• Stacy Lawlor

Global Physical Security Market Size to grow by US$ 161.85 Bn in 2030

The Global Physical Security Market is projected to grow from USD 102.7 billion in 2021 to USD 161.85 billion by 2030 at a CAGR of 6.4% during the forecast period.

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The IoT is driving market expansion across the globe by increasing demand for physical security and increasing requirements for centralized control of distributed security solutions among companies. Furthermore, the physical security industry is supported by developing technological breakthroughs, as well as the integration of wireless technologies within IP-based video surveillance systems. Furthermore, escalating refugee crises, terror threats, and border skirmishes are hastening the adoption of several obligatory physical security measures, which serves as a catalyst for physical security sector growth in the coming years. The global proliferation of COVID-19 has had an impact on every industry. The physical security market is also suffering from a significant gap between supply chain and manufacturing units, as well as decreased shipments of components and solutions for the manufacture of physical access control systems.

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The physical security industry has risen dramatically in recent years, but due to the outbreak of the COVID-19 pandemic, market growth is likely to accelerate. While the US government has designated access control and security as part of the essential workforce in the event of a pandemic, many businesses are still figuring out how to secure their physical spaces and assets without having someone on site, as well as how to maintain daily operations as they transition to a remote working environment. According to the survey, the COVID-19 pandemic boosted the importance of physical security within their enterprises by 75%. 60 percent of those polled stated they either require immediate cloud-based technology changes or are exploring it in the near future.


Key competitors in the physical security market are focusing on enhancing physical security systems through technological advances. The rapid expansion of the global physical security industry is due to the emergence of cloud computing and the Internet of Things. Increasing crime attacks and security breaches in developing countries provide incremental opportunities for physical security companies.

Unauthorized users are protected from data by physical security. Smartphones, RFID key card door locks, and video surveillance cameras are all Internet-connected physical security options. Physical security systems don't need a control box to run everything; instead, they employ a credential scanner to keep track of everything. This credential scanner is network-connected and provides security solutions for the IoT ecosystem. The IoT ecosystem could be severely harmed if physical security solutions are unavailable.


Concerns about the safety and security of assets, people, and processes have grown as crime rates and terrorist activities have escalated. These rising attacks have resulted in the deaths of several people and significant infrastructure damage, emphasizing the necessity for physical security solutions. Terrorist operations have been on the rise around the world, according to the US Department of State. Despite the fact that the number of attacks in the United States has decreased since 9/11, they have increased dramatically since 2012. From 1995 to 2019, the table below displays attacks in the United States.


North America dominated the physical security industry in 2020 and is expected to do so again during the forecast period, owing to increased adoption of physical security solutions in critical infrastructures such as chemical plants, nuclear power plants, and oil and gas facilities across the continent. However, Asia-Pacific is expected to grow significantly during the forecast period, owing to high demand for physical security solutions and an increase in the number of terror attacks, particularly in Iraq, Pakistan, Afghanistan, India, and other countries, which has necessitated the region's heavy adoption of physical security solutions. These factors are projected to propel the Asia-Pacific market forward

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KEY INDUSTRY DEVELOPMENTS:


In November 2021, ADT entered the rooftop solar sector with the acquisition of SunPro solar. SunPro solar will be rebranded as 'ADT Solar,' and ADT clients will have access to safe and connected solar energy.


In November 2021, ADT purchased DoorDash. Millions of DoorDash users will benefit from ADT's mobile security products. Safe by ADT will power SafeDash, an in-app safety toolset. This will allow consumers to request emergency services and receive professional assistance by voice or text.


In November 2021, Cisco Systems, Inc. announced a partnership with AT&T to create a converged network and security management solution that uses software-defined wide-area networking (SD-WAN) technology and security capabilities to connect and secure businesses.


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https://extrapolate.com/Information-Technology-Communication-IoT/physical-security-market/25722

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