Physical Security Market Size to Expand Lucratively by 2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Physical Security Market- (By Component (System (Physical Access Control System, Video Surveillance System, Perimeter Intrusion Detection & Prevention, Physical Security Information Management, Physical Identity & Access Management, Security Scanning, Imaging, and Metal Detection, Fire & Life Security), Services (System Integration, Remote Monitoring), By Organization Size (SMEs, Large Enterprises), By Vertical (BFSI, Healthcare, Government, Retail & eCommerce, Transportation & Logistics, Residential, Education, Aerospace & Defense, IT & ITeS, Other Verticals)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Physical Security Market is valued at US$ 105.91 Bn in 2022, and it is expected to reach US$ 157.65 Bn by 2031, with a CAGR of 4.6% during a forecast period of 2023-2031.

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Protection of workers, networks, hardware, software, and data from acts and physical occurrences such as fire, floods, natural disasters, theft, robbery, vandalism, and terrorism that can result in loss or serious harm to a company, organization, or government agency. Growing awareness of perimeter security in developing countries has increased the use of IP-based cameras in shared housing, as well as commercial and office complexes. In addition, escalating terrorist threats, border concerns, and refugee crises are increasing security. The demand for digital and physical security develops with companies' reliance on the Internet of Things (IoT). To protect data, servers, and networks, the Internet of Things necessitates a high level of physical protection. Because of the rise in terrorist activities and crime, people are more concerned about their safety and security. As a result of these attacks, many people have been killed, and infrastructure has been badly damaged. The growing trend of digitalization provides further prospects for market expansion.

List of Prominent Players in the Physical Security Market:
• Johnson Controls (Ireland),
• Bosch Building Technology (Germany),
• Honeywell (US),
• ADT (US),
• Cisco (US),
• Telus (Canada),
• Wesco (US),
• Genetec (Canada),
• HID Global (US),
• Pelco (US),
• Hikvision (China),
• Gallagher (New Zealand),
• Secom (Japan),
• Allied Universal (US),
• Zhejiang Dahua Technology (China),
• Axis Communications (Sweden),
• Hanwha Vision America (US),
• Teledyne FLIR (US),
• Hexagon AB (Sweden),
• General Dynamics (US),
• BAE Systems (UK),
• Huawei (China),
• NEC (Japan),
• Qognify (US),
• SmartCone Technology (Canada),
• Verkada (US),
• IOTAS (US),
• Cloudastructure (US).

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Market Dynamics:
Drivers-
Terrorist activity and crime rates have escalated worries about the safety and security of people, assets, and systems. These increasing attacks have resulted in the loss of several human lives and significant infrastructure damage, emphasizing the necessity for physical security solutions. More physical security measures are put in place in particular places to protect both inhabitants and tourists. As a result, there has been a strong emphasis on safeguarding these critical installations, leading to the creation of all-encompassing physical security systems. The need to combat evolving terrorist tactics has accelerated technology advancement in the physical security sector. Physical security measures are widely used in organizations due to the criteria that must be satisfied. These factors are expected to augment the growth of the global Physical Security Market.

Challenges:
Long-term business profitability is increased by implementing physical security systems. It is expensive to deploy and maintain, which impacts the pace of adoption of standardized event and emergency management solutions. The high installation and maintenance costs of physical security systems provide significant financial challenges for small and medium-sized organizations (SMEs). Monitoring stations, access control systems, alarm systems, and surveillance cameras are all required components of a comprehensive physical security infrastructure. The initial cost of purchase and installation of these systems, as well as the necessary equipment and cabling, might be too expensive for SMEs.

Regional Trends:
The North American Physical Security Market is expected to register a major market share in terms of revenue and it is projected to grow at a high CAGR in the near future. This region is a pioneer in the use of modern physical security technologies. Regulatory reforms, economic growth, and SMEs investing in physical security solutions drive the regional industry. To secure their infrastructure, many public places, such as bus stations, airports, trains, and seaports, have security measures in place. Domestic crime, theft, terrorist acts, and other reasons have significantly impacted the North American market. The growing incidence of bank robberies in the country also fuels the demand for video analytics solutions. During the forecast period, this will drive market growth.

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Recent Developments:
• In July 2023, The acquisition of Paladin Technologies was initiated by Bosch. Paladin Technologies had a workforce of around 1,500 individuals across 35 different locations across Canada and the United States. Furthermore, the company's expected sales for the year 2023 were estimated to reach nearly $400 Bn. The inclusion of the company was anticipated to be a valuable contribution to Bosch's Energy and Building Technology business area, which experienced a growth rate of 17.4 percent in the year 2022.
• In May 2022, Hikvision introduced the AXE Hybrid PRO alarm system, including incorporating Hikvision's cutting-edge 'Speed-X' transmission technology. This advanced system caters to various settings, such as banks, factories, offices and retail outlets. The AXE Hybrid PRO Series incorporates advanced technologies while retaining the sophisticated design of the original AXE PRO. This integration allows for a solid wired protection system while providing more flexibility through smooth wireless connectivity.

Segmentation of Physical Security Market-
By Component-
• Systems
o Physical Access Control System (PACS)
o Video Surveillance System
o Perimeter Intrusion Detection and Prevention
o Physical Security Information Management (PSIM)
o Physical Identity & Access Management (PIAM)
o Fire and Life Safety
• Services
o System Integration
o Remote Monitoring
o Others
By Organization Size-
• SMEs
• Large Enterprises
By Vertical-
• BFSI
• Healthcare
• Government
• Retail & eCommerce
• Transportation & Logistics
• Residential
• Education
• Aerospace & Defense
• IT & ITeS
• Other Verticals.
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.