The global physical security market size is expected to reach USD 137.99 billion by 2028 according to a new study by Polaris Market Research in a new report which gives a detailed insight into current market dynamics and provides analysis on future market growth.
Significant factors of the market such as increasing smart city projects by the government deploying various physical security systems coupled with the improving infrastructural development with the robust access control measures are impelling the market demand. In addition, growing awareness regarding the availability of numerous IP-based cameras for video surveillance is further boosting the market demand across the globe.
Furthermore, the growing number of terrorist attacks as well as rising concern regarding workforce protection, hence implementing systems to avoid unauthorised access, also contributes towards the growth over the coming years. Based on end-use, the residential segment holds the largest share globally. This is, according to Polaris, due to rising concern for safeguarding lives and protecting assets from any potential risks.
The transportation segment is projected to rise at the second-fastest CAGR over the forecast period due to the growing demand for the equipment to be deployed in the overseeing of traffic congestion and monitoring crowds. The growing incidence of terrorist attacks is the foremost driving factor for industry growth around the world. In the few past decades, the crime rate, as well as terrorist activity, has been increasing.
Major Participants such as G4S Limited, Anixter Inc., Axis Communications AB, Cisco Systems, Inc., Dahua Technology Co., Ltd, Genetec Inc., ADT, Hangzhou Hikvision Digital Technology Co., Ltd., Stanley Convergent Security Solutions, Inc., Honeywell International Inc., Pelco, Dahua Technology Co., Ltd., Robert Bosch GmbH, Secom Co., Ltd, Kastle Systems International LLC, and Johnson Controls are some of the key players operating in the global market.
There are abundant competitors in the industry which are introducing and advancing innovative products for expanding their business operations around the world. As a for instance, Polaris analysts point out that in August 2021, Hikvision introduced the company’s Hikcentral Professional – a computer vision platform for consolidating physical security operations. This software assists in the integration of the physical security systems as well as its facial recognition technology with the help of a centralised platform.