The global physical security market size is expected to grow from USD 102.7 billion in 2021 to USD 140.0 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 6.4% from 2021 to 2026. Physical security helps in performing various functions such as safeguarding premises from security breaches, and putting a stop to attacks such as terrorism, vandalism, burglary, etc.
Rising instances of terrorist activities and security breaches to physical systems, increasing use of IP-based cameras for video surveillance, and increasing cyber threats to physical security systems would provide lucrative opportunities for physical security market vendors.
By Services, managed services segment to hold the largest market size during the forecast period
Modern business environments require proficient handling of their business processes by implementing tested solutions across organizations. The increased time consumption, the lack of resources, and the overhead costs involved in managing in-house services force organizations to outsource certain processes. Managed service providers not only ensure the security of critical business information but also ensure the smooth functioning of business operations.
Managed service providers help customers and keep their physical security systems, solutions, hardware, and software updated with the latest available enhancements. The in-house capabilities of customers are enhanced, as MSPs safeguard physical and IT system assets.
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In vertical, retail to grow at the highest CAGR during the forecast period
The retail vertical is a part of the country’s economy and deals with selling goods to customers through various shops, small grocery stores, supermarkets, large department stores, or the internet. The retail and eCommerce verticals are one of the largest verticals across the globe. This vertical includes many entities, such as online and offline retailers, manufacturers, distribution channels, and consumers. Earlier CCTV surveillance was a major security measure in retail stores, which was used for only video surveillance to prevent theft issue. However, now, this surveillance system is being combined with strong video analytics systems. Modern video analytics can count people and also create heat maps. These maps will help show which parts of the store generate the most foot traffic. According to this product placements can be optimized and in-store traffic flows to encourage sales. These insights will help the retail industry to not only secure the premises but also to enhance the profitability.
The key players operating in the physical security market are ADT (US), Cisco (US), Honeywell (US), Johnson Controls (Ireland), TELUS (Canada), Anixter (WESCO) (US), Genetec (Canada), Bosch Building Technology Solutions (Germany), HID Global (US), Pelco (US), Hikvision (China), Gallagher (New Zealand), SECOM (Japan), Allied Universal (US), Zhejiang Dahua Technology (US), STANLEY Security (US), Axis Communications (Sweden), Hanwha Techwin America (US), Teledyne FLIR (UK), Hexagon AB (Sweden), General Dynamics (US), BAE Systems (UK), Huawei (China), NEC (Japan), Qognify (US), SmartCone Technologies (Canada), Verkada (US), IOTAS (US), and Cloudastructure (US).
These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions, to expand their presence in the Physical security market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2018 to 2021 to innovate their offerings and broaden their customer base.
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ADT provides monitored security, interactive home and business automation, and related monitoring services in the US. The company’s monitored security and home/business automation offerings include the installation and monitoring of residential and business security, and premises automation systems designed to detect intrusion, control access, and react to movement, smoke, carbon monoxide, flooding, temperature, and other environmental conditions and hazards and to address personal emergencies, such as injuries, medical emergencies, or incapacitation. The company also provides various alternate and backup alarm transmission methods, including cellular and broadband internet, monitoring of center-supported personal emergency response system products and services, and customer service for maintenance and installation of upgraded or additional equipment. In October 2019, ADT signed an agreement to sell ADT Security Services Canada to TELUS Corporation for approximately USD 575 million. The transaction comprises all of ADT Canada’s operations and assets.
Cisco is an American multinational company specialized in providing IP-based products and services, specifically catering to the Information and Communication Technology (ICT) industry. It offers products and services such as networking, wireless and mobility, security, collaboration, data center, analytics, video, IoT, and software. Its extensive product offerings for physical security comprise video surveillance software, platforms, IP cameras, access control, and incident response. It is among the top physical security companies due to its constant investment in R&D, which enables innovations in high-quality products and services. Its service offerings include technical support and advanced services. It caters to diverse business houses, such as large enterprises, commercial businesses, service providers, and consumers. its total employee strength is around 75,900. It strives continuously to establish itself as an eminent player in the networking domain and is present worldwide, including North America, EMEA, APAC, and Latin America.
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