Physical Security Market Growth & Trends
The global physical security market is expected to reach USD 203.05 billion by 2030, growing at a CAGR of 6.1% according to a new study by Grand View Research, Inc. lack of physical security leads to higher rates of burglaries and thefts. Therefore, safeguarding the physical perimeter and individual assets, including expensive technological equipment, has gained importance and is driving the market growth. Increasing awareness about securing the perimeter in developing economies has led to a rise in deployment of IP-based cameras in residential societies as well as commercial complexes and offices. Furthermore, increasing terror threats, border disputes, and refugee crises drive the adoption of stringent safety measures, thereby driving the physical security market growth. For instance, in February 2022, Hangzhou Hikvision Digital Technology Co., Ltd, the world’s prominent manufacturer of innovative video surveillance systems and solutions, introduced the TandemVu PTZ camera line, which combines PTZ and bullet camera capabilities into a single unit. These cameras can monitor broad regions and zoom in on individual security incidents while simultaneously maintaining attention on both viewpoints. Further, this camera would be deployed in commercial complexes and residential societies to reduce terror threats and adopt more physical security on the premises.
The increasing convergence of IT and OT technologies have potentially increased concern towards inbuilt security operations that are added into a network. As network video recorders (NVRs) and IP-based surveillance camera are network devices, they are vulnerable to become a target vector to get into a system. Furthermore, camera & biometrics offer robust physical security benefits. However, in a growing threat ecosystem, these devices are expected to evolve in order to enable safety for deployment in a critical infrastructure asset’s network. Thus, securing the converged IT & OT network is emerging as one of the top priorities for several companies. For instance, in November 2021, InsightCyber Group, Inc., a company that offers physical, cyber systems to protect businesses, built an AI-driven physical security device for various industries such as transportation, manufacturing supply chain, and others. The physical security device has a wide range of OT machines and IT hardware technologies which would provide safety and protection to all the customers, employees, and assets of the company with more security.
The technological advancement in physical security systems such as video analytics and machine learning are expected to drive the overall market. Moreover, the hardware is also gaining high traction which attributes to significant enhancement to the legacy surveillance camera system. For instance, in April 2022, Matrix Comsec., a prominent security solutions provider, launched a new 8MP dome IP camera. Large organizations and project environments will benefit from Matrix Project Series Dome Cameras. The cameras are suitable for outdoor and indoor monitoring needs, making them ideal for modern businesses. Further, the cameras have been designed with technology that improves image quality and provides robust physical security around the surroundings. Besides, in March 2022, Axis Communications AB., a Sweden-based company that offers services to private sectors and governments, launched a lightweight bullet camera- AXIS M2036-LE which offers quad HD 1440p and around 129° horizontal view, which supports machine learning and deep learning. These offerings have enticed customers and enterprises to witness the advantages of multiple connected cameras for security operations, thereby fuelling the market growth.
Leveraging IoT technology to enhance physical security is anticipated to be a potential factor driving market growth. The IoT offers several ways to improve physical security and access control system. The connected sensors and devices, and automated alert system enhance the effectiveness of security products and provide robust abilities such as intelligence monitoring, tampering alert, perimeter protection, and automobile tracking among others. Thus, technological development and its exponential growth are anticipated to positively impact the market dynamics of the physical security market over the forecast period. For instance, in September 2021, Digital Barriers, a U.K.-based developing company of IoVT (internet of video things) security and surveillance technologies, has announced the release of the EdgeVis MiniCam, a rapidly deployable camera. The product is designed with IoT technology for rapid and easy deployment and offers up to 2TB storage, NDAA compliant, and IP66 rating. Further, the camera has comprehensive onboard analytics, allowing for quick set-up, VMS connection, and immediate alarms, and it can be quickly attached to street furniture, walls, or pole mountings.
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Physical Security Market Report
Physical Security Market Report Highlights
- Video surveillance dominated the physical security market with a value of USD 39.04 billion in 2021 as these systems enable real-time continuous monitoring and help lower chances of theft
- System integration is anticipated to dominate the market through the forecast period owing to factors such as stringent regulations and demand for cost-effective systems
- The residential segment is anticipated to register the highest CAGR of more than 6.9% over the forecast period owing to measures taken by consumers to protect their assets from potential threats
- Key companies in the market include Hangzhou Hikvision Digital Technology Co., Ltd.; Honeywell International, Inc.; Johnson Controls; Robert Bosch GmbH; and ADT. These players focus on adopting strategies such as mergers and acquisitions to enhance their market presence
