Physical Security Market Set to Reach $157.65 Billion by 2031, Reveals InsightAce Analytic Study

The global physical security market is projected to reach $157.65 billion by 2031, growing at a CAGR of 4.6% from 2024 to 2031, according to a report by InsightAce Analytic Pvt. Ltd. Valued at $105.91 billion in 2022, the market is driven by the increasing need for security measures due to rising concerns over terrorist attacks, crime rates, and the safety of people, assets, and systems. The market encompasses components such as physical access control systems, video surveillance, perimeter intrusion detection, and services like system integration and remote monitoring, catering to various sectors including BFSI, healthcare, government, and more.

The North American region is expected to dominate the market, attributed to its early adoption of modern physical security technologies, regulatory reforms, and investments by SMEs in security solutions. Challenges such as the high cost of installation and maintenance pose significant hurdles, especially for SMEs. However, technological advancements aimed at combating evolving terrorist tactics and the growing digitization trend present opportunities for market expansion.

Prominent players in the market include Hexagon AB, General Dynamics, BAE Systems, Huawei, NEC, and others. Recent developments include Bosch’s acquisition of Paladin Technologies in July 2023 and Hikvision’s launch of the AXE Hybrid PRO alarm system in May 2022. The market is segmented by component, organization size, vertical, and region, with detailed analysis provided for each segment. InsightAce Analytic emphasizes the market’s potential for strategic decision-making and competitive intelligence to help businesses expand and gain a competitive edge.