Physical security market to record commendable growth over 2021-2027

One of the latest advancements in the physical security industry comprises the selection of Genetec, Inc., a leading provider of public safety and unified security solutions, to upgrade and enhance the security system at Singapore’s Changi Airport. As part of the project, Genetec Security Center will work on the improvement of the airport’s security operations, with a primary focus on the video surveillance system across its terminals. Commissioned to Genetec after a rigorous competitive tender process, the project is anticipated to be completed by the end of 2023.

Such developments are touted to boost the demand for different types of physical security systems, stimulating industry outlook over the analysis period. On this note, the global physical security market share is estimated to exceed USD 150 billion by 2027, according to the latest research by Global Market Insights, Inc.

This upsurge is attributed to the escalating demand for access control systems from various corporate enterprises. These systems make sure that only authorized employees enter the premises. Further, the installation of these systems eliminates the requirement for security personnel at entry gates as employees can be accorded with cards that undergo scanning at the entry and exit points.

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Key players operating in the physical security market comprise Panasonic Corporation, Thales Group, Bosch Security Systems, Inc., STANLEY Security, Analogic Corporation, OSI Systems, Inc., and others. These participants are focusing on the integration of biometrics into various access control solutions, allowing authorized access via iris, facial, or fingerprint recognition.

Latin America physical security market is poised to witness appreciable growth over the projected span on account of the expanding industrial sector and improving conditions in the region. The growth of the tourism industry in LATAM has also encouraged transportation authorities to proceed with the upgradation of the existing physical security standards.

Moreover, governments in LATAM are also keen on undertaking various infrastructure upgradation initiatives for ensuring public safety. For instance, in September 2019, the government of Chile announced “Chile Sobre Rieles”, a USD 5 billion investment initiative, for the expansion and upgradation of the country’s railway network.

The rising developments in the residential sector are further set to propel the physical security industry landscape through 2027. Smart cities are deploying IoT systems for ensuring the interconnection of objects, augmenting the demand for physical security controls that could be integrated with IoT systems.

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These services comprise intruder detection systems, video surveillance cameras, and access control solutions which could be interconnected and operated in a remote manner. This helps individuals to remotely ensure the safety of children, pets, and elderly people.

On the whole, an escalation in the demand for various physical security controls from the BFSI sector for the protection of valuables in lockers is likely to augment physical security market share over the assessment period.

Table Of Content

Chapter 1   Methodology & Scope

1.1    Scope & definitions

1.2    Methodology & forecast parameters

1.3    Data sources

1.3.1    Secondary

1.3.2    Primary

Chapter 2   Executive Summary

2.1    Physical security industry 360º synopsis, 2017 - 2027

2.1.1    Business trends

2.1.2    Regional trends

2.1.3    Component trends

2.1.4    Application trends

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