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.
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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.
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.
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.
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