The global Physical Security Market is expected to grow from USD 110.2 billion in 2023 to USD 136.9 billion by 2028, with a CAGR of 4.4% during the forecast period. The market is being driven by the increasing use of IP-based cameras for video surveillance and the rise in instances of malicious activities and security breaches to physical systems. However, challenges related to addressing the complexity of advanced threats could hinder market growth.

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Key Segment Insights:

Managed Services:

Higher CAGR Expected: Managed services are projected to grow at a higher CAGR during the forecast period. Organizations are increasingly outsourcing tasks related to physical security due to time constraints, limited resources, and cost concerns. Managed service providers (MSPs) help maintain and update hardware, software, and physical security systems, ensuring data protection and efficient business processes.
Access Control as a Service (ACaaS):

Largest Market Size: The ACaaS segment is expected to hold the largest market size during the forecast period. ACaaS is a cloud-based service that integrates with on-site access control systems, offering features like remote management, scalability, real-time control, data security, and secure communications. Its ability to enhance organizational security and operational efficiency makes it increasingly popular across various verticals.
Asia Pacific Region:

Highest CAGR Expected: The Asia Pacific region is projected to grow at the highest CAGR during the forecast period, driven by rising crime rates and increasing security concerns, particularly in countries like China, Malaysia, Australia, and India. Governments in these countries are heavily investing in physical security measures and smart city projects, with China planning to spend USD 39 billion on smart cities, which heavily rely on physical security solutions.
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Key Market Players:

The major players in the global physical security market include:

Johnson Controls (Ireland)

Bosch Building Technology (Germany)

Honeywell (US)

ADT (US)

Cisco (US)

Telus (Canada)

Wesco (US)

Genetec (Canada)

HID Global (US)

Pelco (US)

Hikvision (China)

Gallagher (New Zealand)

Secom (Japan)

Allied Universal (US)

Zhejiang Dahua Technology (China)

Axis Communications (Sweden)

Hanwha Vision America (US)

Teledyne FLIR (US)

Hexagon AB (Sweden)

General Dynamics (US)

BAE Systems (UK)

Huawei (China)

NEC (Japan)

Qognify (US)

SmartCone Technology (Canada)

Verkada (US)

IOTAS (US)

Cloudastructure (US)

These companies are key players in the physical security market, contributing to the development and deployment of advanced security solutions globally.

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