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Physical Security Market Size to Worth Around USD 278.1 Billion by 2032 | CAGR 7.9%

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New York, March 14, 2023 (GLOBE NEWSWIRE) — According to Market.us, the global physical security market was valued at around USD 132.5 billion in 2022 and is expected to reach approximately USD 278.1 billion in 2032, growing at a CAGR of slightly above 7.9% between 2023 and 2032.

Physical security solutions are widely used in many sectors to protect people, assets, and facilities from real-world threats. Physical security solutions can detect intruders and deal with real-world threats such as crime, theft, vandalism, fire incidences, and potential burglaries.

Effective physical security systems are required to combat security breaches. The protection of people, data, software, hardware, and networks from physical acts. This is done in order to prevent data loss or damage to institutions, agencies, organizations, and enterprises. Physical security systems are in high demand due to rising crime rates around the world.

Global Physical Security Market

To get additional highlights on major revenue-generating segments, Request a Physical Security Market sample report at https://market.us/report/physical-security-market/request-sample/

Key Takeaway:

  • By Component, the System segment held a dominating revenue share of more than 60% in 2022.
  • By End-user, the government sector led the market in 2022.
  • North America held a revenue share of approximately 36.4% in 2022.
  • Asia Pacific market is anticipated to grow at a CAGR of 5.2%.

By shifting their focus away from traditional solutions like badge readers, alarm systems, and door locks. They are shifting toward more advanced logical security that includes threat management, breach detection, and intrusion prevention, and the organization and government agencies have been able to reduce the incidence of crimes and breaches.

Modernizing the infrastructure and improving agency security have been top priorities for governments in developed nations. Employee safety is becoming a bigger concern for businesses. As a result, they are establishing security measures to prevent unauthorized entry. Physical security solutions are even more needed as a result of this. The physical security environment is constantly evolving worldwide.

Factors Affecting the Growth of the Physical Security Market

Several factors can affect the growth of the physical security market. Some of these factors include:

  • Increase in Security Breach and Terrorist Activities: People are more concerned about safety and security due to the increase in terrorist activity and crime. Many lives have been taken and infrastructure has been severely damaged as a result of these attacks.
  • Advancements in Technology: Combining AI, ML, and analytics with surveillance offers a wave of unrealized possibilities, ranging from predictive crime to real-time identification of an ongoing crime or attack.
  • Increasing Trend of Digitalization: The increasing trend of digitalization further offers frequent growth opportunities in the market.

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Top Trends in Global Physical Security Market

The market is seeing a positive outlook due to increased security concerns and an increase in terrorist attacks around the world. Different governments are investing in advanced access control and video surveillance systems to protect citizens and prevent terrorist attacks and other serious incidents.

The market is also booming due to the increasing use of smart fence sensors, drones, and mass notification systems (MNS), for surveillance at major events or assemblies. The market is also gaining momentum due to the use of artificial intelligence (AI), which can be used to detect potential areas of compromise and analyze images, videos, or other data to distinguish threats from normal activities.

Market Growth

People, things, and processes have become more concerned about safety and security as a result of the rise in criminal and terrorist activity. Numerous lives have been lost and significant infrastructure damage has occurred as a result of these increasing attacks, highlighting the significance of physical security measures.

The United States Department of State says that terrorist activities are getting worse all over the world. After 9/11, there was a decrease in the number of attacks in the United States, but since 2012, there has been a significant increase.

Due to increased terror and security concerns, global governments have increased their spending on security. Many government institutions, such as embassies and courts, parliaments, and government offices have installed advanced video surveillance and access control systems. Smart fence sensors, drones, and mass notification systems (MNS) are all used to monitor major events in Tier I and II cities.

Many government agencies have established strict guidelines and policies for the installation of physical security systems. The U.S. Government has enacted many laws, regulations, and industry guidelines. They have also applied the Payment Card Industry Data Security Standard (PCI DSS), for increased security. This is a key factor in the expansion of the market for physical security software.

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Regional Analysis

North America held more than 36.4% of the largest share in the market and will continue to dominate the market for the forecast period. This region is a leader in the adoption of advanced physical security systems. The regional market is driven by a number of factors including regulatory reforms, economic growth, and SMEs investing in physical security solutions.

Many public places such as bus stations, airports, railways, and seaports have security measures in place to protect their infrastructure. The market in North America is heavily influenced by increasing security concerns due to domestic crime, theft, terrorist attacks, and other factors. The country’s increasing number of bank robberies is also driving the need for video analytics solutions. This will drive market growth during the forecast period.

The Asia Pacific market is forecast to grow at the fastest pace during the forecast period. The region will experience a 5.2% CAGR between 2023 and 2032. This growth is largely due to rising demand in India and China for smart security solutions. The Chinese government’s investments in safe city projects that mainly focus on traffic surveillance and monitoring are expected to drive market growth. Since 2010, the China Smart City Industry Alliance was established, and 500 smart cities have been built in China.

Competitive Landscape

The competitive landscape of the physical security market has also been examined in this report. Some of the major players include Honeywell International Inc., Robert Bosch GmbH, Genetec Inc., Cisco Systems Inc., Axis Communications AB, Pelco, Hanwha Techwin America, Johnson Controls, ADT LLC, Siemens, Anixter Inc., and Other Key Players.

Scope of the Report

Report Attribute Details
Market Value (2022) USD 132.5 Billion
Market Size (2032) USD 278.1 Billion
CAGR (from 2023 to 2032) 7.9%
North America Revenue Share 36.4%
Asia Pacific CAGR (from 2023 to 2032) 5.2%
Historic Period 2016 to 2022
Base Year 2022
Forecast Year 2023 to 2032

Market Drivers

People are more concerned about safety and security due to the increase in terrorist activity and crime. Many lives have been taken and infrastructure severely damaged as a result of these attacks. This highlights the importance of physical security solutions. Data Breaches are on the rise across all organizations.

Large organizations invest heavily in data safety and security solutions. This has increased the market’s potential required for growth. The market is experiencing a rapid upward trend due to the shift towards cloud-based data platforms that can manage and defend against cyber security threats and data theft.

Market Restraints

Installation and maintenance of physical security systems are costly due to the need for high-quality hardware. SMEs are unable to afford to adopt new technologies because of a lack of budgets. They are responsible to continue using standard security software.

Businesses only worry about protecting important servers and pay little attention to the data in databases that are idle regularly. Physical security professionals face a significant challenge when it comes to effectively carrying out their IT security responsibilities because of insufficient budgets.

The integration of physical security applications with logic security programs like biometric ID programs is referred to as the integration of physical and logical security systems, such as access control. This merging may assist businesses in increasing the comprehensiveness and efficiency of their security infrastructure.

Market Opportunities

From real-time identification of an ongoing crime or attack to predictive crime, combining AI, ML, and analytics with surveillance offers a divergence of untapped possibilities. In order to keep an eye on a variety of possible scenarios, the security team combines surveillance with AI-based analytics.

When AI detects a potentially hazardous situation, it notifies the on-site monitor, who conducts an investigation and responds appropriately. The operator of the monitoring system may issue an audio warning, get in touch with the company’s point of contact, or call for an emergency response. The fact that video analytics is proactive and does help to prevent crime and damage makes it more powerful than other security solutions.

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Report Segmentation of the Physical Security Market

Component Insight

In 2022, the system segment accounted for a 60.0% share of global revenue. The sub-segments include video surveillance systems, physical access control systems, perimeter intrusion detection systems and prevention (PSIM), physical identity and access management (PIAM) plus fire and safety.

With a major market share, the video surveillance system segment is the dominant market segment among others in the market. Analog cameras, axis network cameras, video encoders, and monitors are all part of video surveillance systems. Increased use of cameras for video surveillance systems for remote monitoring and security has been possible due to technological advancements like UHD.

This segment is likely to grow due to increasing safety and security concerns, as well as strict regulatory compliance. The rapid growth of several regions like commercial and institutional infrastructures has also driven the demand for video surveillance, which in turn has boosted segment growth.

End-User Insight

The government segment dominated the Physical security market. Government agencies need to figure out how they can improve their security defenses of physical security infrastructure in this complex and rapidly changing environment. They also need to work with legacy equipment while staying within budget.

Due to the high amount of damage caused to resources and assets during thefts and other attacks, the residential segment will see significant growth over the forecast period. The application of video surveillance systems in residential properties enhances user experience and protects assets from potential risk. The integration of smart access control and rapid breach detection systems into comprehensive video surveillance systems provides safety.

The United States is the world’s largest market for residential security equipment. This growth can be attributed to the advancement of smart homes and the increased use of advanced video surveillance systems and access control systems.

For more insights on the historical and Forecast market data from 2016 to 2032 – download a sample report at https://market.us/report/physical-security-market/request-sample/

Market Segmentation

Based on Component Type

  • Systems
  • Physical Access Control System (PACS)
  • Video Surveillance System
  • Perimeter Intrusion Detection and Prevention
  • Physical Security Information Management (PSIM)
  • Physical Identity & Access Management (PIAM)
  • Fire and Life Safety
  • Services
  • System Integration
  • Remote Monitoring
  • Other Services

Based on End-User Verticals

  • Transportation
  • Government
  • Retail
  • Residential
  • Industrial
  • BFSI
  • Other End-User Verticals

By Geography

  • North America
    •  The US
    • Canada
    • Mexico
  • Western Europe
    • Germany
    • France
    • The UK
    • Spain
    • Italy
    • Portugal
    • Ireland
    • Austria
    • Switzerland
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • The Czech Republic
    • Greece
    • Rest of Eastern Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Australia & New Zealand
    • Indonesia
    • Malaysia
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
    • Rest of APAC
  • Latin America
    • Brazil
    • Colombia
    • Chile
    • Argentina
    • Costa Rica
    • Rest of Latin America
  • Middle East & Africa
    • Algeria
    • Egypt
    • Israel
    • Kuwait
    • Nigeria
    • Saudi Arabia
    • South Africa
    • Turkey
    • United Arab Emirates
    • Rest of MEA

Market Key Players:

  • Honeywell International Inc.
  • Robert Bosch GmbH
  • Genetec Inc.
  • Cisco Systems Inc.
  • Axis Communications AB
  • Pelco
  • Hanwha Techwin America
  • Johnson Controls
  • ADT LLC
  • Siemens
  • Anixter Inc.
  • Other Key Players

Recent Development of the Physical Security Market

  • In February 2022, Hangzhou Hikvision Digital Technology Co. Ltd. has introduced the Hikvision AXPRO wireless external tri-tech detector and dedicated cam. The new product is designed to provide small businesses and home workers with precise detection, clear images, and a modular design that makes alarms safer. Hikvision AXPRO wireless external Tritech detectors will be equipped with dedicated cameras and smart cities in China.
  • In July 2021, Hexagon AB acquired Immersal-Part, a company that creates visual positioning systems and mapping systems. Hexagon AB has acquired Immersal-Part of Hexagon, a company that develops visual positioning and mapping systems. This acquisition will allow Hexagon AB to use augmented reality technologies.

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Artificial Intelligence

$10 million Artificial Intelligence Mathematical Olympiad Prize appoints further advisory committee members

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D. Sculley, Kevin Buzzard, Leo de Moura, Lester Mackey and Peter J. Liu appointed to the advisory committee for the Artificial Intelligence Mathematical Olympiad Prize.
LONDON, April 26, 2024 /PRNewswire/ — XTX Markets’ newly created Artificial Intelligence Mathematical Olympiad Prize (‘AIMO Prize’) is a $10mn challenge fund designed to spur the creation of a publicly shared AI model capable of winning a gold medal in the International Mathematical Olympiad (IMO).

XTX Markets is delighted to announce the appointment of five further advisory committee members. This group brings great expertise in machine learning, including D. Sculley, the CEO of Kaggle; Lester Mackey, a Principal Researcher at Microsoft Research and a Macarthur Fellow; and Peter J. Liu, a research scientist at Google DeepMind.
Prolific mathematicians Kevin Buzzard, who achieved a perfect score in the International Mathematical Olympiad, and Leo De Moura who is the Chief Architect for Lean, the automated reasoning tool, also join the advisory group.
They join the existing advisory committee members Terence Tao and Timothy Gowers, both winners of the Fields Medal, as well as Dan Roberts, Geoff Smith and Po-Shen Loh.
The AIMO Advisory Committee will support the development of the AIMO Prize, including advising on appropriate protocols and technical aspects, and designing the various competitions and prizes.
Simon Coyle, Head of Philanthropy at XTX Markets, commented:
“We are thrilled to complete the AIMO Advisory Committee with the appointments of D., Kevin, Leo, Lester and Peter. Together, they have enormous experience in machine learning and automated reasoning and are already bringing expertise and wisdom to the AIMO Prize. We look forward to announcing the winners of the AIMO’s first Progress Prize soon, and then publicly sharing the AI models to support the open and collaborative development of AI.”
Further information on the AIMO Prize
There will be a grand prize of $5mn for the first publicly shared AI model to enter an AIMO approved competition and perform at a standard equivalent to a gold medal in the IMO. There will also be a series of progress prizes, totalling up to $5mn, for publicly shared AI models that achieve key milestones towards the grand prize.
The first AIMO approved competition opened to participants in April 2024 on the Kaggle competition platform. The first progress prize focuses on problems pitched at junior and high-school level maths competitions. There is a total prize pot of $1.048m for the first progress prize, of which at least $254k will be awarded in July 2024, There will be a presentation of progress held in Bath, England in July 2024, as part of the 65th IMO.
For more information on the AIMO Prize visit: https://aimoprize.com/ or the competition page on Kaggle: https://www.kaggle.com/competitions/ai-mathematical-olympiad-prize/
Advisory Committee member profiles:
D. Sculley
D. is the CEO at Kaggle. Prior to joining Kaggle, he was a director at Google Brain, leading research teams working on robust, responsible, reliable and efficient ML and AI. In his career in ML, he has worked on nearly every aspect of machine learning, and has led both product and research teams including those on some of the most challenging business problems. Some of his well-known work involves ML technical debt, ML education, ML robustness, production-critical ML, and ML for scientific applications such as protein design.
Kevin Buzzard
Kevin a professor of pure mathematics at Imperial College London, specialising in algebraic number theory. As well as his research and teaching, he has a wide range of interests, including being Deputy Head of Pure Mathematics, Co-Director of a CDT and the department’s outreach champion. He is currently focusing on formal proof verification, including being an active participant in the Lean community. From October 2024, he will be leading a project to formalise a 21st century proof of Fermat’s Last Theorem. Before joining Imperial, some 20 years ago, he was a Junior Research Fellow at the University of Cambridge, where he had previously been named ‘Senior Wrangler’ (the highest scoring undergraduate mathematician). He was also a participant in the International Mathematical Olympiad, winning gold with a perfect score in 1987. He has been a visitor at the IAS in Princeton, a visiting lecturer at Harvard, has won several prizes both for research and teaching, and has given lectures all over the world.
Leo de Moura
Leo is a Senior Principal Applied Scientist in the Automated Reasoning Group at AWS. In his spare time, he dedicates himself to serving as the Chief Architect of the Lean FRO, a non-profit organization that he proudly co-founded alongside Sebastian Ullrich. He is also honoured to hold a position on the Board of Directors at the Lean FRO, where he actively contributes to its growth and development. Before joining AWS in 2023, he was a Senior Principal Researcher in the RiSE group at Microsoft Research, where he worked for 17 years starting in 2006. Prior to that, he worked as a Computer Scientist at SRI International. His research areas are automated reasoning, theorem proving, decision procedures, SAT and SMT. He is the main architect of several automated reasoning tools: Lean, Z3, Yices 1.0 and SAL. Leo’s work in automated reasoning has been acknowledged with a series of prestigious awards, including the CAV, Haifa, and Herbrand awards, as well as the Programming Languages Software Award by the ACM. Leo’s work has also been reported in the New York Times and many popular science magazines such as Wired, Quanta, and Nature News.
Lester Mackey
Lester Mackey is a Principal Researcher at Microsoft Research, where he develops machine learning methods, models, and theory for large-scale learning tasks driven by applications from climate forecasting, healthcare, and the social good. Lester moved to Microsoft from Stanford University, where he was an assistant professor of Statistics and, by courtesy, of Computer Science. He earned his PhD in Computer Science and MA in Statistics from UC Berkeley and his BSE in Computer Science from Princeton University. He co-organized the second place team in the Netflix Prize competition for collaborative filtering; won the Prize4Life ALS disease progression prediction challenge; won prizes for temperature and precipitation forecasting in the yearlong real-time Subseasonal Climate Forecast Rodeo; and received best paper, outstanding paper, and best student paper awards from the ACM Conference on Programming Language Design and Implementation, the Conference on Neural Information Processing Systems, and the International Conference on Machine Learning. He is a 2023 MacArthur Fellow, a Fellow of the Institute of Mathematical Statistics, an elected member of the COPSS Leadership Academy, and the recipient of the 2023 Ethel Newbold Prize.
Peter J. Liu
Peter J. Liu is a Research Scientist at Google DeepMind in the San Francisco Bay area, doing machine learning research with a specialisation in language models since 2015 starting in the Google Brain team. He has published and served as area chair in top machine learning and NLP conferences such as ICLR, ICML, NEURIPS, ACL and EMNLP. He also has extensive production experience, including launching the first deep learning model for Gmail Anti-Spam, and using neural network models to detect financial fraud for top banks. He has degrees in Mathematics and Computer Science from the University of Toronto.
About XTX Markets:
XTX Markets is a leading financial technology firm which partners with counterparties, exchanges and e-trading venues globally to provide liquidity in the Equity, FX, Fixed Income and Commodity markets. XTX has over 200 employees based in London, Paris, New York, Mumbai, Yerevan and Singapore. XTX is consistently a top 5 liquidity provider globally in FX (Euromoney 2018-present) and is also the largest European equities (systematic internaliser) liquidity provider (Rosenblatt FY: 2020-2023).
The company’s corporate philanthropy focuses on STEM education and maximum impact giving (alongside an employee matching programme). Since 2017, XTX has donated over £100mn to charities and good causes, establishing it as a major donor in the UK and globally.
In a changing world XTX Markets is at the forefront of making financial markets fairer and more efficient for all.
 

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Artificial Intelligence

Hikvision redefines urban mobility with AIoT-powered solutions at Intertraffic 2024

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HANGZHOU, China, April 26, 2024 /PRNewswire/ — Hikvision made a significant appearance at Intertraffic Amsterdam, the leading global trade fair for mobility and traffic technology. At the trade event, Hikvision unveiled a suite of traffic, transport, and parking management solutions and products powered by Artificial Intelligence of Things (AIoT) technology, which promised to improve urban mobility, road safety, and operational efficacy.

Elevating urban traffic intelligence with AIoT
One highlight of the Hikvision stand was its intelligent urban traffic solution, which leveraged the power of AIoT to deliver comprehensive real-time monitoring, incident detection, and traffic control. This solution intelligently reshapes traffic dynamics, offering a more responsive and data-driven approach to enhance situational awareness and traffic management. Key innovations in the solution included:
Hikvision’s radar-video fusion camerasThese combine the range perception of radar with the visual perception of video. The 4 MP Radar and Video Vehicle Detector, for example, helps to enhance road safety by providing early warning of potential hazards in challenging situations such as blind spots at intersections and obstacles outside the visual range.Hikvision’s All-In-One Traffic SpotterThis stands out with its multifaceted design incorporating video, radar, and lighting technologies for heightened traffic violation detection. Its streamlined column design facilitates effortless installation.Hikvision’s Radar-Linked PTZ Camera This ensures consistent performance in adverse weather and lightening conditions, and minimizes false alarms with advanced deep-learning algorithms.Innovating parking management
Hikvision also introduced its parking management solutions. These combine extremely precise license plate recognition and intelligent barrier controls incorporating highly accurate radar sensors. This comprehensive approach enhances security, reduces the need for manual intervention, and streamlines traffic flow across parking areas. The Global Shutter CMOS* (GMOS) ANPR camera was a new addition to the lineup. Designed to seamlessly blend in the environment, it is tailored for the task of discreetly capturing license plates at parking facilities that prioritize subtlety.
Advancing public transportation safety and efficiency
Attendees also had the opportunity to explore Hikvision’s latest public transport solutions, integrating AI-driven analytics with advanced video security, on-site voice broadcasting, and centralized management for enhanced onboard security, improved passenger experience, and operational efficiency for buses and taxis. This included the Four-way monitoring system and the Panoramic Auxiliary System, both designed to reduce blind spots and provide high-definition imaging to improve driving safety.
“As ever, we are continually expanding our suite of technologies to enhance traffic safety and efficiency,” said Nick Wu, Project Product Director at Hikvision Europe. “Our commitment lies in minimizing the need for extensive roadside installations by incorporating comprehensive perception and robust AI within unified device frameworks. These innovations automate and streamline every aspect of traffic management, from violation detection to traffic flow monitoring, driving safety, and parking management.”
To find out more about Hikvision’s urban mobility products and solutions, please explore its official website.
Note: CMOS stands for Complementary Metal-Oxide-Semiconductor.
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Artificial Intelligence

London Blockchain Conference Launches the No Future Campaign

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LONDON, April 26, 2024 /PRNewswire/ — The London Blockchain Conference is excited to announce the launch of its ground-breaking, ‘No Future Campaign’. This initiative aims to create a strong narrative surrounding blockchain technology by challenging perceptions and sparking conversations. By creating this platform, the campaign aims to instil a fear of missing out (FOMO) sensation among the audience, positioning the London Blockchain Conference as a gateway to securing a stake in the future and unlocking the potential of blockchain technology.

With a bold and evocative narrative theme, the campaign will initially confront the audience with a jarring reality check of “NO FUTURE” and then resolve the statement “WITHOUT BLOCKCHAIN” to spark curiosity and engagement with the optimistic revelation that blockchain holds the key to a prosperous future.
The ‘No Future Campaign’ started on 17 April 2024 with the London Blockchain Conference creating and executing content on/with media platforms and partnerships:
Wharf Life inserts (17/04/2024) – Print and a digital advert/editorial-sponsored pieces.Animations being released on paid and organic channels in a 3-week campaign.Alex Stein, Conference Director said, “The No Future Campaign is a call for individuals, enterprises, and governments to recognise the importance and role of blockchain in shaping the future. Through the London Blockchain Conference, we aim to educate and inspire attendees to understand and harness the potential of blockchain technology.”
The three-day London Blockchain Conference at the ExCel will bring together politicians, business leaders, and innovators. The conference will be running from 21 – 23 May 2024 and will focus on disruptive and real-world applications of blockchain technology and the impact it is having on politics, emerging technologies, and enterprises.
For more information about the ‘No Future campaign’, visit the London Blockchain Conference website.
About the London Blockchain Conference
NETWORK. LEARN. ENGAGE. 
 At the London Blockchain Conference, we show how Blockchain will change the world and help people see another way to manage data, build scalable on-chain solutions and achieve great things. We do this by creating valuable, insightful, and engaging events that educate and inform, allowing you to connect and network to build strong business relationships. Our conference is the best avenue to see blockchain innovations, ecosystem announcements, product launches, technology updates, keynote speeches, panels, and fireside chats from blockchain leaders. Join us and experience it for yourself. 
 
 

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