US Physical Security Market Forecast Indicates Impressive Growth Rate By 2028

(MENAFN- America News Hour)

Research Nester has released a report titled “US Physical Security Market : Demand Analysis & Opportunity Outlook 2028” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter's five force model.

Physical security is defined as the protection of information-related assets, personnel devices, hard-drives, computers, organization's assets, and property from physical actions that could cause damage. It describes the measures to protect the assets from real-world threats and crimes. It includes access control, video surveillance system and testing. The market is anticipated to witness significant growth opportunities on the back of technological advancements in the wireless technology and the convergence of physical and electronic spaces. Furthermore, integration of smart technologies such as cloud is expected to play a crucial role in improving the physical security system for applications such as intelligent monitoring, fingerprint scanning, iris recognition and others. US physical security market accounted for a market value of USD 31,989.1 million in 2019 and is anticipated to reach USD 55,157.3 million by 2028, by growing at a CAGR of 7.7% over the forecast period of 2020-2028.

The US physical security market is segmented by organization size into small and medium size enterprises (SMEs) and large enterprises. The large enterprises segment is anticipated to grow at a CAGR of 7.1% over the forecast period. Large enterprises require highly scalable and complex security systems & services to operate at various locations, thus requiring a solution which is capable of large-scale integration of several security operations. Additionally, large enterprises are at a higher risk for security breaches and various other physical & cyber threats. The SMEs (Small & medium size enterprises) segment is expected to grow at a CAGR 9.0% over the forecast period. The growth in the cyber-attacks & security breaches along with the monetary losses is anticipated to increase the adoption of physical security systems in small & medium size enterprises

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Rising Demand for Physical Security Devices Owing to Increasing Crime Rate, Followed By Technological Advancements in Physical Security Devices To Drive The Market Growth

The increasing number of property crimes, along with growing terrorist attacks across the U.S. is anticipated to drive the growth of physical security systems market in the U.S. during the forecast period. Perimeter intrusion activities are raising the need for various physical security solutions to be installed at various settings. Moreover, the market is anticipated to witness huge growth opportunities on the back of technological advancements in the wireless technology. The IP technology enables the organization to make their telephones and computer networks work together to overcome the limits previously set by traditional system so that in case of any emergency, messages can be sent to people and immediate action can be taken.

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 over the forecast period.

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