The global physical security market size is expected to reach USD 171.0 billion by 2027 and is anticipated to register a CAGR of 6.5% over the forecast period, according to a new report by Grand View Research, Inc. Lack of physical security leads to higher rates of burglaries and thefts. Therefore, safeguarding the physical perimeter and individual assets, including expensive technological equipment, has gained importance and is driving the market growth. Increasing awareness about securing the perimeter in developing economies has led to a rise in deployment of IP-based cameras in residential societies as well as commercial complexes and offices. Furthermore, increasing terror threats, border disputes, and refugee crises drive the adoption of stringent safety measures, thereby driving the physical security market growth.
Governments across different countries and regions are taking up smart city initiatives to enhance their infrastructure and are hence deploying improved security systems. Additionally, modernizing the existing infrastructure with robust security measures and strengthening the security of government agencies have been some of the top priorities for governments across developed countries. Organizations are increasingly concerned about employee safety and are hence setting up systems to prevent unauthorized access, further driving the demand for physical security solutions.
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China accounted for the largest share of the Asia Pacific market in 2019. The market in China has been strongly supported by the growth in new construction projects and smart city initiatives. Furthermore, the presence of technology giants such as Hangzhou Hikvision Digital Technology Co., Ltd and Dahua Technology Co., Ltd is another factor contributing to the market growth. Companies in the market are focusing on strategic partnerships and acquisitions to enhance their product and service offerings. In August 2019, Dahua Technology Co., Ltd entered into a strategic alliance with Pepper to offer enhanced security to its video as well as non-video IoT services to protect against unauthorized access of data. The partnership would allow the incorporation of Pepper’s intelligent solutions into Dahua Technology Co., Ltd’s hardware.
Physical Security Market Report Highlights
• Video surveillance dominated the physical security market with a value of USD 33.1 billion in 2019 as these systems enable real-time continuous monitoring and help lower chances of theft
• System integration is anticipated to dominate the market through the forecast period owing to factors such as stringent regulations and demand for cost-effective systems
• The residential segment is anticipated to register the highest CAGR of more than 7.0% over the forecast period owing to measures taken by consumers to protect their assets from potential threats
• Key companies in the market include Hangzhou Hikvision Digital Technology Co., Ltd.; Honeywell International, Inc.; Johnson Controls; Robert Bosch GmbH; and ADT. These players focus on adopting strategies such as mergers and acquisitions to enhance their market presence
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Physical Security Market Segmentation
Grand View Research has segmented the global physical security market on the basis of component, systems, services, end use, and region:
Physical Security Component Outlook (Revenue, USD Billion, 2016 - 2027)
• Systems
• Services
Physical Security Systems Outlook (Revenue, USD Billion, 2016 - 2027)
• Video Surveillance
• Intrusion Detection
• Access Control
• Exterior Security Systems
Physical Security Services Outlook (Revenue, USD Billion, 2016 - 2027)
• System Integration
• Remote Monitoring
• Others
Physical Security End-use Outlook (Revenue, USD Billion, 2016 - 2027)
• Transportation
• Government
• Banking & Finance
• Utility & Energy
• Residential
• Manufacturing & Industrial
• Retail
• Commercial
• Hospitality
• Others
Physical Security Regional Outlook (Revenue, USD Billion, 2016 - 2027)
• North America
o U.S.
o Canada
• Europe
o U.K.
o Germany
o France
• Asia Pacific
o China
o India
o Japan
• Latin America
o Brazil
o Mexico
• Middle East & Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.