Physical security market size is expected to grow from USD 102.7 billion in 2021 to USD 140.0 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 6.4% from 2021 to 2026. Physical security provides various benefits such as security from breach, etc.
Physical security measures are designed to protect buildings and safeguard the equipment inside. In short, they keep unwanted people out, and give access to authorized individuals. Without physical security, organizations are liable to physical security threats such as theft, vandalism, fraud, and even accidents.
According to the Penn State University Police and Public Safety, physical security is primarily concerned with restricting physical access by unauthorized people (commonly interpreted as intruders) to controlled facilities.
According to MarketsandMarkets, physical security refers to restricting physical access by unauthorized individuals in controlled facilities to prevent damage to valuable hardware, software, network infrastructure, and other assets. Physical security includes security layers that protect personnel, network, and data in physical spaces, such as campuses, buildings, banks, and offices from internal or external physical threats (natural disasters, fire, theft, burglary, vandalism, and terrorist attacks)
The scope of this report covers the analysis of the physical security market since 2015, based on contemporary market trends and developments, and its potential growth from 2021 to 2026. It provides detailed market trends, vendors’ market shares, market size, forecasts, and analysis of key players in the managed security services overall market. By region, the physical security market in the Asia Pacific (APAC) is projected to grow at the highest CAGR during the forecast period. Countries in the region have been witnessing a significant rise in the adoption of physical security solutions and services. This growth can be attributed to the increase in technological innovations, rapid digitalization, etc. in the region. The physical security market is witnessing high growth opportunities in this region.
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Rising instances of terrorist activities and security breaches to physical systems are expected to boost the growth of the physical security market. Additionally, physical security market is expected to witness rapid growth worldwide due to various factors such as increasing use of IP-based cameras for video surveillance and increasing cyber threats to physical security systems.
Key and innovative vendors in Physical SecurityMarket are ADT (US), Cisco (US), Honeywell (US), Johnson Controls (Ireland), TELUS (Canada), Anixter (WESCO) (US), Genetec (Canada), Bosch Building Technology Solutions (Germany), HID Global (US), Pelco (US), Hikvision (China), Gallagher (New Zealand), SECOM (Japan), Allied Universal (US), Zhejiang Dahua Technology (US), STANLEY Security (US), Axis Communications (Sweden), Hanwha Techwin America (US), Teledyne FLIR (UK), Hexagon AB (Sweden), General Dynamics (US), BAE Systems (UK), Huawei (China), NEC (Japan), Qognify (US), SmartCone Technologies (Canada), Verkada (US), IOTAS (US), and Cloudastructure (US).
ADT provides monitored security, interactive home and business automation, and related monitoring services in the US. The company’s monitored security and home/business automation offerings include the installation and monitoring of residential and business security, and premises automation systems designed to detect intrusion, control access, and react to movement, smoke, carbon monoxide, flooding, temperature, and other environmental conditions and hazards and to address personal emergencies, such as injuries, medical emergencies, or incapacitation. The company also provides various alternate and backup alarm transmission methods, including cellular and broadband internet, monitoring of center-supported personal emergency response system products and services, and customer service for maintenance and installation of upgraded or additional equipment. In October 2019, ADT signed an agreement to sell ADT Security Services Canada to TELUS Corporation for approximately USD 575 million. The transaction comprises all of ADT Canada’s operations and assets.