Physical Security Market Segments, Growth Opportunity and Forecast up to 2027

 

Physical Security Market

Physical Security relates to the protection of hardware, software, networks, and data against physical occurrences and activities that might cause significant loss or harm to a business, institution, or government. Natural calamities, fire, flood, robbery, vandalism, burglary, and terrorism are all covered. Across numerous activities, both government and commercial operations face new and complex security concerns. Physical security's two core priorities are prevention and protection, which serve the security interests of people, equipment, and property. The necessity for critical infrastructure security paired with real-time response systems has emerged as the primary priority for governments and businesses.

In recent years, global infrastructure spending has increased. There is currently a need to expand and replace existing infrastructure, such as global energy infrastructure and public sectors like airports, highways, trains, and communication networks. Furthermore, big sporting events scheduled to take place throughout the projected period are likely to fuel demand for physical security goods. On the grounds of the 2014 Sochi Winter Olympics and the 2018 FIFA World Cup, both of which will be held in Russia, the physical security sector is projected to see considerable demand in the following years. As a result, such factors are projected to drive the expansion of the worldwide physical security market in the near future.

According to Coherent Market Insights, The global Physical Security Market was valued at US$ 125.0 Mn in 2019 and is forecast to reach a value of US$ 500.2 Mn by 2027 at a CAGR of 18.9% between 2020 and 2027.

Device compatibility is a crucial concern when installing a physical security system. Some suppliers' physical security systems and devices are incompatible with those of other vendors, which continues to be a big issue. Organizations such as the Physical Security Interoperability Alliance (PSIA) and the Open Network Video Interface Forum (ONVIF) have attempted to develop specifications for solution unification in order to ensure that manufacturers and integrators in the physical security industry can develop easily administered and cost-effective solutions for end users. As a result, these factors are projected to impede the growth of the worldwide physical security market throughout the forecast period.

Convergence is the strategy of using data created for both logical IT systems and physical security systems to improve business operations. The integration of systems is supposed to improve the decision-making process. Companies and organisations throughout the world have been taking measures to ensure an enterprise-wide perspective of security risk, including hazards connected with both IT and physical components. Furthermore, organisations are anticipated to save money on security compliance procedures by merging logical and physical security.

Physical Security Market By Component:

·        Hardware: Intrusion detection and prevention, Access control, others.

·        Software: Physical Security Information Management (PSIM), Management Analysis and Modeling Software.

·        Services: Video Surveillance as a Service (VSaaS), Remote Management Services, Technical Support, Public Safety Answering Point (PSAP), Security Consulting, Public Alert and Warning System, Others.

Major Companies covered 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.