Physical Security Market To Exceed US$ 171.4 Billion by 2028, Exhibiting a Growth Rate (CAGR) of 6.4%

The latest research study "Physical Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" by IMARC Group, finds that The global physical security market size reached US$ 116.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 171.4 Billion by 2028, exhibiting a growth rate (CAGR) of 6.4% during 2023-2028.

Physical security is used to protect physical assets, personnel, software, hardware, networks, and property from physical actions and events that could cause profound loss or damage. These instances include natural disasters, burglary, fire, floods, robbery, vandalism, terrorism, theft, etc. In addition, physical security aids in tracking security breaches, preventing unauthorized access to facilities, and maintaining trust and confidence. Consequently, it finds extensive applications across the transportation, retail, information technology (IT), telecommunications and banking, financial services and insurance (BFSI) sectors.

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Physical Security Market Trends and Drivers:

The increasing security concerns among consumers and the elevating number of terror attacks across the globe are among the key factors stimulating the physical security market. Moreover, the rising focus of government bodies of numerous countries on installing advanced video surveillance and access control systems to prevent terrorism, crime incidents, and severe damage to infrastructure and people is acting as another significant growth-inducing factor. Besides this, the growing utilization of drones, smart fence sensors, and mass notification systems (MNS) for surveillance at major events or assemblies is positively influencing the global market. Furthermore, the inflating integration of artificial intelligence (AI) to identify potential areas of compromise while analyzing images, videos, and other data to differentiate threats from normal activities is also propelling the market growth. Apart from this, the rising awareness among the masses about physical security solutions in residential spaces, on account of the increasing theft and robbery incidences, is further fueling the global market. Additionally, the installation of automated home security solutions for door locking and intruder, fire, and LPG gas leakage detections is anticipated to fuel the physical security market over the forecasted period.

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Physical Security Market 2023-2028 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• ADT LLC
• Assa Abloy AB
• Axis Communications AB (Canon Inc.)
• Cisco Systems Inc.
• Genetec Inc.
• Hangzhou Hikvision Digital Technology Co. Ltd. (China Electronics Technology Group Corporation)
• Honeywell International Inc.
• Johnson Controls International
• Pelco Incorporated (Motorola Solutions Inc.)
• Robert Bosch GmbH (Robert Bosch Stiftung GmbH)
• Senstar Corporation
• Siemens AG and STANLEY Convergent Security
Solutions Inc. (Stanley Black & Decker Inc.).

The report has segmented the market on the basis of component, enterprise size and industry vertical.

Breakup by Component:

• System
• Services

Breakup by Enterprise Size:

• Large Enterprises
• Small and Medium-sized Enterprises

Breakup by Industry Vertical:

• Retail
• Transportation
• Residential
• IT and Telecom
• BFSI
• Government
• Others

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Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023- 2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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