With global fears over increased terrorist threats — both physical and cyber — businesses and institutions of all sizes are faced with a reality that security has to be a central concern.
A new report from Allied Analytics offers a window into how these increased threats are driving the physical security market. A robust market is good for the physical security industry, but also signifies companies need to prioritize effective security protocols to protect themselves from these burgeoning terror threats.
In a press release, the company revealed the physical security market was valued at $104.6 billion in 2020, but it is estimated to scale to $192.9 billion by the year 2030.
Key areas of growth
The firm says the three most important pillars of a physical security plan are access control, surveillance, and security testing — all three merge together to “make any space more secure,” the release reads.
“Access control may start at the outer edge of a security perimeter, which one should establish early in the process,” they write. “Users can use fencing and video surveillance to monitor access to the facility and secure the outdoor area, especially if they have on-site parking or other outside resources. Furthermore, growth int he number in terror attacks and growing awareness boost the growth of the global physical security market.”
Allied Analytics states that issues around privacy and a low level of “physical and logical security integration” can put a damper on overall market growth for the industry. As has become a common refrain, in order for the industry to thrive and for physical security to be effective, it has to be integrated seamlessly into a company’s protocols.
Regions of the world where physical security is most needed
The report outlines that North America has been dominating the physical security market given that it features the “major players” that provide “advanced solutions” for this form of protection. This regional growth is also attributable to the fact that North America experiences relatively high rates of terror threats — both domestic and foreign. The fact that these incidences only continue to increase means physical security will have an indelible foothold in the North American market.
Another part of the globe that is fueling physical security growth is the Asia-Pacific region. It’s “expected to witness significant growth during the forecast period, owing to the prominent government and police initiatives to enhance physical security software owing to the increase in crime rate,” according to the release.
Examples of this include physical attacks, insider threats, and risks tied directly to infrastructure that are particularly present in India and China.
As the world inches toward the next decade, an increased reliance on advanced security methods — particularly integration with cloud systems — reveals that the future very much rests on the shoulder of a robust physical security market.