Physical Security Market is booming, projected to reach USD 200.81 billion by 2032.

From GlobeNewswire: 2024-12-15 08:00:00

The Physical Security Market is booming, with a value of USD 122.92 Billion in 2023 expected to reach USD 200.81 Billion by 2032, growing at a CAGR of 5.65%. Rising security concerns and technological advancements are driving this rapid growth, with a focus on integrated security solutions and advancements in AI and machine learning.

Leading players in the market include Tyco International, Honeywell, Bosch Security Systems, and more, offering a range of products like CCTV systems, video surveillance, and access control solutions. The market is projected to reach USD 405 billion in the U.S. by 2023, with a significant contribution from video surveillance systems and guarding services.

The market growth is fueled by the demand for comprehensive security systems, cloud-based technologies, and artificial intelligence. The services segment is projected to grow at a CAGR of 8.35%, driven by installation, maintenance, and upgrades. Large enterprises currently dominate the market, with SMEs expected to grow rapidly at a CAGR of 7.28%.

The government segment led the market in 2023, with increased spending on national security and public safety. Residential properties are expected to drive growth in the end-use segment, with a focus on enhancing security measures against theft and security risks. North America and Asia Pacific lead market growth, with robust demand and investments in advanced security solutions.

North America accounted for over 39% of total revenue in 2023, driven by economic growth and investments in security solutions. Asia Pacific is projected to experience the fastest CAGR of 6.35%, fueled by rising demand for smart security solutions in countries like India and China, with substantial investments in city surveillance and traffic monitoring initiatives. Bosch cameras now integrate seamlessly with Genetec Security Center SaaS, offering cloud-managed connections for scalable, flexible, and secure physical security solutions.
Honeywell warns of rising cyber-physical attacks with new malware targeting critical infrastructure, urging enhanced cybersecurity measures to protect against evolving threats.
Genetec’s report shows a growing preference for hybrid cloud security solutions, reflecting the need for flexible, scalable systems that balance operational needs and IT influence.



Read more at GlobeNewswire: Physical Security Market Set to Reach USD 200.81 Billion by