Over the course of the next decade, the global physical security market will only continue to grow in importance. In 2022, the global physical security market was valued at $132.5 billion.
Through this decade that will only go up.
A new report from Market.us shows a comprehensive snapshot of where the physical security market is moving within the next 10 years. The report shows that the industry will grow at a CAGR (Compound Annual Growth Rate) of 7.9% between 2023 and 2032. Examining factors like geographic expansion, competition, and industry segmentation, the report reveals the continuing influence physical security has as a central focus of globally leading companies.
“The global physical security market is expected to experience rapid growth over the coming years,” according to a release published by Technology Today. “The physical security market is expected to experience rapid growth due to rising demands for advanced security solutions, increased worries about terrorism and criminality, as well as government regulations that must be adhered to.”
Essentially, an ever more complex world is fueling a great need for the most robust physical security market possible to address shifting demands. The evolutions in the physical security market are predicted to be fueled in part by the adoption of new technologies. These include video analytics, biometrics, as well as access control systems, according to the report.
That being said, there are areas for improvement. Developing, advanced technologies bring new costs.
“The high cost of physical security solutions and lack of skilled personnel could pose challenges to growth,” they add. “Furthermore, privacy concerns related to certain physical security technologies like facial recognition may restrict growth in some regions.”
As with any changing industry, physical security will thrive as long as its practitioners adapt to those changes. The report suggests that firms must invest in not just adopting new technologies but training staff — and executives — in the best ways to harness those tools. This is especially true of cloud computing models, where the once disparate responsibilities of physical and cyber security teams hybridize and continue to merge.
While the industry adapts to address looming global threats, physical security teams have to remain competitive. One of the recommendations from the report is the need to streamline pre and post-production of new physical security tools, for example.
The report offers a call to arms and a note of inspiration for physical security leaders, managers, and those who hope to employ these security tools to answer the demands of a shifting world.
Peter Cavicchia II 