Technology

Physical Security Market size is set to grow by USD 48.6 billion from 2024-2028, Increase in development of physical security system boost the market, Technavio

Published

5 months ago

July 26, 2024

NEW YORK, July 26, 2024 /PRNewswire/ — The global physical security market size is estimated to grow by USD 48.6 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.79% during the forecast period. Increase in development of physical security system is driving market growth, with a trend towards integration of iot in physical security. However, high initial investment in physical security system poses a challenge. Key market players include Advancis Software and Services GmbH, Allied Universal, AxxonSoft, Canon Inc., Cisco Systems Inc., Corps Security UK Ltd., Genetec Inc., Hangzhou Hikvision Digital Technology Co. Ltd., Honeywell International Inc., Huawei Technologies Co. Ltd., ICTS International NV, Johnson Controls International Plc., Kastle Systems International LLC, KBR Inc., Motorola Solutions Inc., NEC Corp., Robert Bosch GmbH, Schneider Electric SE, Securitas AB, Stanley Black and Decker Inc., WESCO International Inc., and Dahua Technology Co. Ltd..

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Physical Security Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 6.79%

Market growth 2024-2028

USD 48.6 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

6.24

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 31%

Key countries

US, China, Japan, Germany, and UK

Key companies profiled

Advancis Software and Services GmbH, Allied Universal, AxxonSoft, Canon Inc., Cisco Systems Inc., Corps Security UK Ltd., Genetec Inc., Hangzhou Hikvision Digital Technology Co. Ltd., Honeywell International Inc., Huawei Technologies Co. Ltd., ICTS International NV, Johnson Controls International Plc., Kastle Systems International LLC, KBR Inc., Motorola Solutions Inc., NEC Corp., Robert Bosch GmbH, Schneider Electric SE, Securitas AB, Stanley Black and Decker Inc., WESCO International Inc., and Dahua Technology Co. Ltd.

Market Driver

The Internet of Things (IoT) revolutionizes physical security by enabling objects to be accessed over the Internet. IoT connects various devices, from microcontrollers to processors, creating a network for real-time data collection and analysis. In the industrial sector, this technology is increasingly used for wireless video surveillance, providing immediate responses and enabling real-time decision-making. The demand for enhancing the efficiency of industrial facilities, such as waste management, energy, and water management plants, is driving the installation of IoT-based physical security devices. IoT transforms video surveillance and commercial systems, improving communication between devices and enhancing access management and onsite security. Overall, the integration of IoT in physical security solutions is anticipated to significantly boost market growth during the forecast period.

The Physical Security Market is witnessing notable trends due to increasing concerns over vandalism, potential burglaries, theft, and fire incidences. Cloud-based data storages and advanced analytics are driving technological developments in the market. Access control, video surveillance, alarm systems, door locks, and advanced logical security solutions are in high demand. Breach detection, threat management, intrusion prevention, and rescuer systems are also gaining popularity. Smart city initiatives and infrastructure development are creating opportunities for physical security solutions in the large enterprise segment. Cyber threats, SMEs, and individual homes are also adopting physical security solutions to protect their assets and resources. Integrated sensors, video access systems, and connectivity are key features of modern physical security systems. Analog and Axis network cameras, video encoders, monitors, and storage solutions are essential components of the system segment. IoT and banking institutions are significant end-users in the market. Unauthorized access, security breaches, and theft by intruders continue to pose challenges, driving the need for advanced security solutions.

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Market Challenges

The physical security market presents new entrants with a significant challenge due to the high initial investment required for the necessary IT infrastructure. This investment, which can reach tens of thousands of dollars, is a substantial barrier for some companies. Established vendors, on the other hand, are witnessing a significant increase in spending. Additionally, the cost of replacing and upgrading physical security devices and software is considerable. As new physical security technologies emerge, there will be a growing demand for updated professional expertise. Organizations that lack this expertise may invest heavily in training their personnel or hire professionals at a premium cost. Consequently, the high initial investment is a major hurdle for the expansion of the global physical security market during the forecast period.The Physical Security Market faces several challenges in 2023, including effective threat management and intrusion prevention. With the rise of smart city initiatives and increasing infrastructure development, securing physical objects from unauthorized access and security breaches becomes crucial. Employee safety is another major concern, especially with the growing trend of remote work and connectivity. Cyber threats pose a significant risk to both large enterprises and SMEs, requiring integrated sensors, video, and access systems for comprehensive security solutions. Theft and intruders continue to target assets and resources, making video surveillance and access control systems essential. Smart homes and IoT devices add to the complexity of security, while banking institutions and traffic congestion require specialized solutions for monitoring crowds and accidents. Terror attacks and LiDAR-based video surveillance from companies like Edge360 and Quanergy Systems, Inc. Offer advanced security features. Access control systems, including smart locks and Bluetooth technology, provide convenience and enhanced security. The market segments include analog cameras, Axis network cameras, video encoders, monitors, and storage solutions for remote monitoring. The system segment focuses on providing comprehensive security solutions to meet various business needs.

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Segment Overview

This physical security market report extensively covers market segmentation by

Type 1.1 Hardware and software1.2 ServicesEnd-user 2.1 Large enterprises2.2 SMEsGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Hardware and software- The Physical Security Market is a significant industry that provides solutions to protect businesses and organizations from unauthorized access, theft, and damage. It includes products such as access control systems, surveillance cameras, and physical barriers. Companies invest in physical security to safeguard their assets, ensure employee safety, and comply with regulations. Growth in this market is driven by increasing security concerns, technological advancements, and rising crime rates. Businesses seek reliable and cost-effective security solutions to mitigate risks and maintain a secure environment.

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Learn and explore more about Technavio’s in-depth research reports

The global containerized and modular data center market is experiencing significant growth due to the rising demand for scalable and efficient data storage solutions. These modular centers offer rapid deployment and cost efficiency, catering to diverse industry needs. Simultaneously, the global wireless home security camera market is booming, driven by increasing concerns about home security and advancements in wireless technology. These cameras provide flexible, easy-to-install security solutions for homeowners, contributing to enhanced safety and peace of mind. Both markets reflect the growing trend towards innovative, adaptable technology solutions.

Research Analysis

The Physical Security market encompasses various solutions designed to protect physical objects and infrastructure from vandalism, potential burglaries, theft, and fire incidences. Technological developments have led to advanced security systems, including cloud-based data storages, advanced analytics, and real-time threat management. Access control systems, such as badge readers and advanced logical security, are essential components, as are video surveillance and alarm systems. Legacy solutions, like door locks and analog cameras, continue to play a role in the market. Integrated sensors, connectivity, and breach detection systems are also crucial elements. Smart city initiatives and employee safety are key drivers for the market, with a focus on preventing unauthorized access, security breaches, and ensuring the safety of physical objects. Intrusion prevention and threat management systems are essential for infrastructure protection. Rescuers and first responders also rely on these technologies for effective response during emergencies.

Market Research Overview

The Physical Security market encompasses various solutions aimed at safeguarding physical objects and infrastructure from potential threats such as vandalism, burglaries, theft, and fire incidences. Technological advancements have led to the emergence of cloud-based data storages, advanced analytics, and connectivity, transforming traditional security systems. Solutions include access control systems using badge readers and advanced logical security, intrusion prevention systems, alarm systems, and door locks. Integrated sensors, video surveillance, and remote monitoring are essential components, with the market segmented into system segments, large enterprises, SMEs, and smart homes. IoT and cyber threats are significant challenges, with LiDAR-based video surveillance and smart locks utilizing technologies like Bluetooth offering enhanced security. The market caters to various sectors, including banking institutions, infrastructure development, and smart city initiatives, prioritizing employee safety and unauthorized access prevention. Solutions also address threats such as terror attacks, traffic congestion, and monitoring crowds for potential accidents.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeHardware And SoftwareServicesEnd-userLarge EnterprisesSMEsGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

Technology

Who’s Working Remotely? Virtual Vocations Survey Highlights Evolving Jobseeker Demographics

Published

11 hours ago

December 27, 2024

This survey underscores the diverse backgrounds and experiences of remote jobseekers, highlighting the growing demand for flexible work arrangements across various demographics.

TUCSON, Ariz., Dec. 27, 2024 /PRNewswire-PRWeb/ — With over 500 participants from the U.S. (69%) and international locations (31%), Virtual Vocations‘ 2024 demographics survey offers valuable insights into the evolving landscape of remote work. By comparing responses across these groups, the survey highlights shared experiences and unique challenges faced by jobseekers worldwide.

“Whether based in the U.S. or abroad, jobseekers are embracing remote roles to align their careers with their personal goals, and we’re proud to be a part of their journey.” –Laura Spawn, CEO and co-founder of Virtual Vocations

Although Virtual Vocations is a U.S.-based company, it supports international jobseekers through its fully remote job board and career resources, addressing the global demand for remote work opportunities. The company frequently receives inquiries from international members seeking to access fully remote roles, punctuating the worldwide appeal of flexible work arrangements.

“The 2024 demographics survey results reinforce what we’ve known for years—professionals around the world are seeking flexibility, balance, and opportunities to work from home,” said Virtual Vocations CEO Laura Spawn. “Whether based in the U.S. or abroad, jobseekers are embracing remote roles to align their careers with their personal goals, and we’re proud to be a part of their journey.”

Fully Remote Jobs Remain Most Desired

A significant 43% of U.S.-based jobseekers and 42% of international respondents named fully remote, no-travel jobs as their top preference. These roles, which allow employees to work entirely from home, offer flexibility, aligning with both personal and professional goals. Although occasional in-person requirements may arise, fully remote roles are favored over hybrid, partially remote, and “work from anywhere” options. These positions provide businesses with access to a broader talent pool and enable employees to prioritize workplace values and culture.

Top Industries for Remote Jobseekers

The survey also highlights four key industries attracting remote jobseekers worldwide. Information Technology (IT) stands out as the leading industry for remote roles, with significantly more job postings than any other field. Healthcare follows closely, benefiting from the growth of telehealth and remote medical roles. Customer service offers engaging opportunities for professionals interested in client interaction, while education presents a wide array of roles in online teaching, tutoring, and instructional design, fueled by the expansion of virtual learning.

Jobseekers’ Common Frustrations

Both U.S. and international jobseekers shared frustrations, particularly with online job scams. Jobseekers expressed dissatisfaction with the prevalence of scams, especially when searching for work-at-home positions. Despite relying on online job boards, only a quarter (23% of U.S. respondents and 24% of international respondents) use dedicated remote job boards, like Virtual Vocations, where job postings are thoroughly vetted to ensure they are free of scams. Additionally, many jobseekers expressed frustration with excessive job requirements and employers failing to provide feedback or “ghosting” applicants during the hiring process, with one-third of respondents from both groups reporting these issues.

Income Insecurity: A Global Concern

Income insecurity remains a pressing issue for both U.S. and international jobseekers, with many reporting their earnings as insufficient for comfortable living. Sixty-five percent of U.S. respondents and 77% of international respondents reported inadequate household incomes. Nearly half (48%) of U.S. jobseekers earn less than $60,000 annually, while 68% of international jobseekers earn under $30,000. To improve financial stability, many jobseekers have set income targets, with 30% of U.S. jobseekers aiming for $60,000–$89,999 and another 30% targeting at least $120,000. In contrast, international respondents generally require lower salaries, with 38% seeking $30,000–$59,999 and 32% aiming for $60,000–$89,999.

For a comprehensive analysis and additional insights, read the full demographics survey report here: https://www.virtualvocations.com/blog/annual-statistical-remote-work-reports/remote-work-demographics-survey-results-2024/

ABOUT VIRTUAL VOCATIONS
Founded in 2007 by CEO Laura Spawn and her brother, CTO Adam Stevenson, Virtual Vocations is a small company with a big mission: to connect jobseekers with legitimate remote job openings. To date, Virtual Vocations has helped more than four million jobseekers in their quests for flexible, remote work.

In addition to providing a database of current, hand-screened, and 100% remote job openings, Virtual Vocations offers jobseekers a number of tools to aid in their job searches, including exclusive career courses, downloadable jobseeker content, and career coaching and resume writing services. Virtual Vocations also releases several data-driven reports each year on current trends in remote work.

Virtual Vocations, Inc. is a private, family-owned, and 100% virtual company incorporated in Tucson, Arizona.

Media Contact

Kimberly Back, Virtual Vocations, Inc., 1 (800) 379-5092 x. 703, kim@virtualvocations.com, https://www.virtualvocations.com

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SOURCE Virtual Vocations, Inc.

Technology

Judge Baker Children’s Center d/b/a The Baker Center for Children and Families Provides Notice of Data Security Incident

Published

11 hours ago

December 27, 2024

BOSTON, Dec. 27, 2024 /PRNewswire/ — Judge Baker Children’s Center d/b/a The Baker Center for Children and Families (“The Baker Center”), a nationally recognized provider of services for children’s mental health, has learned of a data security incident that may have impacted certain personal and / or protected health information. On December 27, 2024, The Baker Center formally notified potentially affected individuals with available address information and provided resources to assist them.

On July 28, 2024, The Baker Center discovered unusual activity within its local digital storage environment. After taking immediate steps to ensure the environment was secure, The Baker Center enlisted independent cybersecurity experts to conduct an investigation to determine what happened and whether sensitive information may have been impacted. According to the investigation, an unauthorized actor gained access to The Baker Center’s systems between July 26 – 28, 2024 and may have downloaded certain files. Following a thorough review of the impacted files, on October 28, 2024, The Baker Center determined that certain individuals’ personal and/or protected health information was potentially impacted during the incident.

The information affected during this incident varies between individuals but may have involved the following: name, address, date of birth, Social Security number, driver’s license or other government identification number, financial account information, health insurance information, medical treatment or diagnosis information, and/or clinical information.

On December 27, 2024, The Baker Center mailed notification letters to potentially impacted individuals with verifiable address information. The letters include information about this incident and about steps that potentially impacted individuals can take to monitor and help protect their personal and protected health information. The Baker Center has established a toll-free call center to answer questions about the incident and to address related concerns. The call center can be reached at 844-920-8988, Monday through Friday from 9:00 AM to 9:00 PM Eastern time.

The Baker Center takes the security and privacy of information in its possession very seriously and is taking steps to prevent a similar event from occurring in the future. The Baker Center deeply regrets any inconvenience or concern this incident may cause.

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SOURCE The Baker Center for Children and Families

Technology

outboundIQ Achieves Certified Implementation Partner (CIP) Status with Five9

Published

12 hours ago

December 27, 2024

Delivering Optimized, Outbound-Focused Contact Center Solutions for Modern Businesses

LAUDERDALE LAKES, Fla., Dec. 27, 2024 /PRNewswire/ — outboundIQ www.outboundiq.com proudly announces its accreditation as a Five9 Certified Implementation Partner (CIP), a distinction that reflects its deep expertise in optimizing and streamlining outbound-focused contact center operations. With a team of seasoned Five9 veterans, expert programmers, and industry thought leaders, outboundIQ is uniquely equipped to help businesses of all sizes unlock the full potential of Five9’s Virtual Contact Center platform.

Optimized Solutions for Complex Contact Center Needs
outboundIQ specializes in providing expedited, outbound-focused contact center implementations, integrating advanced features such as inbound and outbound Voice, SMS, Chat, Email, Salesforce Integration, and other third-party app integrations. Clients can also leverage ongoing optimization engagements and monthly retainers for strategic consulting designed to support long-term, outreach-focused success.

“Who better to handle your domain configuration than the experts that understand the outbound contact center world. To be an outbound expert, you must know 3 things; how to configure the domain front end, how the architecture interprets that design, and how carriers respond to your dialing behavior as a result of the build. outboundIQ has the advantage of deeply understanding all 3 things. Our experts are seasoned professionals that will guide toward the best build for your business. You tell us about your business, your needs and your processes, and we will build you a domain fit for purpose. outboundIQ offers best in class Domain Optimization, Implementation and Consulting for customers of all sizes and complexity. Due to our methodology and proprietary automations, we are able to bring our customers’ projects to life within accelerated timeframes.”

– Jessica Clay, VP Support and Services

“We launched our business in June and were fortunate to connect with the incredible team at outboundIQ early on. Navigating the world of outbound calling and building efficient prospecting systems isn’t easy, but the entire team at outboundIQ brought our vision to life seamlessly. They implemented our ideas quickly and executed them flawlessly. Since partnering with them, our contact rates have significantly improved, our conversions have increased, and our overall business is thriving. We’re deeply grateful for this collaboration and look forward to continuing our work together on future endeavors!”

– Tim, Lit Financial

“I genuinely don’t know enough ways to thank the entire outboundIQ team. I inherited a domain riddled with mistakes, tangled beyond belief, and I had essentially planned to scrap the whole thing and start over. That’s when this team, led by Jessica Clay’s brilliance, took over to understand exactly what I wanted to create and completely revitalized my domain. We are all beyond thankful as they continue to consult for us to this day and I see no reason to stop. Thank you, Jessica, Jason, Rudy, Bruno, Sandy and everyone who gets the pleasure of working with these domain geniuses!”

– Michael, Lifetime Home Remodeling

A Holistic Approach to Outbound Excellence
Creating a competitive, consumer-focused outreach program requires more than just advanced technology. As outboundIQ explains, a thriving contact center functions like a high-performing racing team:

The Car: Five9 Virtual Contact Center provides a cutting-edge technology foundation.The Driver: Strong Dialer Administrators who skillfully manage operations.The Pit Crew: IT/Support teams ensuring seamless functionality.The Spotters: Data Analytics and Reporting experts optimizing performance.The Fuel: High-quality data driving better outcomes.

outboundIQ’s professional services team brings these critical elements together, ensuring clients achieve best-in-class outbound operations that prioritize consumer experience while maintaining a competitive edge.

A Call to Collaboration
With its new CIP certification, outboundIQ invites businesses to explore select partnership opportunities and projects to reimagine their contact center operations. Whether through expedited implementations or ongoing strategic consulting, outboundIQ is committed to driving measurable results for its clients.

About outboundIQ
outboundIQ delivers optimized, outbound-focused contact center implementations, combining years of Five9 expertise with cutting-edge strategies to help businesses achieve exceptional outreach outcomes. As a Five9 Certified Implementation Partner, outboundIQ provides tailored solutions to meet the unique needs of modern organizations.

About Five9
Five9 is a digital enterprise’s leading cloud contact center and software provider. The Five9 Intelligent CX Platform is reliable, secure, compliant, and scalable, designed to create exceptional personalized customer experiences.
www.five9.com

Media contact:
Sandy Tafur
Phone: 404-660-5314
mail: sandy@outboundiq.com

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SOURCE outboundIQ