Physical Security Market is to grow at 6.3% During the Forecast Period 2022 to 2032

The physical security market is projected to grow steadily at a 6.3% value CAGR, during the forecast period 2022-2032. Earlier in 2021, this market was projected to have a global market valuation worth US$ 117 Billion and is expected to reach a sum of US$ 229.11 Billion by 2032.

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.

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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.

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.

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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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Key Segments Covered in the Physical Security Market Report

Physical Security Market by Component Type:

Physical Security Systems
Physical Access Control System (PACS)
Perimeter Intrusion Detection and Prevention
Video Surveillance System
Physical Security Information Management (PSIM)
Fire and Life Safety
Physical Identity & Access Management (PIAM)
Physical Security Services
Remote Monitoring
System Integration
Others
Other Physical Security Components

Physical Security Market by Organization Size:

Physical Security for SMEs
Physical Security for Large Enterprises

Physical Security Market by End Users:

Physical Security for Transportation
Physical Security for Banking & Finance
Physical Security for Government
Physical Security for Utility & Energy
Physical Security for Industrial Use
Physical Security for Residential Use
Physical Security for Retail
Physical Security for Hospitality
Physical Security for Commercial Use
Physical Security for Other End Users

Physical Security Market by Region:

North America Physical Security Market
Europe Physical Security Market
Asia Pacific Physical Security Market
Middle East & Africa Physical Security Market
Latin America Physical Security Market

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About FMI

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.