Physical Security Market to Reach USD 202.05 billion with an 7.63% CAGR

June 30, 2023

Physical Security Market Analysis and Size

Physical security methods are used to protect equipment and structures. To keep technology and data secure, physical security breaches and dangers must also be avoided in addition to network and cyber security. The workers and professors who have access to the building likewise hold this to be true.

Global physical security market was valued at USD 112.20 billion in 2021 and is expected to reach USD 202.05 billion by 2029, registering a CAGR of 7.63% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

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Market Definition

Physical security refers to the kind of security service that helps safeguard information, hardware, software, people, and networks from physical attacks and other incidents that could seriously hurt any business or government organization. The structure is guarded against terrorism, fire, robbery, natural calamities, and vandalism. The system comprises several interconnected layers including CCTV cameras, security guards, locks, access control protocols, barriers, and other similar tools.

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COVID-19 Impact on Physical Security Market

There was a considerable demand for contact-based biometric and access control systems following the COVID-19 epidemic. However, because of the COVID-19 problem, contactless access control and biometric technologies have gained significant popularity since more people are aware of the need to avoid physical touch in public spaces. The primary drivers of the market growth are the rapid acceptance of contactless biometric systems in the pandemic and the growing demand for video surveillance solutions, particularly for remote monitoring activities.

Physical Security Market Scope

The physical security market is segmented on the basis of component, systems type, service type, organization size and vertical. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

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