Global Physical Security Market Report and Forecast 2024-2032

Global Physical Security Market Outlook

The global physical security market size reached approximately USD 124.50 billion in 2023. The market is further projected to grow at a CAGR of 6.5% between 2024 and 2032, reaching a value of USD 220.10 billion by 2032.

Key Trends in the Market

Physical security refers to the act of providing protection to networks and data, personnel, software, and hardware, among others from events and actions that can result in damage or loss to an institution, enterprise, and agency. The components of physical security framework include testing, access control, and surveillance.

• The rising adoption of various systems to enhance security by the healthcare sector is aiding the physical security market growth. Various healthcare institutions are implementing unified security ecosystems to optimise patient experience, increasing return on investment, and enhance staff efficiency through proactive risk reduction.

• The growing threat of terrorist attacks and increasing crime rates are boosting the requirement for physical security solutions from various government institutions across the globe. Due to such concerns the requirement for safety solutions is also increasing from the residential and commercial sectors in order to protect different assets.

• The increasing investments towards the development of technologically advanced devices is providing lucrative growth opportunities to the market. These advancements include innovations in video surveillance systems, integration of sensors, and IoT enabled devices, among others.

Global Physical Security Market Analysis

On the basis of component, the market is bifurcated into systems and services. Systems are sub-divided by type into physical access control system (PACS), video surveillance system, perimeter intrusion detection and prevention, physical security information management (PSIM), physical identity and access management (PIAM), and fire and life safety and services are sub-divided into professional services and managed services.

Based on enterprise size, the market is segregated into large enterprises and SMEs. On the basis of end-user, the market is classified into transportation, BFSI, government, energy and utility, residential, retail, and healthcare, among others. Based on region, the physical security market segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Honeywell International Inc. 

• Siemens AG 

• Johnson Controls International PLC

• Cisco Systems Inc. 

• Robert Bosch GmbH 

• HID Global Corporation

• GuidePost Solutions LLC 

• ADT LLC 

• TELUS Communications Inc. 

• FaceTec, Inc.

• Others

Market Share by End-User

Residential sector is anticipated to account for a significant physical security market share. This growth can be attributed to increasing threat of breaking and entering and theft. The investments by various building owners towards enhancing the security of residential buildings by incorporating rapid intrusion detection systems, video surveillance systems, and smart access controls is increasing. The growing popularity of smart homes is further bolstering the demand for access control systems and video surveillance from the residential sector.

Market Share by Region

North America is witnessing significant growth owing to the rapid economic expansion and increasing investments in physical security solutions. The growing emphasis on safeguarding the transportation facilities and public infrastructures including bus stations, airports, seaports, and railways, among others are boosting the physical security market demand. Additionally, the demand for advanced physical security solutions is also increasing from the oil and gas sector, nuclear plants, and chemical manufacturing companies.

Competitive Landscape

Honeywell International Inc. is one of the leading manufacturing and technology companies that operates in aerospace, performance materials, and building technologies, among others. The company was founded in 1906 and is headquartered in North Caolina, United States.

Siemens AG is an automation machinery manufacturing company that was founded in 1847 and is headquartered in Munich, Germany. The company specialises in physical security, internet of things, artificial intelligence, and smart buildings, among others.

Johnson Controls International PLC was founded in 1885 and is headquartered in Cork, Ireland. The products provided by the company include video surveillance systems, climate control equipment, fire alarm and suppression systems, and HVAC, among others.

Other physical security market key players include Cisco Systems Inc., Robert Bosch GmbH, HID Global Corporation, GuidePost Solutions LLC, ADT LLC, TELUS Communications Inc., and FaceTec, Inc., among others.

Key Highlights of the Report