The US Physical Security Market is projected to reach USD 38.56 billion by 2028 from an estimated USD 32.51 billion in 2023, at a CAGR of 3.5% during the forecast period, according to a new report by MarketsandMarkets™.
The growing adoption of smart devices, government restrictions, and advancements in technology are contributing factors to the expansion of the physical security market in the United States. Organizations are investing extensively in video surveillance, facial recognition, and real-time analytics to provide seamless experiences and secure critical data. The advancements made in facial recognition and video surveillance technologies have helped law enforcement agencies to prevent crimes and to collect evidence. These technologies, however, may raise potential data privacy and storage issues that require addressing when considering the acceptable limits placed on citizens’ privacy. Developments in “smart cities” also contributes to the trajectory of growth in the physical security market by embedding these technologies for improving new advances towards safety and efficiency in cities.
The services segment accounted for the largest share of the component segment in the US Physical Security Market in 2023.
Based on the component, the services segment is the dominant segment in the US Physical Security Market as the security systems have become more complex. The integration of modern technologies like video surveillance, access control and IoT-based solutions necessitate the need for professional installation, maintenance and management of security systems. The increase in demand for remote monitoring services has also increased the need for professional expertise in security. Similarly, the need for system integration and regular updates will increase the need for professional expertise in security. In addition, the concerns related to security have increased calls for the use of qualified service providers for consulting and risk assessment related to security.
The retail & eCommerce segment is estimated to register the highest growth rate during the forecast period in the US Physical Security Market.
The retail and eCommerce vertical presents the fastest growth in the US Physical Security Market, due to the growing need for asset protection and loss prevention. With high proportions of transactions and an increased potential for both outside and inside theft, retailers – most notably eCommerce operations – need high-quality security solutions for their products/inventory, warehouses, and distribution centers. As organized retail crime, shoplifting, and theft based on eCommerce purchases increase, the need for security technology, like integrated security systems and AI powered video technology, will elevate. Additionally, as customer and employee safety in stores and warehouses augments and omnichannel security needs emerge the overall market will continue rapid expansion.
The video surveillance systems segment accounted for the largest share of the system segment in the US Physical Security Market in 2023.
The video surveillance systems segment accounts for the largest share of the US Physical Security Market because of numerous use cases and the growing security features of video systems. Video systems are a strong deterrent to crime and facilitate the opportunity for evidence and review after an incident. Technological advancements such as higher-resolution cameras, AI-based video analytics, and cloud storage have significantly improved the effectiveness of these systems. Integrated features such as face recognition, motion detection and real-time alerts, have further improved threat detection and response. The segment has also benefited from the rise in security concerns throughout many sectors, similar to transportation and retail. While there is a rise in the use of integrated technology, the ability of video systems to seamlessly integrate with other security components will continue to strengthen the segment’s position.
Top Key Companies in US Physical Security Market:
Key players in the physical security market include Honeywell (US), ADT (US), Cisco (US), Wesco (US), HID Global (US), and Pelco (US).
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