Physical security involves safeguarding hardware, software, networks, personnel, and data against potential damage or loss resulting from physical events or malicious actions. This encompasses protection against natural disasters, fire, floods, burglary, theft, terrorism, and vandalism. The physical security framework primarily comprises three key components: surveillance, access control, and testing. These components work together to ensure comprehensive and effective protection for agencies, enterprises, and institutions.
According to Data Bridge Market Research, the Physical Security Market accounted for USD 212.09 million in 2022, and expected to reach USD 544.19 million by 2030. The market is expected to grow with a CAGR of 12.50% in the forecast period of 2023 to 2030.
“Increasing incidence of crime and terrorism”
The escalating threat of terrorist and criminal activities has significantly heightened concerns regarding safety and security for individuals, organizations, and assets. The rise in such attacks has led to severe damage to infrastructure and the loss of countless lives, emphasizing the criticality of physical security solutions. The US Department of State reports a global increase in terrorist activities, with a notable surge since 2012, despite a temporary reduction in the United States after the 9/11 incident.
What restraints the growth of physical security market?
“Challenges associated with integration and installation”
The integration of security systems offers several advantages, although it poses certain challenges. One such challenge is the requirement to source all components from a single provider for seamless integration. This limitation can lead to potential issues if the vendor offers limited support or ceases operations, leaving customers with an inadequate system. However, in the coming years, the market is expected to witness the entry of more physical security providers, potentially addressing this problem and offering customers a wider range of options and support.
Segmentation: North America Physical Security Market
The physical security market is segmented on the basis of component, systems type, service type, organization size and vertical.
- On the basis of component, the physical security market is segmented into systems, services.
- On the basis of systems type, the physical security market is segmented into physical access control system (PACS), video surveillance system, perimeter intrusion detection and prevention, physical security information management (PSIM), physical identity and access management (PIAM), Security scanning, imaging, and metal detection, fire and life safety.
- On the basis of service type, the physical security market is segmented into access control as a service (ACaaS), video surveillance as a service (VSaaS), remote monitoring services, security systems integration services
- On the basis of organization type, the physical security market is segmented into SMEs, large enterprises.
- On the basis of vertical, the physical security market is segmented into banking, financial services and insurance (BFSI), government, retail, transportation, residential, telecom and information technology (IT), others.
Regional Insights: U.S. dominates the Physical Security Market
U.S. is projected to dominate the market during the forecast period of 2023 to 2030 owing to the region benefits from a robust presence of multiple vendors offering diverse physical security services and systems. Moreover, the early adoption of physical security solutions in this area contributes to its overall strength and effectiveness.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/north-america-physical-security-market
Recent Developments in Physical Security Market
- In 2021, ADT entered the rooftop solar industry for the purchase of SunPro Solar. ADT will rebrand SunPro solar as "ADT Solar" and offer linked and safe solar energy to ADT customers.
- In 2021, Honeywell entered into a partnership with Florida-based Jacksonville Jaguars, a professional football team. With this agreement, Honeywell will provide stadium air quality monitoring services and PPE kits for the Jaguars players.
The Prominent Key Players Operating in the Physical Security Market Include:
- ADT (U.S.)
- Cisco Systems Inc. (U.S.)
- Honeywell International Inc. (U.S.)
- Johnson Controls (Ireland)
- TELUS (Canada)
- Anixter Inc. (U.S.)
- Genetec Inc. (Canada)
- Bosch Sicherheitssysteme GmbH (Germany)
- HID Global (U.S.)
- Pelco, Inc. (U.S.)
- Hangzhou Hikvision Digital Technology Co., Ltd. (China)
- Arthur J. Gallagher & Co. (New Zealand)
- SECOM CO., LTD. (Japan)
- Allied Universal (U.S.)
- Dahua Technology USA Inc. (U.S.)
- STANLEY CONVERGENT SECURITY SOLUTIONS, INC. (U.S.)
- Axis Communications AB. (Sweden)
- Hanwha Techwin America. (U.S.)
- Teledyne FLIR LLC (U.K.)
- Hexagon AB (Sweden)
Above are the key players covered in the report, to know about more and exhaustive list of physical security market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: North America Physical Security Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, North America vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
