Physical Security Market worth $136.9 billion by 2028, growing at a CAGR of 4.4%

(IT-NEWSWIRE.COM, October 25, 2024 ) The global physical security market size is projected to grow from USD 110.2 billion in 2023 to USD 136.9 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 4.4% during the forecast period.

The growth in the use of IP-based cameras for video surveillance and the rise in instances of malicious activities and security breaches to physical systems drive the growth of the physical security market. Moreover, difficulties addressing the complexity of advanced threats may hinder market growth.

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Physical Security Market Dynamics:

Drivers:

Rising instances of malicious activities and security breaches to physical systems
Global Number Of Terrorist Attacks, 2011 & 2021
Growing use of IP-based cameras for video surveillance
Higher adoption of & as a service & model
Increasing cyber threats to physical security systems

Restraints:

Considerable false alarm rates
Violation of privacy
Lack of efficient data storage and management capacities

Opportunities:

Integration of technologies in physical security
Digital transformation enabled by video security systems
Adoption of IoT-based security systems with cloud computing platforms
Convergence of multiple physical security systems

List of Key Players in 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)

The growth of the physical security market is being driven by several factors. These include Rising instances of terrorist activities and security breaches to physical systems and Increasing use of IP-based cameras for video surveillance. The promising growth of the physical security market can be attributed to various factors, including the Integration of technologies, such as AI, ML, and analytics, in physical security.

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Trend: Artificial Intelligence/ Machine Learning

Security solutions based on data-driven ML and AI are the emerging trends in the physical security market. The market for physical security has witnessed an increase in security solutions based on data-driven ML and AL. Today's surveillance cameras integrate AI and deep learning to increase the accuracy and dependability of security. For instance, Hangzhou Hikvision Digital Technology (China) introduced the DeepinView Camera Series, which made use of the deep learning function to deliver precise and reliable Video Content Analytics (VCA) performance.

Physical security system capabilities have been significantly improved with the use of ML. Security systems can now learn from data, observe trends, and make quick judgments because of ML algorithms. Monitoring camera data may be automatically analyzed to find and identify objects, persons, vehicles, and strange behaviors. Such advancements minimize the effort of human operators and aid with real-time threat detection. Similarly, Security systems are now able to identify and verify persons based on their facial traits with the help of ML-based facial recognition technology. The technology is employed for entryway security, suspect identification, and access control.

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Physical Security Market worth $136.9 billion by 2028, growing at a CAGR of 4.4%