01 November 2019
Physical Security Market Report 2020-2030: Forecasts by Component (Hardware, Software, Services), By Organization Type (Small Scale Enterprises, Large Enterprises), By Vertical (BFSI, Government, Transportation, Retail, Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) and profiling of leading international and domestic companies.
In 2019, the global size of the physical security market was estimated at USD 160 billion and a CAGR of 10 percent is expected over the forecast period. One of the key factors expected to drive the demand is the increasing need for physical security. Factors such as increased security spending to secure organizations ' sensitive resources and rapid adoption of cloud-based data storage and advanced analytics, as well as technological developments in access control and video surveillance, are also expected to fuel market growth.
Furthermore, shifting focus from conventional, such as badge readers, alarm systems, and door locks, to innovative logical security solutions, including vulnerability identification, threat management, and avoidance of attack, would support growth from various organizations and government agencies. The world for physical security continues to evolve worldwide, leaving it vulnerable to cybercrime. Many cases of security breaches have been experienced over the past few years by various industries and sectors, such as BFSI, retail, state, and transportation. These factors are driving the demand more rapidly.
Governments across major regions are working continuously to strengthen their infrastructure for physical security to curb threats. For example, in October 2017, U.S. federal auditors were under covered. Government Accountability Office (GAO) has been given unauthorized access to secure areas on the National Institute of Standards and Technology (NIST) campuses in Colorado and Maryland. These events have contributed to the need for better legislation to protect the facilities of NIST or other federal buildings. In addition, the Institute has also established a Security Advisory Board to raise awareness among NIST employees about the importance of security.
While technologies such as the Internet of Things (IoT) have an important role to play, they have created potentially exploitable vulnerabilities. Moreover, entry points into an IoT-connected ecosystem's data systems have expanded the scope of cyber attacks. IoT security, however, has also broadened the scope of consumer opportunities by enabling data protection through advanced physical security system connected networks. In addition, IoT-enabled devices are expected to boost market growth by innovations and technology advances in integrated sensors, videos, and access systems.
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