Global Physical Security Market worth $209.52 billion by 2032
According to a research report published by Spherical Insights & Consulting, The Global Physical Security Market size is to grow from USD 112.67 billion in 2022 to USD 209.52 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.4% during the forecast period.
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Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on "Global Physical Security Market Size, Share, and COVID-19 Impact Analysis, By Component (Systems and Services), By Organization Size (Large Enterprises and SMEs), End-User (Transportation, Government, Banking & Finance, Utility & Energy, Residential, Industrial, Retail, Commercial, Hospitality, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here:https://www.sphericalinsights.com/reports/physical-security-market
Physical security refers to the measures put in place to protect physical assets, such as buildings, equipment, and people, from unauthorized access, damage, theft, or other physical harm. These measures may include access controls, surveillance systems, locks, barriers, and alarms, as well as policies and procedures designed to minimize the risks of physical threats. Physical security is essential for ensuring the safety and security of personnel, information, and property, and is often a critical component of overall security strategies for organizations of all types and sizes.
The services component segment is expected to grow at a CAGR of around 7.1% during the forecast period
Based on components, the global physical security market is segmented into systems and services. The services component segment in the physical security market is expected to grow due to the increasing complexity of physical security technology and the need for specialized expertise in installing, configuring, and maintaining these systems. Additionally, many organizations are seeking to outsource their physical security needs to third-party service providers to reduce costs and improve operational efficiency. This creates opportunities for service providers to offer a range of services such as installation, integration, maintenance, and consulting, and to develop long-term relationships with clients.
The government segment held more than 21.4% revenue share of the market in 2022
Based on end-user, the global physical security market is segmented into transportation, government, banking & finance, utility & energy, residential, industrial, retail, commercial, hospitality, and others. The government segment held the largest market share in 2022. This is due to the fact that government agencies are responsible for protecting critical infrastructure, such as airports, seaports, government buildings, and public utilities, from potential threats. In addition, governments are responsible for maintaining public safety and order, which requires a significant investment in physical security measures. Government agencies also tend to have larger budgets than private companies, which allows them to invest more in physical security technology and personnel. As a result, the government segment has consistently been a major contributor to the growth of the physical security market.
Asia-Pacific is predicted to grow at a higher CAGR of around 7.5% over the projected period
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Based on region, Asia-Pacific is expected to be the fastest-growing region in the physical security market due to its rapidly developing economy, increasing urbanization, and rising security concerns. The region has a large population and a significant number of businesses that require robust security solutions. The growth of smart cities and the Internet of Things (IoT) in the region is driving demand for integrated security systems that can be centrally managed and monitored. Additionally, the region has a high adoption of cloud-based security solutions, particularly in countries such as China and India. The increasing awareness and adoption of advanced security technologies, such as artificial intelligence and analytics-based solutions, are further propelling the growth of the physical security market in this region.
Some of the major players in the global physical security market include Bosch Security Systems, Honeywell International, Johnson Controls, Axis Communications, Pelco by Schneider Electric, Genetec, Avigilon Corporation, Hanwha Techwin, FLIR Systems, Assa Abloy AB, Tyco International, Hikvision Digital Technology, Dahua Technology, Siemens AG, and NEC Corporation.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global physical security market based on the below-mentioned segments:
Physical Security Market, By Component
Physical Security Market, By Organization Size
- Large Enterprises
Physical Security Market, By End-User
- Banking & Finance
- Utility & Energy
Physical Security Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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