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