Verdantix Forecasts Access, Surveillance and Centralized Building Security Management Technologies Combined To Reach $60 Billion By 2028

Verdantix Forecasts Access, Surveillance and Centralized Building Security Management Technologies Combined To Reach $60 Billion By 2028

Physical security is a ‘must have’ for all organizations, but historically it has often been treated as a pure cost item. The tide, however, is starting to shift. Digital advances, shifting business models and enlightened value propositions are prompting firms to assess their building security processes and infrastructure. Enterprises are interested in leveraging more modern security solutions to gain efficiencies, and to garner more value – such as tying access management with broader building systems and enterprise services, or to capture granular occupant behavioural insights from equipment infused with AI-driven pattern recognition. When factoring in these and other evolving trends, combined with the ever-present need to protect individuals and secure property from an increasing variety of threats, Verdantix expects steady demand for security technologies throughout the decade.

Three of the major technology markets – access management, surveillance and centralized security management – collectively accounted for $36 billion globally at the close of 2022 and will grow at an aggregate CAGR of 9.3%, reaching $60 billion by 2028. Adoption and growth, however, varies among discrete technology segments, geographies and industries.

 A few of the key trends influencing growth rates for security technology are:

• Physical and cyber threats becoming more complex, driving organizations to strengthen overall security infrastructure and procedures.
  Firms are seeking more integrated and sophisticated solutions that help save critical time in identifying threats and coordinating incident response activities. Physical and IT security within enterprises will increasingly intersect, as will the need to collaborate with third parties.
  
  
• Interest in web, cloud and mobile solutions advancing as firms seek to address changing work and occupant engagement patterns.
  The desire to support remote and mobile access, both for building occupants and for security personnel, is driving interest in more flexible applications. An increasing number of security technology providers are offering buyers solutions to address multiple deployment and access options.
  
  
• Security products increasingly incorporating analytics and AI capabilities to help organizations garner greater insights and operational efficiencies.
  Whether within supervisory management applications or embedded directly into devices, security systems are getting smarter. Advancing chipset and edge processing capacities allow for greater real-time situational awareness and expedited alerting functions.

Read the new Verdantix Market Size And Forecast: Building Security Technology 2022-2028 (Global) to learn more about trends influencing the growth of security solutions for built environments, including a sizing for each security technology market – access management, surveillance and centralized security management – by geographic region, industry/building asset type and software vs. hardware categories.

Further insights into security market trends and solutions can be found in the following Verdantix reports:

• Market Insight: Physical Building Security Hovers At The Digital Tipping Point
• Market Insight: Building Security And Safety Investment Trends 2023
• Green Quadrant: Integrated Smart Building Security Software 2023