Physical Security Market Overview
ThePhysical Security marketindustry is projected to grow from USD 124.7323 billion in 2022 to USD 196.3947466 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.70% during the forecast period (2022 - 2030).
ThePhysical Security Marketis of higher potential, and it has been experiencing major growth in recent years. As the growth of internet users increased, the demand for Internet-based services has increased simultaneously. The advancement in technology has led to the development of advanced security systems. These factors have led to the growth of thePhysical Security Market. The physical security industry trends include activities such as controlling, surveillance and testing possible threats, attacks, environmental disasters, etc., using advanced physical security systems and solutions.
The need for physical security devices has increased due to the increased rate of theft attacks, housebreaks, robberies, criminal trespassing. The awareness to counter such physical threats is accelerating thePhysical Security Market.
The physical security industry has provided services to various sectors and industry verticals. It protects the data, personnel, hardware, software, and others. It gives core protection from third party attacks such as terrorism, robberies, thefts, fire, and other disasters by using various physical security systems such as security guards, physical surveillance, CCTVs, protective barriers, etc.
The novel coronavirus pandemic has shown a negative impact on the physical security markets since the worldwide lockdown restrictions. The demand for the physical security market has reduced, which reduced the growth rate and disrupted the supply chain process.
Physical Security Market Segmentation
ThePhysical Security Marketis segmented into service, components, systems, and vertical.
The service segments are divided into remote monitoring services, access control as a service (ACaaS), security systems integration services, and video surveillance as a service (VSaaS).
The components segment of the market is divided into service and systems.
The system segment is consists of biometrics Systems, Video Surveillance, Security Planning, Metal Detection, Locks, Physical Security Information and Management, Security Scanning, Access Control Protocols, and Fire and Life Safety.
The vertical segment consists of Government, transportation, Banking, Financial Services and Insurance (BFSI), retail, telecom and Information Technology (IT), Residential, Gas, Oil, and Energy, Defense, and Public Sector, Education, and Hospitality, and BFSI.
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Physical Security Market Regional Analysis
The regional report of thePhysical Security Marketshows the tremendous growth in the four major continents such as North America, Europe, Asia Pacific, and the rest of the world. However, among the nations, the North American region is accounting for the major market share due to key drivers propelling the markets growth.
The major countries like the USA and Canada are experiencing increased demand for high-tech security solutions in various Government and private organizations, public places such as malls, restaurants, cinema halls, etc., due to the rise in threats of attacks in such countries.
The European region is noticing a steady growth rate due to the rising growth of physical security trends, which boosts its demand due to rapid advancement in technology.
The Asia Pacific region is considered one of the major regions due to rapid advancement in technology and increased public safety expenditure in these countries
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Industry News
Boschs control system developed a standard solution to access control and provide contactless doors by accessing card readers; this has helped in covid 19 and provided future benefits whereby a check can be made on who is entering the building and also restrict unwanted movements and passages.
