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Physical Security Market size projected to reach USD 140.0 Billion By 2026, Growing at 6.4% CAGR | MarketsandMarkets™

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Physical Security Market size projected to reach USD 140.0 Billion By 2026, Growing at 6.4% CAGR | MarketsandMarkets™

December 07
16:52 2022
Physical Security Market size projected to reach USD 140.0 Billion By 2026, Growing at 6.4% CAGR | MarketsandMarkets™
ADT (US), Cisco (US), Honeywell (US), Johnson Controls (Ireland), TELUS (Canada), Anixter (WESCO) (US), Genetec (Canada), Bosch Building Technology Solutions (Germany), HID Global (US), Pelco (US), Hikvision (China), Gallagher (New Zealand), SECOM (Japan), Allied Universal (US), Zhejiang Dahua Technology (US), STANLEY Security (US).
Physical Security Market by Component (Systems (PACS, PSIM, PIAM, Video Surveillance, Fire and Life Safety) and Services), Organization Size (SMEs and Large Enterprises), Vertical, and Region – Global Forecast to 2026

The global physical security market is projected to grow from an estimated USD 102.7 billion in 2021 to USD 140.0 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 6.4% from 2021 to 2026. Growing use of are some of the factors driving the market growth. Growing instances of security breaches to physical systems, increasing use of IP-based cameras for video surveillance, and the increasing cyber threats to physical security systems are some of the factors driving the market growth.

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By system, video surveillance systems to hold the largest market size during the forecast period

Video surveillance systems help monitor activities in commercial buildings, public areas, or businesses and can be sound-enabled or without sound. There is a wide range of video surveillance systems offering various levels of security and sophistication, which is dependent upon their use and price ranges. It is one of the most important and powerful systems in the physical security domain. It is helpful in providing critical information in various areas of applications. Video surveillance systems, such as Internet Protocol (IP) cameras and High Definition (HD) CCTVs, play a major role in securing critical infrastructures, government entities, and commercial properties. The latest introduction in video surveillance systems is the use of IP cameras and analytics for better resolution of the videos captured. Video analytics is the general analysis of video images to recognize apprehensive behaviors and events in real time. Intelligent Video Analysis (IVA) takes motion detection technology to the next level by utilizing local and centralized processing powers to distinguish moving objects based on their shape and size and to study their behaviors based on the default/built-in rules. The emerging technologies in video analytics are video surveillance and cognitive computing. These advancements are being leveraged for multiple civilian and military applications. The need to reduce security threats and control and monitor criminal activities is one of the major factors which is expected to propel the growth of the video surveillance systems segment.

By vertical, government to hold the largest market size during the forecast period

With the rapid digital transformation taking place across sectors, the digitalization of government processes is continuously happening globally at a fast pace. Governments all around the world are now focusing on securing offices and public places with CCTV surveillance. Governments have understood that modern cameras can do more than just deliver videos but analyze people’s behavior and movement patterns. Cameras can immediately detect any suspicious behavior and inform security to clarify the situation. The number of breaches in the government vertical has increased the need for physical security solutions across the globe. Government authorities across the world understand the growing need for authentication control alternatives for various reasons. The developed countries are looking for authentication control alternatives that help in strengthening their national security. According to Verizon Data Breach Investigation report, there were 3,236 public sector data breaches between 2020 and 2021. Smaller agencies and local government departments appear to be the most at risk from a data breach. This reflects their smaller budgets and IT security teams.

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By region, North America to hold the largest market size during the forecast period

North America consists of developed countries that are technologically advanced with well-developed infrastructures. North America is the most advanced and adaptable region in terms of the adoption of security infrastructure and technological development. The region has been a frontrunner in the adoption of physical security solutions. The growing concerns for the protection of critical communication infrastructure and sensitive data have increased government intervention in recent years. Various security-related regulatory compliances control the overall protection of the communication infrastructures in the region. The National Institute of Standards and Technology (NIST) encourages the US organizations by providing regulatory standards to protect the critical infrastructures in organizations. The PCI-DSS, HIPAA, GLBA, SOX, and other regulatory compliances help organizations in protecting the sensitive data of their customers. The region tops the world in terms of the presence of cybersecurity vendors. The regional presence of key industry players offering physical security solutions is one of the main factors driving the growth of the North American physical security industry. The region is at the forefront in terms of cyber technology adoption. Specific budget allocations and mandated physical security policies are expected to make North America one of the most lucrative regions for market growth.

Major vendors in the global physical security market include ADT (US), Cisco (US), Honeywell (US), Johnson Controls (Ireland), TELUS (Canada), Anixter (WESCO) (US), Genetec (Canada), Bosch Building Technology Solutions (Germany), HID Global (US), Pelco (US), Hikvision (China), Gallagher (New Zealand), SECOM (Japan), Allied Universal  (US), Zhejiang Dahua Technology (US), STANLEY Security (US), Axis Communications (Sweden), Hanwha Techwin America (US), Teledyne FLIR (UK), Hexagon AB (Sweden), General Dynamics (US), BAE Systems (UK), Huawei (China), NEC (Japan), Qognify (US), SmartCone Technologies (Canada), Verkada (US), IOTAS (US), and Cloudastructure (US).

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