Global TIC Market for Physical Security Industry is Anticipated to grow at a Significant Pace and was USD 260 Million in 2020

Published Date: Sep, 2021

The TIC market for physical security industry is expected to witness a CAGR of 6% during the forecast period. TIC services help improve the standards of the manufacturing process by conducting testing, inspections, and certifications in accordance with regulations around the world. This will help in the production of quality, safe, and reliable products/components in the physical security industry. Factors driving the growth of TIC market for physical security includes increase in security breaches, fraud, and data identity thefts, mounting adoption of BYUD/IoT devices, mounting use for cloud-based physical security solutions and services, increasing volume of online transactions, rising adoption of IP-based video surveillance camera systems, and stringent government regulations. Moreover, rapid urbanization, mandatory safety regulations, advancement in networking and communication technology, digitalization, need to have credibility and image, reduced turnover of employees, increased level of cost control improvement, and rapid improvement of various processes will fuel the growth of TIC in the physical security industry.

The COVID-19 pandemic had an negative impact on the physical security systems owing disruption in supply of components resulting in halt of operations. However, the physical security industry has the potential to recover from the COVID-19 pandemic as there will be demand for physical security systems for remote monitoring of the COVID containment zones. Moreover, surge in demand for video surveillance and access control security systems is projected post COVID-19 pandemic to prevent burglary, invasion, and unauthorized access in residential and commercial spaces, resulting in growth of the TIC market for physical security.

Bureau Veritas, a world leader in testing, inspection and certification, has acquired Secura B.V. (starting with a majority stake), an independent service company specializing in cybersecurity services. Secura will be a cornerstone in the cybersecurity strategy of Bureau Veritas.

Browse 53 market data Tables and 35 Figures spread through 250 Pages and in-depth TOC on " TIC Market for Physical Security by Sourcing Type (In-House and Outsourced), by Service Type (Testing, Inspection, and Certification), by Industry Vertical (Access Control, Video Surveillance, Intrusion Detection, Locks, Safes & Vaults, Door Locking Devices and Hardware, Ballistic Resistant Materials, Burglary Resistant Materials, ATMs, Anti-Theft Devices, and Others), and Region - Global Forecast to 2027"

By service type, certification segment is anticipated to witness a high CAGR during the forecast period 2021-2027.

Based on service type, the TIC market for physical security is segmented into testing, inspection, and certification. Certification segment is expected to have a CAGR during the forecast period. Physical security systems certification includes the technical study of physical security systems, evaluation of weak points, classification tests, etc. the classification test for safety storage units i.e., safes, ATMs, reinforced vaults and doors should be according to UNE-EN 1143-1 and safety compartments i.e., deposit systems should be according to UNE-EN 1143-2, pedestrian doorsets, windows, curtain walling, grilles and shutters. Burglar resistance should be according to UNE EN1627, etc.

Global TIC Market for Physical Security Industry Segmentation Analysis

Segment

Categorization

Leading Category

Sourcing Type

In-House and Outsourced

In-House (Largest)

Service Type

Testing, Inspection, and Certification

Testing (Largest)

Certification

 (High CAGR)

Industry Vertical

Access Control, Video Surveillance, Intrusion Detection, Locks, Safes & Vaults, Door Locking Devices and Hardware, Ballistic Resistant Materials, Burglary Resistant Materials, ATMs, Anti-Theft Devices, and Others

Video Surveillance (Significant Growth)

Region

North America, Europe, Asia-Pacific, and Rest of the World

North America (Largest)

Asia-Pacific

(High CAGR)

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“North America is anticipated to witness high growth during the forecast period in the TIC market for physical security.”

North America is anticipated to have high market share in the TIC market for physical security during the forecast period owing to have safety against cyber-attacks, identity thefts, commercial espionage, terrorists’ attacks, government regulations, illegal immigration, technological advancement, and the need to reduce the cost of security workforce. Thus, there is a need for physical security systems such as access control, perimeter intrusion detection, and video surveillance. Moreover, the existence of the key players in the physical security market in the region will drive the growth of TIC market for physical security.

Some of the key players operating in the TIC market in the physical security industry: Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins USA, TUV Rheinland, DEKRA SE, Element Materials Technology, Applus+, and DNV GL.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2015–2027

Historical Period

2015–2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

Sourcing Type, Service Type, Industry Vertical, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins USA, TUV Rheinland, DEKRA SE, Element Materials Technology, Applus+, and DNV GL

 

Global TIC Market for Physical Security- Market Coverage

Sourcing Type Insight and Forecast 2015-2027

  • In-House
  • Outsourced

Service Type Insight and Forecast 2015-2027

  • Testing
  • Inspection
  • Certification

Industry Vertical Insight and Forecast 2015-2027

  • Access Control
  • Video Surveillance
  • Intrusion Detection
  • Locks, Safes & Vaults
  • Door Locking Devices and Hardware
  • Ballistic Resistant Materials
  • Burglary Resistant Materials
  • ATMs
  • Anti-Theft Devices
  • Others

Geographical Segmentation

TIC Market for Physical Security by Region

North America

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – U.S., Canada, and Mexico

Europe

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Sourcing Type
  • By Service Type
  • By Industry Vertical
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries

 

 

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Global TIC Market for Physical Security Industry is Anticipated to grow at a Significant Pace and was USD 260 Million in 2020