Something that those in the physical security world know is that it is a thriving industry.
In recent years, as unprecedented security threats have emerged worldwide — from growing mass cybersecurity hacks to complications brought about by the COVID-19 pandemic — keeping firms’ data and assets safe has been a pressing priority.
A new report just released by Allied Market Research, has shown that the global physical security industry has hit new heights over the past six years. They found that the industry generated $78 billion in 2016, while that number is expected to grow to $153 billion by 2023, according to a recent release.
Additionally, the industry is in the process of experiencing a compound annual growth rate of 10.3 percent from 2017 to 2023. The report also shows that North America remains the physical security leader. The continent is the “largest supplier of physical security solutions across the world,” with the United States standing tall as the global market leader, the release reads.
Seapee Bajaj, a lead Analyst, ICT at Allied Market Research, said “North America dominates the global physical security market pertaining to increased terrorism incidence and enhanced security measures across diverse verticals including commercial; transportation, banking, financial services, and insurance (BFSI); residential; and others.”
Beyond this focus on the North American market, Bajaj cited continued growth in the Asia-Pacific market, which is projected to be the fastest growing among other regions in the world.
Predictably, COVID-19 has been a major driver in this all-around industry growth.
The report shows the global health crisis offered unique new opportunities for security innovation. This includes the popularity of thermal cameras, which were put in place to detect the temperatures of employees and business visitors at places like industrial headquarters and banks, for example.
The report also points to “Building Wellness” systems that were put in place in residential buildings to ensure physical security systems adhere to the consistently changing safety standards of the pandemic era.
Allied Market Research also cited increased demand for ACaaS and VSaaS services, remarking that “customers want more value from their investments in the times of economic turbulence and investing less upfront capital expenditure” during the current climate of uncertainty.
As other reports have pinpointed, a hybrid model that melds physical and cyber security needs is crucial as a move to the cloud means protecting both data and physical assets.
The physical security market will continue to grow as firms continue to meet the moment and answer new threats.