In a newly published report the global physical security market size is projected to grow from USD 110.2 billion in 2023 to USD 136.9 billion by 2028 at a CAGR of 4.4% during the forecast period. This all according to research company Marketsandmarkets, whose analysts suggest that growth in the use of IP-based cameras for video surveillance and the rise in instances of malicious activities and security breaches to physical systems are driving the growth of the physical security market. Adversely, there are also difficulties in addressing the complexity of advanced threats, which may also hinder market growth.
Effective management of business processes in contemporary corporate contexts requires the adoption of proven approaches across organisations. Organisations are forced to outsource some tasks since maintaining internal services requires more time, there aren’t enough resources, and it costs more money. Managed service providers offer to guarantee the protection of important corporate data as well as the efficiency of business processes. Customers are assisted by managed service providers to maintain their hardware, software, physical security systems, and solutions up to date with the most recent improvements. Customers’ internal capacities are increased when MSPs protect their physical assets and IT system assets.
Access control as a service shows market strength
Access Control as a Service (ACaaS) is a cloud-based, service-oriented architecture that supports access control models in new-age operating systems. It integrates cloud-hosted and managed solutions with various on-site access control systems. The demand for ACaaS is rising across verticals because of its distinguishing characteristics, such as remote management, scalability, real-time control, data security, and secure communications. The importance of access control lies in its ability to bolster the overall security posture of an organisation, providing a flexible and scalable solution to meet specific needs, enhance operational efficiency, and ensure the safety of personnel and valuable assets.
Asia Pacific strongest region
Due to the region’s rising crime rate, physical security solutions are quickly gaining popularity across Asia and the Pacific. Security-related worries are becoming more prevalent, particularly in China, Malaysia, Australia, and India. Therefore, the government of several of these nations is encouraging the implementation of physical security measures to manage such a circumstance. Governments in the Asia Pacific are investing a significant portion of their federal budgets in developing security tools, which is expected to drive the adoption of physical security solutions. Moreover, the region is witnessing the large development of smart cities. Countries such as China have invested heavily in smart city programmes, and according to Marketsandmarkets, it is planning to spend USD 39 billion on smart cities. Smart cities heavily rely on physical security solutions, which is also driving the physical security market in the region.
Some of the key players mentioned in the report as active in this sector include: Johnson Controls, Bosch, Honeywell, Cisco, Telus, Wesco, Genetec, HID global, Pelco, HIkvision, Gallagher, Secom, Allied Universal, Dahua, Axis, Hanwha Vision, Teledyne Flir, Hexagon, General Dynamics, BAE Systems, Huawei, NEC, Qognify, Smartcone Technology, and Verkada.