The physical security market is expected to grow at USD 120 Billion by 2022, at 10% of CAGR between 2016 and 2022. With most of its segments performing well, the segment by the system is expected to hold a majority share. In the global scenario, North America currently leads the physical security market but it is expected that the Asia Pacific is soon going to take over.
The Physical security market is one of the high potential markets that has been experiencing major growth in the recent past. With the growth of Internet-based services and the advancement in technology, the outlook for the physical security market has changed. The physical security industry trends include the controlling, surveillance, and testing of any possible threats, attacks, environmental disasters, etc. with the use of physical security systems and solutions.
The need for physical security devices has been on an upward verge due to the ever-increasing possibilities of theft attacks, housebreaks, robberies, criminal trespassing, due to the negative use of advanced technology and to counter such physical threats the physical security services are gaining importance.
The physical security industry has been providing services to various organizations by protecting their hardware, software, data, personnel, and other operations from any kind of third party attacks such as terrorism, robberies, thefts, fire, and other disasters by using various kinds of physical security systems such as security guards, physical surveillance, CCTV’s, protective barriers, etc. to ensure not only staff safety and well-being but also the customers’ welfare.
The novel coronavirus or the Covid 19 pandemic has negatively impacted the physical security markets since the nationwide lockdowns and restrictions have reduced the chances of terrorist attacks or any other forms of mishappenings. Due to the lockdowns in various countries, the demand for various physical security devices has been diminishing, and due to which the supply and production of various raw materials and finished products have been disrupted.
The impact of covid 19 can be easily seen in a way that most of the big players have to shut down their main production units and are also forced to lay off employees. However, it is expected that the physical security market will certainly pick up growth as soon as the lockdown restrictions are removed and people can move freely. It is expected that the post-lockdown period would be a great success for the physical security market revenue to prevent invasion, criminal offenses, and burglary. The segment by the system is expected to provide maximum returns with more investments being made by the public for security purposes.
The physical security market has been on a growing run due to the increasing trends in the global market towards safety. The rising number of reported cases involving terrorist attacks, cyber-attacks, thefts, consumer vandalism, etc have initiated the demand for physical security systems.
The need for physical security solutions has grown not only in organizations or at public places but the major demand has significantly increased in private institutions, homes, private rooms, etc. as the probability of being struck off by such unknown attacks has become very common in various regions such as The North American region.
Though the physical security market has been continuously guided by an upward-moving force, there have been some barriers that have time and again hampered the growth of the commercial security market which need to be kept in mind so as to gain maximum results.
One such negative factor affecting the market for such devices in a negative way is the lack of privacy or the renouncement of privacy by the users of such devices since there have been concerns on how the video is used and who are the viewers of the videos. In various countries, it is necessary to take permission or licenses from the Government to use such videos privately. However, each country guarantees the right to privacy as a basic right to its citizens, it is difficult to completely rule out such a right in the case of the physical security market systems.
The physical security market has been rapidly focusing on technological advancements with new innovations in terms of physical security devices that have continuously emerged to bring about improvements in the physical security industry.
Some such technological advancements include the use of locks and keys with password-protected configurations, alarms, sirens, etc. to counter an emergency attack. Also with the advent of new technological systems, the physical security market is set to experience a boom with the use of technologies such as facial recognition, iris recognition, etc.
Segment Overview: The physical security market has been segmented as follows:
The global physical security market has been divided into four regions where each region has been contributing significantly in terms of its capabilities and population demands. However, among the four nations, the North American region has been accounting for the major physical security market share whereby the key drivers towards the growth of the physical security industry are developed here, and the population seems to be quite interested in the innovations in terms of new products in the market.
The major acoustic insulation market revenue is expected to come from countries like the USA and Canada who are experiencing increased demand for high-tech security solutions in Government and private organizations, public places such as malls, restaurants, cinema halls, etc. due to rising threats of attacks in such countries.
The European region is also experiencing steady growth where the physical security trends have boosted the demand for physical security systems and solutions due to rapid advancement in technology. The Asia Pacific region is recognized as one of the important regions which can be the market leader for the future due to rapid advancement in technology and increased expenditure on public safety in these countries.
The competitive landscape in terms of the physical security market has been immense and nail-biting with new players easily entering the market and the existing players making huge investments in this segment. The big names from this market are:
The Global report helps the investors to gain meaningful information about the market and make decisions wisely. The report discusses the steps taken by the market leaders to boost the market growth and inflate market valuation for their good. The report fully summarises the ongoing market scenario in the physical security market which would help the intended audience to seek more information about the market. The objective of the report was to fully summarise the key players in the market and their role in boosting the physical security market value. The report also discusses the future growth prospects and the competitive landscape in the physical security industry and lays down the expected growth rate of the market along with the hindrances it might have to face.
Frequently Asked Questions (FAQ) :
The segment which is responsible for the largest physical security market share is the video surveillance system. It is dominating the market with a share of 48.8% in the year 2019.
The key factors that are driving the growth of the physical security market include identifying the possible threats and increasing the importance of physical security improvement.
Access Control as a Service or ACaaS is a cloud-based architecture that is basically service-oriented. It is designed to support access control models in operating systems. For its unique characteristics, the demand for this service is increasing across the globe.
Physical Security System refers to an infrastructure that involves the use of different kinds of systems to strengthen security measures. These systems help to prevent crimes in public places, like banks, shopping malls, airports, and streets. It can also be used to investigate any criminal cause. The increase in terrorism and the concern for safety is driving the demand for physical security systems globally.