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

  • UL Solutions Launches Artificial Intelligence Safety Certification Services

    UL Solutions Inc., a global leader in safety science, today announced the launch of artificial intelligence (AI) safety certification services, enabling comprehensive assessments for evaluating the safety of AI-powered products. Read Now

  • ESA Announces Initiative to Introduce the SECURE Act in State Legislatures

    The Electronic Security Association (ESA), the national voice for the electronic security and life safety industry, has announced plans to introduce the SECURE Act in state legislatures across the country beginning in 2025. The proposal, known as Safeguarding Election Candidates Using Reasonable Expenditures, provides a clear framework that allows candidates and elected officials to use campaign funds for professional security services. Read Now

    • Guard Services

  • Ransomware Attacks Rise for the First Time in Six Months

    Ransomware attacks have risen for the first time in six months, increasing by 28% month-on-month to 421 attacks. While overall attack volume remained below 500, the uptick may signal a renewed escalation heading into the year’s most active period for cyber criminals. Read Now

  • Report: 47 Percent of Security Service Providers Are Not Yet Using AI or Automation Tools

    Trackforce, a provider of security workforce management platforms, today announced the launch of its 2025 Physical Security Operations Benchmark Report, an industry-first study that benchmarks both private security service providers and corporate security teams side by side. Based on a survey of over 300 security professionals across the globe, the report provides a comprehensive look at the state of physical security operations. Read Now

    • Guard Services

  • Identity Governance at the Crossroads of Complexity and Scale

    Modern enterprises are grappling with an increasing number of identities, both human and machine, across an ever-growing number of systems. They must also deal with increased operational demands, including faster onboarding, more scalable models, and tighter security enforcement. Navigating these ever-growing challenges with speed and accuracy requires a new approach to identity governance that is built for the future enterprise. 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.

  • Luma x20

    Luma x20

    Snap One has announced its popular Luma x20 family of surveillance products now offers even greater security and privacy for home and business owners across the globe by giving them full control over integrators’ system access to view live and recorded video. According to Snap One Product Manager Derek Webb, the new “customer handoff” feature provides enhanced user control after initial installation, allowing the owners to have total privacy while also making it easy to reinstate integrator access when maintenance or assistance is required. This new feature is now available to all Luma x20 users globally. “The Luma x20 family of surveillance solutions provides excellent image and audio capture, and with the new customer handoff feature, it now offers absolute privacy for camera feeds and recordings,” Webb said. “With notifications and integrator access controlled through the powerful OvrC remote system management platform, it’s easy for integrators to give their clients full control of their footage and then to get temporary access from the client for any troubleshooting needs.”

  • 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.