Much has been made recently of how the physical security market is growing by leaps and bounds. In 2020, the physical security market stood at a $104.6 billion valuation, and is expected to jump to $192.9 billion by 2030.
Driving that growth is the unfortunate increase in terror attacks and ever more sophisticated threats that face companies worldwide, according to a press release from Allied Analytics.
This information stemmed from the company’s new report that examines just how much the physical security market is changing and what is driving those evolutions. The snapshot of the security industry at large reveals that access control, surveillance, and security testing stand as “the three most important components of a physical security plan,” which “work together to make any space more secure,” according to the release.
The report asserts that access control protocols have to be implemented at the outer edge of one’s security perimeter — something that should be started early on.
When it comes to what sector is witnessing the most pronounced growth in physical security, IT and telecom stand out the most.
“Depending on industry vertical, IT and telecom segment holds the largest physical security market share as telecommunications industry is facing one of the biggest challenges for managing their networks of base stations,” the release reads. “Thus, to properly handle their network issues and to increase the security of telecom operator companies are adopting physical security solutions which is enhancing the growth of the market.”
That being said, the banking, financial services, and insurance (BFSI) sector “is expected to witness growth at the highest rate.” This is the result of integrating advanced technology directly in a company’s financial core.
“The key drivers of the physical security market of the BFSI includes regulatory safety standards’ compliance, risk of data loss, and increase in the adoption of cloud security solutions at data centers, ATMs, corporate buildings, and cash depots,” according to the release.
Allied Analytics reports that North America dominated the physical security market in 2020, which is partly due to the fact that it is home to some of the main figures in the industry. While that remains the case, they reveal the Asia-Pacific region “is expected to witness significant growth during the forecast period.” They cite the increase in the crime rate as a driver behind all of this.
For security professionals coming across the new report, the lesson is clear — make sure to stay on top of emerging trends and technology to keep every company as secure and safe as possible.
Peter Cavicchia II 