Physical Security Market To Reach USD 169.4 Billion by 2030

The physical security market was USD 109.1 billion (E) in 2023, and it will power at a rate of 6.5% by the end of this decade, to reach USD 169.4 billion by 2030. The industry is powered by the requirement to protect people from numerous threats, for example vandalism, thefts, burglaries, and fire.

Video surveillance is leading the industry, under the systems subsegment. These systems include numerous components, as well as monitors, video encoders, analog cameras, and storage.

Their acceptance has seen an increase recently because of tech enhancements, such as UHD video and IoT connectivity, along with cost reductions. The main driver behind their acceptance is the necessity for improved remote monitoring and surveillance, in response to the increasing concerns over safety and compliance with stringent regulations.

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The services category will display robust expansion in the years to come. The services offered by players of the industry include integration & deployment, system maintenance, and hardware and software upgrades.

Amongst these, system integration & deployment services observer a high requirement, enhanced by the advent of new techs, increase in clients' emphasis on premises security, increase in the emphasis on regulatory compliance, and fast expansion of the industrial and commercial sectors.

Moreover, the fast infra growth in emerging countries and developments in technologies for example AI, presence detection, facial recognition, and ML drive the requirement for inclusive physical security systems and the related service.

North America led the physical security market in 2023, and it will continue the domination by the end of this decade. The regional industry is improved by the strong pace of economic expansion, severe worker and data safety standards, and snowballing outlay by SMEs on intrusion detection solutions.

Moreover, the region has some of the utmost secretive military establishments, for example Area 51, and the largest BFSI sector at a global level.

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The government category leads the industry. In an age where attacks on public premises are common, government agencies are required to enhance their security, whereas remaining within budget. Recently, more than a few government institutions have been targeted by malefactors and terrorists, for example an attack on a Military base of the Army of Pakistan in Baluchistan in July 2023 and also in Bathinda in April on an Indian Military base.

The residential category will experience substantial development in the years to come owing to the increasing worth of damage to resources and assets during theft and attacks.

It is because of the need to protect people from various attacks such as vandalism and burglaries around the world, the demand for physical security will continue to grow in the years to come

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