Physical Security Market Size Worth $203.05 Billion by 2030
Physical Security Industry Overview The global physical security market is expected to reach USD 203.05 billion by 2030, growing at a CAGR of 6.1% according to a new study by Grand View Research, Inc. lack of physical security leads to higher rates of burglaries and thefts. Therefore, safeguarding the physical perimeter and individual assets, including expensive technological equipment, has gained importance and is driving the market growth. Increasing awareness about securing the perimeter in developing economies has led to a rise in deployment of IP-based cameras in residential societies as well as commercial complexes and offices. Furthermore, increasing terror threats, border disputes, and refugee crises drive the adoption of stringent safety measures, thereby driving the physical security market growth. For instance, in February 2022, Hangzhou Hikvision Digital Technology Co., Ltd, the world's prominent manufacturer of innovative video surveillance systems...