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.

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

New Products

  • Camden CV-7600 High Security Card Readers

    Camden CV-7600 High Security Card Readers

    Camden Door Controls has relaunched its CV-7600 card readers in response to growing market demand for a more secure alternative to standard proximity credentials that can be easily cloned. CV-7600 readers support MIFARE DESFire EV1 & EV2 encryption technology credentials, making them virtually clone-proof and highly secure.

  • 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.

  • Mobile Safe Shield

    Mobile Safe Shield

    SafeWood Designs, Inc., a manufacturer of patented bullet resistant products, is excited to announce the launch of the Mobile Safe Shield. The Mobile Safe Shield is a moveable bullet resistant shield that provides protection in the event of an assailant and supplies cover in the event of an active shooter. With a heavy-duty steel frame, quality castor wheels, and bullet resistant core, the Mobile Safe Shield is a perfect addition to any guard station, security desks, courthouses, police stations, schools, office spaces and more. The Mobile Safe Shield is incredibly customizable. Bullet resistant materials are available in UL 752 Levels 1 through 8 and include glass, white board, tack board, veneer, and plastic laminate. Flexibility in bullet resistant materials allows for the Mobile Safe Shield to blend more with current interior décor for a seamless design aesthetic. Optional custom paint colors are also available for the steel frame.