Physical Security Market Set to Reach $192.9 Billion by 2030, Anticipating 6.5% CAGR Between 2021 and 2030

According to a new report published by Allied Market Research, titled, "Physical Security Market, by Component (System, Services), by Systems Type (Physical Access System, Video Surveillance System, Perimeter Intrusion and Detection, Physical Security Information Management, Others), by Service Type (Access Control as a Service, Video Surveillance as a Service, Remote Monitoring Services, Security Systems Integration Services, Others), by Enterprise Size (Large Enterprises, SMEs), by Industry Vertical (BFSI, Government, Retail, Transportation, Residential, IT and Telecom, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030"

The physical security market size was valued at $104.6 billion in 2020, and is estimated to reach $192.9 billion by 2030, growing at a CAGR of 6.5% from 2021 to 2030.

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Physical security is a component of a wider security strategy. Security experts agree that the three most important components of a physical security plan are access control, surveillance, and security testing, which work together to make any space more secure. Access control may start at the outer edge of a security perimeter, which one should establish early in the process. Users can use fencing and video surveillance to monitor access to the facility and secure the outdoor area, especially if they have on-site parking or other outside resources.

Furthermore, growth in the number in terror attacks and growing awareness boost the growth of the global physical security market. In addition, growth in technological advancements also positively impacts the growth of the market. However, privacy concerns and lack of physical and logical security integration hamper the market growth. On the contrary, increase in demand for physical security in smart cities is expected to offer remunerative opportunities for expansion of the market during the forecast period.

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Competitive Analysis:
The competitive environment of Physical Security Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, Physical Security Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

Key Players:
ADT Inc.
BAE Systems
Cisco system Inc.
Genetec Inc.
HONEYWELL INTERNATIONAL, INC.
Johnson Controls
PELCO corporation
Robert Bosch GmbH
STANLEY CONVERGENT SECURITY SOLUTIONS, INC.
Senstar Corporation and Many More

Region-wise, the physical security market was dominated by North America in 2020 and is the home to major players offering advanced solutions in the physical security market. In addition, increase in security measures across various industry verticals, such as commercial, transportation, government, and others owing to high terrorism incidences in the region, are expected to drive the growth of the market during the forecast period.

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However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to the prominent government and police initiatives to enhance physical security software owing to the increase in crime rate. Factors such as increase in insider threats and physical attacks pose great risks on critical infrastructure zones, particularly in developing countries, such as China and India.

With the outbreak of COVID-19, it is challenging to put new tools in place to mitigate risk going forward. Now is a good time to consider updating access control to a more modern, future-proofed system that can still be effective, even if 90% of the office is working remotely. Therefore, it also affected the physical security market growth.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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