Physical Security Market Poised for Strong Growth by 2030
The physical security market, valued at $104.6 billion in 2020, is expected to surge to $192.9 billion by 2030, marking a growth rate of 6.5% from 2021 to 2030, according to a report from Wilmington, DE. The segment of physical security information management is projected to witness the fastest growth due to its capability to integrate and analyze data from various security devices and systems like video surveillance and access controls, enhancing the efficiency of security operations.
Physical security is identified as a crucial element of comprehensive security strategies, encompassing access control, surveillance, and security testing to bolster security measures. The growth of the market is further propelled by the increasing number of terrorist attacks and a heightened awareness of security needs. Technological advancements also play a significant role in the market’s expansion. However, the integration of physical and logical security systems and privacy concerns are seen as obstacles to growth. Meanwhile, the rising demand for physical security solutions in smart cities offers potential for market expansion.
North America led the physical security market in 2020, attributed to the presence of major players and heightened security measures across various sectors due to the prevalence of terrorism. However, the Asia-Pacific region is anticipated to experience significant growth, driven by government and police initiatives to improve physical security systems in response to rising crime rates, especially in developing nations like China and India.
The COVID-19 pandemic has underscored the importance of modernizing access control systems to adapt to remote working conditions, influencing the physical security market. The report also highlights key players in the market, including ADT Inc., BAE Systems, Cisco System Inc., and Johnson Controls, among others, who are adopting strategic measures to enhance their market presence and address the evolving security needs.
