The physical security market is anticipated to expand at a rate of 6.3% from 2022 to 2032. This market is anticipated to be valued at US$ 117 billion globally in 2022 and US$ 229.11 billion globally in 2032. Due to growing consumer worries about security for both residential and business settings, the market will experience rising demand.
From 2017 to 2022, the physical security industry grew at a CAGR of 5.9%. Global physical security market growth has been boosted by an increase in terror attacks and an increase in awareness. Moreover, technological advancements have also contributed to the growth of the physical security market. Physical security market growth, however, is hindered by privacy concerns and lack of integration between physical and logical security. On the other hand, the escalating demand for security in smart cities is likely to offer lucrative opportunities for the expansion of the physical security market during the forecast period.
North America is expected to maintain its leadership position in the physical security industry during the forecast period, owing to a rise in the adoption of physical security solutions across critical infrastructures such as nuclear power plants, chemical plants, and oil and gas facilities across the region. However, Asia-Pacific is expected to be one of the fastest growing regions during the forecast period, driven by a high demand for physical security solutions and an increase in terror attacks.
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Key Takeaways from the Market Study
- In 2022, the global physical security market is estimated to have a global market size of US$ 124.37 Billion.
- The physical security market in North America acquired 39% of the global market share in 2021.
- The APAC region is expected to grow with a 5.5% CAGR during 2022-2032.
- The systems segment took over 66% of the global physical security market share in 2021.
- The market was dominated by the SMEs segment in 2021 and a 8.5% CAGR is expected during 2022-2032.
- The residential segment is projected to exhibit a 7% CAGR during 2022-2032.
Competitive Landscape
To gain a larger share of the market, top companies provide diverse solutions to address a range of applications. Moreover, companies seek to increase their market share by merging, acquiring, and forming strategic alliances. The company pursues a variety of strategic initiatives to achieve its goals, including partnerships, mergers, acquisitions, collaborations, and new product development. They offer systems and services to a wide range of industries.
- Immersal-Part of Hexagon, which develops visual positioning systems and mapping software, has been acquired by Hexagon AB. in July 2021. A leader in PKI solutions, DigiCert, Inc., has partnered with Johnson Controls to provide advanced, digital, physical security solutions to buildings in May 2021.
- Hangzhou Hikvision Digital Technology Co., Ltd. released its Hikvision AX PRO wireless external tri-tech detector and dedicated camera in February 2022.
- An Edge360 security solutions provider partnered with Quanergy Systems, Inc., an AI-enabled LiDAR platform, in 2022. Edge360 will be able to provide video surveillance based on LiDAR technology in residential buildings and financial institutions as a result of this partnership.
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global physical security market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of component type (systems, services, others), by organization size (SMEs, large enterprises), by end-users (Transportation, Government, Banking & Finance, Industrial, Utility & Energy, Residential, Industrial, Retail, Commercial, Others) and across five major regions (North America, South America, Europe, Asia Pacific and Middle East & Africa).
