Physical Security Market outlook with industry review and forecasts

The physical security market industry is set to expand exponentially over the forthcoming years because of the booming hospitality sector, implementing advanced technologies for employee and asset safety across government sector, increasing demand for design and consulting services, and high demand for security screening solutions. Physical security is referred as the protection of software, hardware, networks, personnel, and data from physical actions as well as events that might cause serious damage or loss to an enterprise, institution or an agency.
The IoT (Internet of things) is broadening the domain of physical security mainly because smart devices connected to business systems through the internet might be positioned outside of well-known secure perimeters. Meanwhile, smart devices isolation cannot be attained in the same manner as those in the physical borders of an establishment, so device location will play a very important role in keeping equipment secure, safe, as well as fully operative in the outside world.
Tracking signals, motion sensors, and tamper-proof locks can provide more security for mission-critical devices. The physical security market is bifurcated into different segments in terms of component, application, and regional landscape.
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With respect to component, the physical security market is divided into services and system. The system segment is further classified into security scanning, imaging, and metal detection; video surveillance, intrusion detection and prevention systems; access control systems, and others. High demand for security screening solutions from the expanding airport infrastructure globally, will drive the market for security scanning, imaging, and metal detection.
The services segment is segmented into designing and consulting, maintenance and support, remote monitoring, and system integration. Increasing demand for design and consulting services that provide guidance on the deployment and implementation of complicated security systems according to customized requirements will fuel the overall market growth through 2027.
In terms of application, the overall physical security market is categorized into transportation & logistics, retail, residential, manufacturing, oil, gas & energy, IT & telecom, hospitality, BFSI, government, and others. Modernizing government segment as well as implementing advanced technologies for employee and asset safety will fuel the physical security industry outlook.
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Meanwhile, retail segment will witness substantial growth over the coming years. In fact, large retailers employing video surveillance solutions to monitor different locations from a unified platform are bolstering the market potential.
From a regional frame of reference, the expanding hospitality industry in North America region will encourage hotel owners to employ sophisticated security solutions for visitor and staff safety. This is likely to propel the regional physical security market trends.