A new report on the projected overall outlook of the global physical security market shows that escalating threats that have been brewing in recent years will sadly only continue. This reality is bleak, but it also means there will be great gains for the physical security industry. New innovations will only continue to be developed to address these shifts.
The new report from Research and Markets was just released, according to a press release published by Yahoo Finance.
Among the top-line findings, the report shows that, while the physical security market scaled to a high $123 billion in the year 2023, look for that number to hit an astonishing $211.4 billion within the next decade — by the year 2032.
This is partly due to the increased presence of threats like terror attacks, which have reached a fever pitch around the world.
Attacks have escalated in nearly every region of the world. That means governments and private entities alike have had to make investments in improved video surveillance and access control systems, according to the report. They cite advanced drones, smart fence sensors, as well as “mass notification systems” (MNS) at large communal events and official government proceedings as being drivers for growth and innovation in the physical security sector.
“Apart from this, the integration of artificial intelligence (AI) to identify potential areas of compromise while analyzing images, videos, and other data to differentiate threats from standard activities are providing an impetus to market growth. Moreover, the increasing awareness about physical security solutions in residential spaces owing to the increasing theft and robbery incidences is acting as another growth-inducing factor,” reads the release. “Furthermore, the installation of automated home security solutions for door locking and intruder, fire, and LPG gas leakage detections are positively influencing the market growth.”
These high-tech physical security responses also mean more personnel must be hired and trained. Essentially, the necessity to better respond to terror threats can be an economic and workforce driver.
The report also spotlights the implementation of cloud-based data storage and the “rising demand for video surveillance” technology as factors that are contributing to the current — and future — physical security boom.
In a world where global threats to everyone’s safety and wellbeing become ever more sophisticated, private, and public stakeholders have to do everything they can to harness the most advanced tools available to them. Reports like this one only underscore how innovative and creative physical security solutions are driving a revolution in how people, cities, and even governments at large stay safe and secure.