Product Code: RP-ID-10346764 |
Published Date: 21 Oct 2022 |
Region: NA |
Category: ICT & Telecom |
Report ID: 10346764
Market Overview:
US Physical Security Market Outlook 2028
US Physical Security Market Analysis 2019-2028
Physical security is the protection of information-related assets, personnel devices, hard-drives, computers, organization’s assets, and property from physical actions that tends to cause damage. The growth in spending by government bodies on the installation of new physical security systems such as video surveillance, access control, and others, in government offices and public facilities is anticipated to provide growth opportunities to the physical security market. At present, technology, legislation and regulations are all coming together to make the use of drones for commercial purposes more viable than ever before. Moreover, automation technologies are resulting in the growth of sub-segments such as video surveillance as a service and others. There is a growth in the adoption of mobile access control in the security industry over the last few years including the advances made in access control for critical functions such as remote operations, credentialing and various others, this is anticipated to boost the growth of the US physical security market in the coming years. US physical security market accounted for a market value of around USD 32,000 million in 2019 and is anticipated to reach USD 55,000 million by 2028, by growing at a CAGR of 7.7% over the forecast period of 2020-2028.
The United States physical security market is segmented by vertical into government and defense, BFSI, retail, transportation, industrial and commercial, and others. Among these, the government and defense segment accounted for the largest market share of around 30% in 2019 and is anticipated to grow significantly over the forecast period. Increasing use of security systems such as access control and video surveillance across several areas including airports, railways and public facilities among others, is anticipated to boost the progressive growth of the physical security market. The industrial and commercial segment is expected to hold significant market share of the United States physical security market, on the back of the growing implementation of access control security systems to prevent theft or invasions and restrict unauthorized access. The growing use of electronic locks in commercial and industrial properties along with the growing demand for security systems in hotel accommodation is anticipated to drive the growth of the United States physical security market over the forecast period.
Extensive usage of cloud computing solutions in association with increasing computerization and an integrated loom in business processes are predictable to drive the accomplishment of integrated solutions. For instance, the appearance of smartphone enabled door locks developed on an internet of things (IoT) stage helps to get better physical security. Thus, security function software including smartphone credentialing with the use of near field communication (NFC) and Bluetooth equipment combined with IoT is probable to become a major aspect of advanced physical security. These advancements in technology are anticipated to drive the market growth of US physical security market over the forecast period.
However, product exploitation through hacking, data privacy concerns and products prone to single point of failure are the factors that are anticipated to hamper the growth of US physical security market. The system contains users’ personal data, which if breached, could pose a serious threat on the user.
Some of the affluent industry leaders in the US physical security market are Bosch Security Systems LLC., Honeywell International Inc., Cisco Systems Inc., Johnson Controls, ADT Inc., Anixter Inc., EMCOR Group Inc., Trane Technologies PLC, and others.
Bosch Security Systems LLC., Honeywell International Inc., Cisco Systems Inc., Johnson Controls, ADT Inc., Anixter Inc., EMCOR Group Inc., Trane Technologies PLC, and others.
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