Market Overview of the Data Center Physical Security Market

Global Data Center Physical Security Market Size Was Valued at USD 1.6 Billion In 2022 And Is Projected to Reach USD 4.8 Billion By 2030, Growing at A CAGR of 14.9% From 2023 To 2030.

One of the main drivers of the market's expansion is the global increase in the number of new data centres and the growing security concern surrounding restricted data and essential data centre infrastructure. The high cost of modern security systems and the availability of lower-priced competitor products and solutions are two major obstacles to this market's expansion. The different established and emerging providers of physical security solutions and services, however, have a lot of opportunity due to the rapid development in the number of new data centres and the rising acceptance of advanced security solutions. For new and established businesses involved in the development and marketing of products and services, growing markets such as China, Singapore, Brazil, and India have grown to be appealing. Growing government initiatives for data privacy and security, as well as growing data security concerns in a variety of booming industries including the BFSI, government, and public, are the main drivers of the data centre physical security market solutions and services in emerging economies. During the anticipated years, Data Center Physical Security is predicted to have encouraging expansion.

Data Center Physical Security Market 

Market Dynamics and Factors of the Data Center Physical Security Market

Drivers:

An Increase In Data Center Intrusion And Rising Security Concerns

Restraints:

Low Awareness Of Solutions And Its Benefits

Opportunities:

Integration Of Emerging Technologies In Security Operations

COVID-19 Impact on the Data Center Physical Security Market

The market for Data Center Physical Security has been significantly dented by COVID-19. Data center building sales and manufacturing were impeded by low investment costs and a labour shortage. To develop the practices, the government and major market actors introduced new safety measures. The Data Center Physical Security market's growth rate increased as a result of the correct audience being targeted by technological improvements. Due to the loosening of the constraints, the market for data center building is anticipated to pick up during the post-pandemic situation. The data center operators who use prefabricated components, have standard supply chains, uniform build processes, and have supplier contracts in place will be in the best position to tolerate brief outages. Data Center Physical Security Market expected to bounce back during forecasted period.

Key Players for the Data Center Physical Security Market

  • Schneider Electric
  • Robert Bosch Gmbh
  • Dahua Technology
  • Axis Communication
  • Assa Abloy
  • Morpho (Safran)
  • Honeywell
  • Hikvision Digital Technology Co. Ltd.
  • Siemens AG
  • Tyco International and other major key players.

Key Industry Developments in the Data Center Physical Security Market

October 2020, Honeywell, a global leader in connected buildings, partnered with Vertiv, a global provider of crucial digital infrastructure and business continuity solutions, to develop integrated solutions to increase data center sustainability, resiliency, and operational performance. The collaboration combines Honeywell’s industry-leading building management systems, operational software, and safety and security products with Vertiv’s uninterruptible power supply, power distribution, thermal management, infrastructure monitoring, and modular solutions.

Global Data Center Physical Security Market

Base Year:

2022

Forecast Period:

2023-2030

Historical Data:

2017 to 2022

Market Size in 2022:

USD 1.6 Bn.

Forecast Period 2023-30 CAGR:

14.9 %

Market Size in 2030:

USD 4.8 Bn.

Segments Covered:

By Solution

  • Video Surveillance
  • Monitoring and Access Control

By Service

  • Consulting
  • System Integration
  • Professional Services

By Region

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
  • Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:

  • An Increase In Data Center Intrusion And Rising Security Concerns

Key Market Restraints:

  • Low Awareness Of Solutions And Its Benefits

Key Opportunities:

  • Integration Of Emerging Technologies In Security Operations

Companies Covered in the report:

  • Schneider Electric, Vertiv, Hewlett Packard Enterprise, Green Revolution Cooling, Midas Green Technologies and Other major players.

Chapter 1: Introduction
 1.1 Research Objectives
 1.2 Research Methodology
 1.3 Research Process
 1.4 Scope and Coverage
  1.4.1 Market Definition
  1.4.2 Key Questions Answered
 1.5 Market Segmentation

Chapter 2:Executive Summary

Chapter 3:Growth Opportunities By Segment
 3.1 By Solution
 3.2 By Service

Chapter 4: Market Landscape
 4.1 Porter's Five Forces Analysis
  4.1.1 Bargaining Power of Supplier
  4.1.2 Threat of New Entrants
  4.1.3 Threat of Substitutes
  4.1.4 Competitive Rivalry
  4.1.5 Bargaining Power Among Buyers
 4.2 Industry Value Chain Analysis
 4.3 Market Dynamics
  4.3.1 Drivers
  4.3.2 Restraints
  4.3.3 Opportunities
  4.5.4 Challenges
 4.4 Pestle Analysis
 4.5 Technological Roadmap
 4.6 Regulatory Landscape
 4.7 SWOT Analysis
 4.8 Price Trend Analysis
 4.9 Patent Analysis
 4.10 Analysis of the Impact of Covid-19
  4.10.1 Impact on the Overall Market
  4.10.2 Impact on the Supply Chain
  4.10.3 Impact on the Key Manufacturers
  4.10.4 Impact on the Pricing

Chapter 5: Data Center Physical Security Market by Solution
 5.1 Data Center Physical Security Market Overview Snapshot and Growth Engine
 5.2 Data Center Physical Security Market Overview
 5.3 Video Surveillance
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size (2016-2028F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Video Surveillance: Geographic Segmentation
 5.4 Monitoring and Access Control
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size (2016-2028F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Monitoring and Access Control: Geographic Segmentation

Chapter 6: Data Center Physical Security Market by Service
 6.1 Data Center Physical Security Market Overview Snapshot and Growth Engine
 6.2 Data Center Physical Security Market Overview
 6.3 Consulting
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size (2016-2028F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 Consulting: Geographic Segmentation
 6.4 System Integration
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size (2016-2028F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 System Integration: Geographic Segmentation
 6.5 Professional Services
  6.5.1 Introduction and Market Overview
  6.5.2 Historic and Forecasted Market Size (2016-2028F)
  6.5.3 Key Market Trends, Growth Factors and Opportunities
  6.5.4 Professional Services: Geographic Segmentation

Chapter 7: Company Profiles and Competitive Analysis
 7.1 Competitive Landscape
  7.1.1 Competitive Positioning
  7.1.2 Data Center Physical Security Sales and Market Share By Players
  7.1.3 Industry BCG Matrix
  7.1.4 Heat Map Analysis
  7.1.5 Data Center Physical Security Industry Concentration Ratio (CR5 and HHI)
  7.1.6 Top 5 Data Center Physical Security Players Market Share
  7.1.7 Mergers and Acquisitions
  7.1.8 Business Strategies By Top Players
 7.2 SCHNEIDER ELECTRIC
  7.2.1 Company Overview
  7.2.2 Key Executives
  7.2.3 Company Snapshot
  7.2.4 Operating Business Segments
  7.2.5 Product Portfolio
  7.2.6 Business Performance
  7.2.7 Key Strategic Moves and Recent Developments
  7.2.8 SWOT Analysis
 7.3 ROBERT BOSCH GMBH
 7.4 DAHUA TECHNOLOGY
 7.5 AXIS COMMUNICATION
 7.6 ASSA ABLOY
 7.7 MORPHO (SAFRAN)
 7.8 HONEYWELL
 7.9 HIKVISION DIGITAL TECHNOLOGY CO LTD
 7.10 SIEMENS AG
 7.11 TYCO INTERNATIONAL
 7.12 OTHER MAJOR PLAYERS

Chapter 8: Global Data Center Physical Security Market Analysis, Insights and Forecast, 2016-2028
 8.1 Market Overview
 8.2 Historic and Forecasted Market Size By Solution
  8.2.1 Video Surveillance
  8.2.2 Monitoring and Access Control
 8.3 Historic and Forecasted Market Size By Service
  8.3.1 Consulting
  8.3.2 System Integration
  8.3.3 Professional Services

Chapter 9: North America Data Center Physical Security Market Analysis, Insights and Forecast, 2016-2028
 9.1 Key Market Trends, Growth Factors and Opportunities
 9.2 Impact of Covid-19
 9.3 Key Players
 9.4 Key Market Trends, Growth Factors and Opportunities
 9.4 Historic and Forecasted Market Size By Solution
  9.4.1 Video Surveillance
  9.4.2 Monitoring and Access Control
 9.5 Historic and Forecasted Market Size By Service
  9.5.1 Consulting
  9.5.2 System Integration
  9.5.3 Professional Services
 9.6 Historic and Forecast Market Size by Country
  9.6.1 U.S.
  9.6.2 Canada
  9.6.3 Mexico

Chapter 10: Europe Data Center Physical Security Market Analysis, Insights and Forecast, 2016-2028
 10.1 Key Market Trends, Growth Factors and Opportunities
 10.2 Impact of Covid-19
 10.3 Key Players
 10.4 Key Market Trends, Growth Factors and Opportunities
 10.4 Historic and Forecasted Market Size By Solution
  10.4.1 Video Surveillance
  10.4.2 Monitoring and Access Control
 10.5 Historic and Forecasted Market Size By Service
  10.5.1 Consulting
  10.5.2 System Integration
  10.5.3 Professional Services
 10.6 Historic and Forecast Market Size by Country
  10.6.1 Germany
  10.6.2 U.K.
  10.6.3 France
  10.6.4 Italy
  10.6.5 Russia
  10.6.6 Spain
  10.6.7 Rest of Europe

Chapter 11: Asia-Pacific Data Center Physical Security Market Analysis, Insights and Forecast, 2016-2028
 11.1 Key Market Trends, Growth Factors and Opportunities
 11.2 Impact of Covid-19
 11.3 Key Players
 11.4 Key Market Trends, Growth Factors and Opportunities
 11.4 Historic and Forecasted Market Size By Solution
  11.4.1 Video Surveillance
  11.4.2 Monitoring and Access Control
 11.5 Historic and Forecasted Market Size By Service
  11.5.1 Consulting
  11.5.2 System Integration
  11.5.3 Professional Services
 11.6 Historic and Forecast Market Size by Country
  11.6.1 China
  11.6.2 India
  11.6.3 Japan
  11.6.4 Singapore
  11.6.5 Australia
  11.6.6 New Zealand
  11.6.7 Rest of APAC

Chapter 12: Middle East & Africa Data Center Physical Security Market Analysis, Insights and Forecast, 2016-2028
 12.1 Key Market Trends, Growth Factors and Opportunities
 12.2 Impact of Covid-19
 12.3 Key Players
 12.4 Key Market Trends, Growth Factors and Opportunities
 12.4 Historic and Forecasted Market Size By Solution
  12.4.1 Video Surveillance
  12.4.2 Monitoring and Access Control
 12.5 Historic and Forecasted Market Size By Service
  12.5.1 Consulting
  12.5.2 System Integration
  12.5.3 Professional Services
 12.6 Historic and Forecast Market Size by Country
  12.6.1 Turkey
  12.6.2 Saudi Arabia
  12.6.3 Iran
  12.6.4 UAE
  12.6.5 Africa
  12.6.6 Rest of MEA

Chapter 13: South America Data Center Physical Security Market Analysis, Insights and Forecast, 2016-2028
 13.1 Key Market Trends, Growth Factors and Opportunities
 13.2 Impact of Covid-19
 13.3 Key Players
 13.4 Key Market Trends, Growth Factors and Opportunities
 13.4 Historic and Forecasted Market Size By Solution
  13.4.1 Video Surveillance
  13.4.2 Monitoring and Access Control
 13.5 Historic and Forecasted Market Size By Service
  13.5.1 Consulting
  13.5.2 System Integration
  13.5.3 Professional Services
 13.6 Historic and Forecast Market Size by Country
  13.6.1 Brazil
  13.6.2 Argentina
  13.6.3 Rest of SA

Chapter 14 Investment Analysis

Chapter 15 Analyst Viewpoint and Conclusion

Global Data Center Physical Security Market

Base Year:

2022

Forecast Period:

2023-2030

Historical Data:

2017 to 2022

Market Size in 2022:

USD 1.6 Bn.

Forecast Period 2023-30 CAGR:

14.9 %

Market Size in 2030:

USD 4.8 Bn.

Segments Covered:

By Solution

  • Video Surveillance
  • Monitoring and Access Control

By Service

  • Consulting
  • System Integration
  • Professional Services

By Region

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
  • Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:

  • An Increase In Data Center Intrusion And Rising Security Concerns

Key Market Restraints:

  • Low Awareness Of Solutions And Its Benefits

Key Opportunities:

  • Integration Of Emerging Technologies In Security Operations

Companies Covered in the report:

  • Schneider Electric, Vertiv, Hewlett Packard Enterprise, Green Revolution Cooling, Midas Green Technologies and Other major players.

LIST OF TABLES

TABLE 001. EXECUTIVE SUMMARY
TABLE 002. DATA CENTER PHYSICAL SECURITY MARKET BARGAINING POWER OF SUPPLIERS
TABLE 003. DATA CENTER PHYSICAL SECURITY MARKET BARGAINING POWER OF CUSTOMERS
TABLE 004. DATA CENTER PHYSICAL SECURITY MARKET COMPETITIVE RIVALRY
TABLE 005. DATA CENTER PHYSICAL SECURITY MARKET THREAT OF NEW ENTRANTS
TABLE 006. DATA CENTER PHYSICAL SECURITY MARKET THREAT OF SUBSTITUTES
TABLE 007. DATA CENTER PHYSICAL SECURITY MARKET BY SOLUTION
TABLE 008. VIDEO SURVEILLANCE MARKET OVERVIEW (2016-2028)
TABLE 009. MONITORING AND ACCESS CONTROL MARKET OVERVIEW (2016-2028)
TABLE 010. DATA CENTER PHYSICAL SECURITY MARKET BY SERVICE
TABLE 011. CONSULTING MARKET OVERVIEW (2016-2028)
TABLE 012. SYSTEM INTEGRATION MARKET OVERVIEW (2016-2028)
TABLE 013. PROFESSIONAL SERVICES MARKET OVERVIEW (2016-2028)
TABLE 014. NORTH AMERICA DATA CENTER PHYSICAL SECURITY MARKET, BY SOLUTION (2016-2028)
TABLE 015. NORTH AMERICA DATA CENTER PHYSICAL SECURITY MARKET, BY SERVICE (2016-2028)
TABLE 016. N DATA CENTER PHYSICAL SECURITY MARKET, BY COUNTRY (2016-2028)
TABLE 017. EUROPE DATA CENTER PHYSICAL SECURITY MARKET, BY SOLUTION (2016-2028)
TABLE 018. EUROPE DATA CENTER PHYSICAL SECURITY MARKET, BY SERVICE (2016-2028)
TABLE 019. DATA CENTER PHYSICAL SECURITY MARKET, BY COUNTRY (2016-2028)
TABLE 020. ASIA PACIFIC DATA CENTER PHYSICAL SECURITY MARKET, BY SOLUTION (2016-2028)
TABLE 021. ASIA PACIFIC DATA CENTER PHYSICAL SECURITY MARKET, BY SERVICE (2016-2028)
TABLE 022. DATA CENTER PHYSICAL SECURITY MARKET, BY COUNTRY (2016-2028)
TABLE 023. MIDDLE EAST & AFRICA DATA CENTER PHYSICAL SECURITY MARKET, BY SOLUTION (2016-2028)
TABLE 024. MIDDLE EAST & AFRICA DATA CENTER PHYSICAL SECURITY MARKET, BY SERVICE (2016-2028)
TABLE 025. DATA CENTER PHYSICAL SECURITY MARKET, BY COUNTRY (2016-2028)
TABLE 026. SOUTH AMERICA DATA CENTER PHYSICAL SECURITY MARKET, BY SOLUTION (2016-2028)
TABLE 027. SOUTH AMERICA DATA CENTER PHYSICAL SECURITY MARKET, BY SERVICE (2016-2028)
TABLE 028. DATA CENTER PHYSICAL SECURITY MARKET, BY COUNTRY (2016-2028)
TABLE 029. SCHNEIDER ELECTRIC: SNAPSHOT
TABLE 030. SCHNEIDER ELECTRIC: BUSINESS PERFORMANCE
TABLE 031. SCHNEIDER ELECTRIC: PRODUCT PORTFOLIO
TABLE 032. SCHNEIDER ELECTRIC: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 032. ROBERT BOSCH GMBH: SNAPSHOT
TABLE 033. ROBERT BOSCH GMBH: BUSINESS PERFORMANCE
TABLE 034. ROBERT BOSCH GMBH: PRODUCT PORTFOLIO
TABLE 035. ROBERT BOSCH GMBH: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 035. DAHUA TECHNOLOGY: SNAPSHOT
TABLE 036. DAHUA TECHNOLOGY: BUSINESS PERFORMANCE
TABLE 037. DAHUA TECHNOLOGY: PRODUCT PORTFOLIO
TABLE 038. DAHUA TECHNOLOGY: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 038. AXIS COMMUNICATION: SNAPSHOT
TABLE 039. AXIS COMMUNICATION: BUSINESS PERFORMANCE
TABLE 040. AXIS COMMUNICATION: PRODUCT PORTFOLIO
TABLE 041. AXIS COMMUNICATION: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 041. ASSA ABLOY: SNAPSHOT
TABLE 042. ASSA ABLOY: BUSINESS PERFORMANCE
TABLE 043. ASSA ABLOY: PRODUCT PORTFOLIO
TABLE 044. ASSA ABLOY: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 044. MORPHO (SAFRAN): SNAPSHOT
TABLE 045. MORPHO (SAFRAN): BUSINESS PERFORMANCE
TABLE 046. MORPHO (SAFRAN): PRODUCT PORTFOLIO
TABLE 047. MORPHO (SAFRAN): KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 047. HONEYWELL: SNAPSHOT
TABLE 048. HONEYWELL: BUSINESS PERFORMANCE
TABLE 049. HONEYWELL: PRODUCT PORTFOLIO
TABLE 050. HONEYWELL: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 050. HIKVISION DIGITAL TECHNOLOGY CO LTD: SNAPSHOT
TABLE 051. HIKVISION DIGITAL TECHNOLOGY CO LTD: BUSINESS PERFORMANCE
TABLE 052. HIKVISION DIGITAL TECHNOLOGY CO LTD: PRODUCT PORTFOLIO
TABLE 053. HIKVISION DIGITAL TECHNOLOGY CO LTD: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 053. SIEMENS AG: SNAPSHOT
TABLE 054. SIEMENS AG: BUSINESS PERFORMANCE
TABLE 055. SIEMENS AG: PRODUCT PORTFOLIO
TABLE 056. SIEMENS AG: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 056. TYCO INTERNATIONAL: SNAPSHOT
TABLE 057. TYCO INTERNATIONAL: BUSINESS PERFORMANCE
TABLE 058. TYCO INTERNATIONAL: PRODUCT PORTFOLIO
TABLE 059. TYCO INTERNATIONAL: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 059. OTHER MAJOR PLAYERS: SNAPSHOT
TABLE 060. OTHER MAJOR PLAYERS: BUSINESS PERFORMANCE
TABLE 061. OTHER MAJOR PLAYERS: PRODUCT PORTFOLIO
TABLE 062. OTHER MAJOR PLAYERS: KEY STRATEGIC MOVES AND DEVELOPMENTS

LIST OF FIGURES

FIGURE 001. YEARS CONSIDERED FOR ANALYSIS
FIGURE 002. SCOPE OF THE STUDY
FIGURE 003. DATA CENTER PHYSICAL SECURITY MARKET OVERVIEW BY REGIONS
FIGURE 004. PORTER'S FIVE FORCES ANALYSIS
FIGURE 005. BARGAINING POWER OF SUPPLIERS
FIGURE 006. COMPETITIVE RIVALRYFIGURE 007. THREAT OF NEW ENTRANTS
FIGURE 008. THREAT OF SUBSTITUTES
FIGURE 009. VALUE CHAIN ANALYSIS
FIGURE 010. PESTLE ANALYSIS
FIGURE 011. DATA CENTER PHYSICAL SECURITY MARKET OVERVIEW BY SOLUTION
FIGURE 012. VIDEO SURVEILLANCE MARKET OVERVIEW (2016-2028)
FIGURE 013. MONITORING AND ACCESS CONTROL MARKET OVERVIEW (2016-2028)
FIGURE 014. DATA CENTER PHYSICAL SECURITY MARKET OVERVIEW BY SERVICE
FIGURE 015. CONSULTING MARKET OVERVIEW (2016-2028)
FIGURE 016. SYSTEM INTEGRATION MARKET OVERVIEW (2016-2028)
FIGURE 017. PROFESSIONAL SERVICES MARKET OVERVIEW (2016-2028)
FIGURE 018. NORTH AMERICA DATA CENTER PHYSICAL SECURITY MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 019. EUROPE DATA CENTER PHYSICAL SECURITY MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 020. ASIA PACIFIC DATA CENTER PHYSICAL SECURITY MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 021. MIDDLE EAST & AFRICA DATA CENTER PHYSICAL SECURITY MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 022. SOUTH AMERICA DATA CENTER PHYSICAL SECURITY MARKET OVERVIEW BY COUNTRY (2016-2028)

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Frequently Asked Questions :

What would be the forecast period in the Data Center Physical Security Market research report?

The forecast period in the Data Center Physical Security Market research report is 2023 -2030.

Who are the key players in Data Center Physical Security Market?

Schneider Electric, Robert Bosch Gmbh, Dahua Technology, Axis Communication, Assa Abloy, Morpho (Safran), Honeywell, Hikvision Digital Technology Co., Ltd., Siemens AG, and Tyco International, Other Major Key Players.

What are the segments of the Data Center Physical Security Market?

The Data Center Physical Security Market is segmented into Solution, Service and region. By Solution, the market is categorized into Video Surveillance, Monitoring and Access Control. By Service, the market is categorized into Consulting, System Integration, Professional Services. By region, it is analyzed across North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain, etc.), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).

What is the Data Center Physical Security Market?

The equipment that contains vital data for multi-tenant applications is protected by a variety of built-in safety and security measures in a data center's physical protection. Factors ranging from location selection to authenticated entry of the staff into the data centre should be considered, monitored, and rigorously audited for the safety and security of the premises.

How big is the Data Center Physical Security Market?

Global Data Center Physical Security Market Size Was Valued at USD 1.6 Billion In 2022 And Is Projected to Reach USD 4.8 Billion By 2030, Growing at A CAGR of 14.9% From 2023 To 2030.