Physical Security Infrastructure Market: Growth Factors in 2023

September 21, 2023

This News Covers

In an era marked by the relentless evolution of security threats, the imperative to fortify defenses has never been more critical, driving a global surge in investments aimed at enhancing security measures across various sectors. This global trend is underscored by a series of substantial investments in security upgrades, reflecting a universal, heightened sense of urgency to safeguard communities, assets, and information from potential breaches and malicious activities. From the educational corridors of the United States to the bustling supermarket aisles of New Zealand, the amplified focus on security investments is emblematic of a broader, proactive endeavor to mitigate risks and ensure the safety and well-being of individuals and institutions.

MarketsandMarkets welcomes these developments and our editors share their views.

 

Top Institutes Upgrading their Security Infrastructure

In the United States, institutions like Alabama A&M University, Chicago Public Schools, and Georgia Southern University are channeling millions into sophisticated security infrastructures, emphasizing comprehensive surveillance and rapid response mechanisms to protect their students and staff. These investments are not isolated; they are part of a larger narrative, with the global physical security market projected to grow from USD 110.2 billion in 2023 to USD 136.9 billion by 2028, at a CAGR of 4.4%, according to MarketsandMarkets. This growth is driven by the increasing use of IP-based cameras for video surveillance and the rise in instances of security breaches to physical systems.

In parallel, the state of Tennessee is allocating $200 million in grants to reinforce security across schools, a move that resonates with the escalating importance placed on the safety of the younger generation and educational staff. This aligns with the broader market trends, where the public safety and security market is expected to grow from USD 433.6 billion in 2022 to USD 707.2 billion by 2027, at a CAGR of 10.3%, reflecting the increasing emphasis on public safety and security globally.

Alabama A&M University, Normal, Alabama 

Amount Invested: $600,000 

Alabama A&M University has invested $600,000 in upgrading its security system. The investment includes issuing body cameras to A&M police officers, installing new outdoor cameras across school grounds, and implementing drone technology for large area surveillance and traffic control by the Department of Public Safety. An automatic gate arm for Center Campus and a new swipe gate at Normal Hills have also been installed to improve traffic flow, pedestrian safety, and limit access to student residents. These enhancements aim to promote a safe learning environment and increase accountability across the community. 

Chicago Public Schools, Chicago, Illinois 

Amount Invested: $76.3 million 

Chicago Public Schools is investing $76.3 million over three years in security upgrades for more than 300 schools. The investment, sourced from local and federal funds, includes the installation of state-of-the-art cameras connected to the CPS Safety Center, the 911 system, and Chicago police. The upgrades aim to deter criminal activity and assist response in the event of an incident, ensuring the safety of students and staff. 

Georgia Southern University, Statesboro, Georgia

Amount Invested: $1.2 million

Georgia Southern University is allocating approximately $1.2 million to upgrade its campus security cameras and video technology. The upgrade involves transitioning from analog to a digital platform and installing state-of-the-art Flock cameras, which are motion-activated and record license plate numbers. The new technology will extend the reach of over 1,800 video cameras across its campuses, enhancing security and safety.

Tennessee Schools, Nashville, Tennessee

Amount Invested: $200 million

The state of Tennessee is investing $200 million in grants to strengthen school security, supporting the placement of full-time, armed school resource officers at every public school and making physical security improvements at both public and private schools. The grants can be used for improved physical security, emergency operations planning, violence prevention programs, conflict resolution, and safety training for staff members.

 

Leading Products in Physical Security Market in 2023

Cisco

  1. Cisco Meraki MV32 Edge Camera: A new camera equipped with AI-powered analytics for object detection, tracking, and facial recognition. 
  2. Cisco Secure Access Control (CSAC): A cloud-based access control system integrated with Cisco's security portfolio for unified security management.

Honeywell

  1. Honeywell Forge Cyber Threat Protection: A solution utilizing artificial intelligence to detect and respond to cyber threats in real time. 
  2. Honeywell Intelligo AI Video Analytics: A video analytics platform using AI to detect and classify objects in video footage. 

Motorola Solutions

  1. Motorola Solutions CommandCentral Aware: A software platform integrating video surveillance, access control, and other security systems into a single unified view. 
  2. Motorola Solutions Body-Worn Cameras: A line of body-worn cameras with AI-powered features like automatic transcription and real-time alerts. 

IBM

  1. IBM Security MaaS360: A mobile device management solution with security features such as data encryption and remote wiping. 
  2. IBM Security Guardium: A database security solution protecting against unauthorized access, data theft, and fraud. 

NEC

  1. NEC NeoFace AI: A facial recognition platform identifying individuals in real time, even in challenging conditions.
  2. NEC Safer Cities Suite: A suite of solutions using sensors, AI, and cloud computing to improve city security and public safety.

Siemens

  1. Siemens Desigo CC: A building management system integrating security with other building systems like HVAC and lighting.
  2. Siemens SiPass access control system: A cloud-based access control system offering features like mobile access and two-factor authentication. 

Thales

  1. Thales Gemalto SafeNet USB Token: A hardware security module protecting user credentials and data from unauthorized access.
  2. Thales Gemalto SafeNet Mobile PKI: A solution enabling secure mobile transactions using digital certificates and public key infrastructure.

Ericsson

  1. Ericsson City Guardian: A suite of solutions using 5G and other technologies to improve city security and public safety.
  2. Ericsson Identity and Access Management (IAM): A solution providing secure access to applications and resources.

Huawei

  1. Huawei Intelligent Video Surveillance Solution: A video surveillance solution using AI to detect and classify objects in video footage. 
  2. Huawei Access Control System: A cloud-based access control system offering features like mobile access and two-factor authentication. 

Tyco (Johnson Control)

  1. Tyco ExacqVision Cloud: A cloud-based video surveillance platform offering features like remote viewing and recording. 
  2. Tyco Kantech EntraPass Access Control System: A cloud-based access control system offering features like mobile access and facial recognition. 

These products, with their advanced features and innovative technologies, represent the ongoing efforts by leading companies to enhance security and safety in various domains, ranging from individual entities to urban landscapes.

These varied yet interconnected investments converge on a shared objective: to enhance security and instill a sense of safety amidst a landscape fraught with uncertainties. They echo a global narrative of resilience and adaptation, highlighting the crucial role of advanced security measures in navigating the intricate tapestry of contemporary risks. The integration of cutting-edge technology and security in these initiatives signifies a transformative shift towards a future where the principles of safety and security are upheld through relentless innovation and strategic foresight, a future where the sanctity of safety is a paramount priority, fortified by substantial investments and technological advancements.

 

Curated: Insights from MarketsandMarkets on Physical Security Market

North America Physical Security Market

  1. Market Growth: The market is projected to grow from USD 37.4 billion in 2021 to USD 48.2 billion by 2026, at a CAGR of 5.2%.
  2. Drivers: Rise in security breaches, fraud, and data identity thefts, surge in use of BYOD/IoT devices, high demand for cloud-based solutions, increasing use of IP-based video surveillance camera systems, and stringent government regulations.
  3. Key Players: ADT (US), Cisco (US), Honeywell (US), Johnson Controls (Ireland), TELUS (Canada), and others.
  4. Strategies: Partnerships, agreements, collaborations, new product launches, and acquisitions have been the major strategies adopted by players from 2018 to 2021.
  5. Notable Transactions: In October 2019, ADT signed an agreement to sell ADT Security Services Canada to Telus Corporation for approximately CAD 700 million.

Global Physical Security Market

  1. Market Growth: The global market size is projected to grow from USD 110.2 billion in 2023 to USD 136.9 billion by 2028 at a CAGR of 4.4%.
  2. Drivers: The growth in the use of IP-based cameras for video surveillance and the rise in instances of malicious activities and security breaches to physical systems.
  3. Regions: Asia Pacific is expected to grow at the highest CAGR due to rising crime rate and investments in smart city programs.
  4. Key Players: Johnson Controls (Ireland), Bosch Building Technology (Germany), Honeywell (US), ADT (US), Cisco (US), Telus (Canada), and others.

Physical Security Market Insights

  1. Market Growth: The market is projected to grow from USD 110.2 billion in 2023 to USD 136.9 billion by 2028 at a CAGR of 4.4%.
  2. Drivers: Rising instances of terrorist activities and security breaches to physical systems and increasing use of IP-based cameras for video surveillance.
  3. Key Players: Johnson Controls (Ireland), Bosch Building Technology (Germany), Honeywell (US), ADT (US), Cisco (US), Telus (Canada), Wesco (US), Genetec (Canada), and HID Global (US).

Public Safety and Security Market

  1. Market Growth: The market is expected to grow from USD 433.6 billion in 2022 to USD 707.2 billion by 2027, at a CAGR of 10.3%.
  2. Drivers: The role of public safety professionals is to prevent danger and protect the wellbeing of citizens, communities, and organizations against various threats and calamities.
  3. Key Players: Cisco (US), Honeywell (US), Motorola Solutions (US), IBM (US), NEC (Japan), Siemens (Germany), Thales (France), Ericsson (Sweden), Huawei (China), Tyco (Johnson Control) (Ireland), and others.

Insights:

  1. Rapid Growth in Public Safety and Security Market: The Public Safety and Security market is experiencing significant growth, with a projected CAGR of 10.3% from 2022 to 2027, highlighting an increased emphasis on public safety and security globally. 
  2. Increasing Adoption of IP-based Cameras: The use of IP-based cameras for video surveillance is a common growth driver in the physical security market, indicating a shift towards advanced technology solutions in security systems. 
  3. Strategic Developments by Key Players: Key players in these markets are actively engaging in partnerships, agreements, collaborations, new product launches, and acquisitions to expand their presence and innovate their offerings. 
  4. High Investments in APAC Region: The Asia Pacific region is witnessing high investments in physical security solutions due to rising crime rates and the development of smart cities, particularly in countries like China. 
  5. Diverse Application Across Industries: Physical security solutions find applications across diverse sectors including BFSI, healthcare, government, retail, and more, indicating a widespread need for enhanced security measures across different industries. 

Editor's Pick

Information and Communication Technology

Google One’s 100 mn Subscribers Coincide with Gemini Advanced Plan
February 19, 2024

Information and Communication Technology

LumiraDx Sells Point of Care Technology Platform to Roche
February 19, 2024

PODCASTS

Sustainable Digital Transformation & Industry 4.0

Sustainable Digital Transformation & Industry 4.0

Sanjay Kaul, President-Asia Pacific & Japan, Cisco, and host Aashish Mehra, Chief Research Officer, MarketsandMarkets, in conversation on unraveling 'Sustainable Digital Transformation and Industry 4.0'

11 July 2023|S2E12|Listen Now

Future of Utilities with Thomas Birr from E.ON

Generative AI

Prasad Joshi, Senior Vice President-Emerging Technology Solutions, Infosys, and host, Vinod Chikkareddy, CCO, MarketsandMarkets, in exploring the recent advances in AI and the generative AI space.

7 Nov 2023|S2E13|Listen Now

North America Physical Security Market

$37.4 BN
2021
$48.2 BN
2026

Download Whitepaper

Tennessee Schools' Security Changes

It is focussing to strengthen school security, supporting the placement of full-time, armed school resource officers at every public school

Overcoming Uncertainties

Varied yet interconnected investments converge on a shared objective: to enhance security and instill a sense of safety amidst a landscape fraught with uncertainties

STAY TUNED

GET EMAIL ALERT
Subscribe Email

Follow IndustryNews by MarketsandMarkets

DMCA.com Protection Status