Market Size And Forecast: Building Security Technology 2022-2028 (Global)

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Executive Summary

The need to protect properties and their occupants continues unabated. This report helps security and facilities operations technology suppliers, professionals and investors understand the current state and size of three global physical security technology markets – access management, surveillance and centralized security management – and the trends and drivers that will shape the market into 2028. The Verdantix market size and forecast model factors an analysis of macro-economic and industry drivers, disclosed and calculated supplier revenue figures, and customer insights from primary and secondary research. Combined, Verdantix valued these three markets at $36 billion at the close of 2022, and forecasts them to grow at an aggregate CAGR of 9.3%, reaching $60 billion by 2028. A sizing and forecast for each functional market by geographic region are provided, along with a size breakdown by building asset categories, and software versus equipment revenues.

Table of contents

Digital advances, shifting business models, and enlightened value propositions spark spending on physical security technology
Security is a vast and mature market, yet continuously evolving
Access, surveillance and centralized security management software and equipment sales amounted to $36 billion globally in 2022
Technical innovations are helping to spawn a wave of security technology upgrades
Economic factors impact regional spend across functional security markets
Shifting industry and building asset category dynamics are broadening opportunities in the security technology market 
Physical security technology value propositions continue to rise
Access, surveillance and centralized security management markets combined will reach $60 billion by 2028
The world of physical security will increasingly emphasize themes of convergence

Table of figures

Figure 1. Functional security technology market category definitions
Figure 2. Security market size and forecast model: geographic composition
Figure 3. Building asset category definitions
Figure 4. Verdantix market size and forecast methodology
Figure 5. Security technology spending by primary functional market and region, 2022
Figure 6a. Percentage spend by primary security market and building type, 2022
Figure 6b. Percentage spend by primary security market and building type, 2022
Figure 6c. Percentage spend by primary security market and building type, 2022
Figure 7. Global security technology forecast by primary functional market, 2022-2028
Figure 8. Access management technology by region, 2022-2028
Figure 9. Surveillance technology by region, 2022-2028
Figure 10. Centralized security management by region, 2022-2028
Figure 11. Composition of the primary market: software and equipment, 2022 and 2028

About the authors

Sandy Rogers

Principal Analyst
Sandy is a Principal Analyst in the Verdantix Smart Buildings practice. Her current research agenda focuses on the intersection of IT and OT digital strategies and technologies, including the IoT landscape. Sandy’s experience prior to joining Verdantix includes work as a research director and technology industry analyst in IT service technologies and operations at Forrester, and at IDC, where she covered software, vertical markets and web services. Sandy has worked in competitive research and strategy consulting at Fuld & Company and developed research for thought-leadership at Deloitte. She holds a Business Degree in Marketing and Management Science from the University of Rhode Island.

Claire Stephens

Research Director, Smart Buildings
Claire Stephens is Research Director of the Smart Buildings team. With 18 years of experience in the sector, Claire is recognized as an expert in industries that make up the built environment, in particular, corporate and commercial real estate, and workplace and sustainability technologies. At Verdantix, Claire will be digging into building technology for building owners, occupiers and investors, focusing on how to support them in reaching their ESG objectives. Prior to her arrival at Verdantix, Claire launched Asia’s first corporate real estate, green building and building technology publications. She has also delivered full lifecycle real estate consultancy services covering a broad range of asset types in industries including financial services, oil and gas, pharmaceuticals, technology, consumer goods, media, retail and hospitality.

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