AMID UNPRECEDENTED CHALLENGES SECURITY MARKET REMAINS RESILIENT
According to a new Memoori research report the global physical security market (access control, video surveillance, intruder alarm, and perimeter protection) has demonstrated resilience and adaptability amid growing geopolitical tensions and emerging recession. Trade tensions between China and the US have seen a series of legislative moves that have disrupted the flow of both physical security products and key product components. These tensions are also spilling over into Europe and the Middle East. If trade barriers continue to emerge we will see a dramatic polarization of the physical security global market. As estimated annual revenues from the physical security product market increased by over 9% in 2022, rising to $42.3Bn. Going forward growth will be tempered somewhat, averaging 6.5% per annum to 2027. Video surveillance makes up nearly 58% of the market in 2022, with China continuing to dominate sales in this sector, accounting for just under one-third of the total global market. Whilst China’s Sharp Eyes projects are winding down, Memoori analysts suggest that continued state investment into smart cities as well as programs such as the Safe China initiative should continue to drive sales of security products in China.