How will the physical security market fare through 2027?

The physical security market is poised to register commendable proceeds owing to the increasing adoption of system integration services that promote the seamless implementation of physical security solutions. The services ensure the integration of software platforms with hardware components for the deployment of a consolidated system.

The industry growth is also being propelled by a rise in the adoption of strategic moves by key market players for maintaining their position in the market. An instance of the same is the launch of HikCentral Professional by Hikvision in August 2021. The product is a software that promotes the remote monitoring of integrated and diverse physical security systems, inclusive of its facial recognition technology, from a centralised platform.

Driven by similar advancements, the physical security market size is set to surpass a valuation of USD $150 billion by 2027, according to the most recent research by Global Market Insights, Inc.

Why are physical security solutions gaining traction across the BFSI sector?

Physical security solutions are witnessing an increasing demand from the BFSI sector, as these systems are deployed by banks for the protection of valuable belongings in lockers. Banks are responsible for handling large amounts of cash that requires robust security solutions for the restriction of unwanted access and intrusion.

How will the rising requirement from residential sector fuel physical security market growth?

In the light of the surging development of smart cities, the industry is witnessing an increasing demand for physical security solutions from the residential sector, particularly for systems that can be integrated with IoT systems. Say for instance, intruder detection systems, access control solutions and video surveillance cameras can be interconnected and controlled in a remote manner.

This helps individuals in remotely ensuring the safety of children, pets and elderly people. In addition, physical security solutions are being installed in an increasing number of smart homes. The integration of video surveillance systems with other smart home devices enable the exchange of alerts on the user’s smartphone regarding unwanted intrusion, increasing the overall security of people as well as the asset.

How will the rising adoption of access control systems influence physical security market growth?

The physical security market is witnessing an escalating demand for access control systems from corporate enterprises. These solutions allow the entry of only authorised employees in the premises, eliminating the requirement for security personnel at entry gates. Employees can be provided with cards that can be scanned at access control systems that are set up at the entry and exit points.

Industry participants are focusing on the integration of biometric into access control solutions, further allowing authorised access via fingerprint, facial, or iris recognition. Moreover, manufacturing units are also deploying physical security systems that are integrated with alarms, that alert authorities in case of an unwanted intrusion.

What factors will drive the expansion of Latin America physical security market?

The physical security industry in Latin America is expected to record lucrative growth due to the expanding industrial sector and improving economic conditions in the region. The expansion of the tourism sector through the recent years has encouraged transportation authorities to support the upgrading of the existing security measures, bolstering product consumption in the ensuing years.

In a nutshell, the rising demand for imaging, security scanning and metal detection solutions will boost physical security market outlook through the forecast period.

By Saloni Walimbe, Senior Content Writer at Global Market Insights Inc.

For more information, visit: www.gminsights.com