, the market of the Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to the increasing demand for smart security solutions across the region.

Competitive Landscape

Key players competing in the Physical Security market are Honeywell International, Inc.; CISCO Systems Inc.; Johnson Controls; Siemens; Axis Communications AB; Genetec Inc.

FAQs

How much is the market worth?

The Physical Security market size was valued at USD 127.2 billion in 2022 and is expected to surpass USD 196.3 billion by 2032.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 6.9%.

What are the key drivers of the market?

The market's growth is attributed to the increasing demand to secure the physical environment from various activities and incidences like crime, theft, fire incidence, and others.

What segments are covered in the Physical Security report?

The segments covered in the report are component (system and services), size (large enterprises, small enterprises, and medium enterprises), and end-user (residential, retail, government, hospitality, banking & finance, and others).

Mention which region is expected to hold the highest share of the Physical Security market.

The North American region is expected to hold the highest share of the Physical Security market.

Mention the key players in the market.

Honeywell International, Inc.; CISCO Systems Inc.; Johnson Controls; Siemens; Axis Communications AB; Genetec Inc.