Physical Security Market Projected to Grow to $119.4 Billion by 2023

Physical Security Market Projected to Grow to $119.4 Billion by 2023

Due to the rise in risk, technological advancements and the growing need for residential security, the Physical Security Market is expected to grow to $119.4 billion in 2023.

  • By Sydny Shepard
  • Feb 22, 2019

Rising incidents of terror attacks, technological advancements and deployment of wireless technology in security systems, and increasing use of IP-based cameras for video surveillance are expected to drive the overall growth of the physical security market across the globe. 

According to a new report, the physical security market is projected to grow from $84.1 billion in 2018 to $119.4 billion by 2023 at a CAGR of 7.3 percent. 

The report says that the services segment of the market is expected to grow with the fastest growth rate. Physical security plays a vital role in enhancing the existing video surveillance system by integrating digital video surveillance with network and IT systems. This integration enhances property safety and reduces loss of thefts. Moreover, the service segment is continuously affected by the introduction of the integrated Social, Mobile, Analytics, and Cloud Solution or, SMAC Solution.

When it comes to organization size, the large enterprises will be leading the pack. These enterprises were the early adopters of physical security solutions and services, as they have larger revenue pools to spend and a larger infrastructure to be protected. 

High spending on security, followed by the need for securing large assets is leading large enterprises to contribute to a higher market share in the physical security market.

Perhaps the fastest growing vertical within the market is residential. Business and recreational travelers demand safe and security hotel accommodations with responsive and friendly customer server. The residential segment faces the challenge to manage security without violating the privacy of their guests, comfort and travel experiences. 

In residential premises, the implementation of access control and video surveillance security systems is growing. The residential properties are installing access control systems to prevent invasion and burglary. There is also an increasing demand for access control systems to minimize unauthorized access. Residential properties are increasingly adopting electronic lock-based access control systems.

About the Author

Sydny Shepard is the Executive Editor of Campus Security & Life Safety.

Featured

  • The Future is Happening Outside the Cloud

    For years, the cloud has captivated the physical security industry. And for good reason. Remote access, elastic scalability and simplified maintenance reshaped how we think about deploying and managing systems. But as the number of cameras grows and resolutions push from HD to 4K and beyond, the cloud’s limits are becoming unavoidable. Bandwidth bottlenecks. Latency lags. Rising storage costs. These are not abstract concerns. Read Now

  • The Impact of Convergence Between IT and Physical Security

    For years, the worlds of physical security and information technology (IT) remained separate. While they shared common goals and interests, they often worked in silos. Read Now

  • Unlocking Trustworthy AI: Building Transparency in Security Governance

    In situations where AI supports important security tasks like leading investigations and detecting threats and anomalies, transparency is essential. When an incident occurs, investigators must trace the logic behind each automated response to confirm its validity or spot errors. Demanding interpretable AI turns opaque “black boxes” into accountable partners that enhance, rather than compromise, organizational defense. Read Now

  • Seeking Innovative Solutions

    Denial, Anger, Bargaining, Depression and Acceptance. You may recognize these terms as the “5 Phases” of a grieving process, but they could easily describe the phases one goes through before adopting any new or emerging innovation or technology, especially in a highly risk-averse industry like security. However, the desire for convenience in all aspects of modern life is finally beginning to turn the tide from old school hardware as the go-to towards more user-friendly, yet still secure, door solutions. Read Now

  • Where AI Meets Human Judgment

    Artificial intelligence is everywhere these days. It is driving business growth, shaping consumer experiences, and showing up in places most of us never imagined just a few years ago. Read Now

Most   Popular

New Products

  • Automatic Systems V07

    Automatic Systems V07

    Automatic Systems, an industry-leading manufacturer of pedestrian and vehicle secure entrance control access systems, is pleased to announce the release of its groundbreaking V07 software. The V07 software update is designed specifically to address cybersecurity concerns and will ensure the integrity and confidentiality of Automatic Systems applications. With the new V07 software, updates will be delivered by means of an encrypted file.

  • Unified VMS

    AxxonSoft introduces version 2.0 of the Axxon One VMS. The new release features integrations with various physical security systems, making Axxon One a unified VMS. Other enhancements include new AI video analytics and intelligent search functions, hardened cybersecurity, usability and performance improvements, and expanded cloud capabilities

  • AC Nio

    AC Nio

    Aiphone, a leading international manufacturer of intercom, access control, and emergency communication products, has introduced the AC Nio, its access control management software, an important addition to its new line of access control solutions.