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Physical Security Market Size
Physical Security Market size accounted for over USD 70 billion in 2020 and is set to grow at 11% CAGR from 2021 to 2027. High demand for physical security solutions from the transportation sector is expected to fuel the industry growth.
The rise in the number of international travelers over the recent years has encouraged government authorities to employ sophisticated physical security systems to ensure asset and passenger safety. For instance, in August 2019, the UK government mandated that all airports install 3D cabin baggage scanners. Similarly, body scanners are implemented at international airports in Australia to detect prohibited items carried or worn on the body. All travelers and baggage are scanned at the airports to eliminate the risks. Such initiatives from the government will encourage the installation of advanced security scanning, imaging & metal detection systems, in turn, propelling the market demand.
The ongoing coronavirus (COVID-19) pandemic negatively impacted the industry in 2020. As several government organizations imposed stringent lockdowns, there was a sharp decline in the demand for physical security solutions from hospitality market. Restrictions imposed on international as well as domestic travels resulted in the downfall of the hospitality sector, in turn, hampering the physical security market growth.
Additionally, the market witnessed a decline due to the temporary closure of retail outlets and manufacturing industries. The temporary shutdown of malls and halts in the construction of new commercial development projects also contributed to the declining demand for physical security systems. However, with the resumption of industrial activities followed by relaxations in lockdowns, the market will regain traction.
Why are video surveillance systems fostering the physical security industry trends across the U.S?
The U.S. industry share from the video surveillance segment is anticipated to grow at around 10% up to 2027 due to the expanding hospitality sector across the region.
How big is the physical security industry?
The physical security industry size was valued at USD 70 billion in annual value in 2020 and is likely to rise at an 11% CAGR through 2027 owing to a growing demand from the transportation sector.
What was the share of the Germany physical security market in 2020?
The physical security industry size for the Germany region reached USD 4 billion in 2020 and will grow with increasing requirements from the manufacturing sector for improved safety at production facilities.
Why will Middle East & Africa become a well-known market for physical security systems?
The MEA physical security industry share is pegged to record an 11% CAGR through 2027 driven by the growing retail sector, to ensure customer and employee safety across the region.
Which are some of the major solution providers in the physical security industry worldwide?
Axis Communications, ASSA Abloy, Hangzhou Hikvision Digital Technology, Honeywell International, Johnson Controls, and STANLEY Convergent Security Solutions are few prominent companies that offer physical security solutions.