What Trends Are Driving Growth In Security In 2024?

Continued cloud growth remains a top trend driving growth in physical security. We will likely see more major players offering options for cloud and recurring revenue. Secondly, SLED (State, Local, and Education) spending on physical and cybersecurity will likely drive growth. State and local agencies continue to budget for smarter systems, which can be new or renewed. This is largely driving the growth of the sector.  

One of the biggest trends is the desire for more automated processes. Organizations are keen to cut costs and increase efficiency by increased use of automation. Security and operations departments represent excellent opportunities as AI-based systems increasingly offer smart alternatives to mundane, repetitive tasks such as proactively monitoring myriad camera feeds 24/7. At the same time, there’s a need to effectively balance edge (on-prem) processing, cloud, and hybrid environments in a way that provides maximum ROI. There is no “one size fits all” answer for every organization. This means that companies are increasingly seeking out vendors and partners that have open policies regarding integration and collaboration. The pace of technical evolution and innovation is astounding. By enabling resellers and end-users to choose the best solutions for each unique installation, compromises are avoided, and systems become more resilient and are not subject to obsolescence the day after they are installed. 

In the coming year, the physical security industry is set to witness significant growth driven by a convergence of key trends. Advancements in AI, cloud computing, and AV-over-IP technology are at the forefront of these changes and will have a significant impact on control rooms, security operations centers, and mission-critical environments. And the timing could not be more ideal as security leaders need to find a way to remove the silos associated with AV and IT that have held these environments back for far too long. Now that tech has evolved and the silos of AV/IT are diminishing, we are seeing streamlined operations and an improvement in workflow efficiencies. Right now, security operators are experiencing a transformation in how they interact with data, and intelligent tools are making it easier to identify what’s most critical to a specific environment. 

Things that are driving growth in the physical security industry are the use of Artificial Intelligence (AI), cloud-based solutions, and a wide range of technology integrations. The use of AI and advances in deep analytics present a more intelligent threat detection and pattern prediction to quickly identify a security risk before it escalates. Cloud-based technologies will change the way security systems are deployed and managed making it much easier to maintain and grow efficiently. The growing integration of solutions such as access control, video surveillance, and AI analytics will allow for combining a total solution.  

Over the next year, the physical security industry will see a large increase in hybrid cloud adoption in medium and large enterprises. As cloud adoption rises, there will be growing interest in new cloud-ready appliances that not only streamline access to cloud services but also enhance computing power at the edge. At the same time, organizations will look to optimize collaboration between IT and physical security teams. More and more, IT will bring physical security within their group and begin overseeing physical security mandates. The need for unified, cloud-connected physical security solutions will increase as this cross-departmental collaboration expands. Such systems will allow teams to gain a complete view of their systems and use the corresponding data more effectively. 

We have seen a few major trends that are driving growth in the physical security industry in 2024. With safety being paramount, complex problems and environments require greater innovation from the security sector. As a result, hybrid security is one of those growing trends. Hybrid security combines human guarding services and virtual security solutions in a way that is comprehensive and cost-effective for many businesses. By utilising mobile virtual surveillance and AI-powered access control solutions, human guards can be freed up for more complex tasks. Moreover, technology can be used to evaluate or address a situation, keeping human guards out of risky or unknown situations. This results in fewer false alarms, more proactive interception, and less property damage. Human guards are reserved for complex tasks or operate within a command centre environment. The shift towards a hybrid security model is a trend that we foresee for the industry as a whole. It’s flexible, and real-time and increases incident resolution time over other models. AI and tech are here to stay in security and there are many opportunities to use this to better support security professionals and offer clients increased coverage and greater control over their security infrastructure. 

As artificial intelligence continues to evolve, its potential for generating misinformation and disinformation presents a heightened threat to informed decision-making. Risk intelligence remains the critical differentiator for navigating this complex environment. Traditionally, physical security relied heavily on established measures like barriers and personnel. However, hybrid threats necessitate a multifaceted approach, moving away from the "Guns, Gates, and Guards" mindset and considering other elements such as "Gigabytes" or "Geopolitics." With this, data visualisation and metrics analysis proficiency will continue to emerge as a vital skill set for security professionals. This evolution opens doors to diverse talent profiles. Security teams now benefit from individuals with non-traditional backgrounds with data analysis and business communication expertise. With their ability to translate data into actionable insights and align security strategies with business objectives, these skilled professionals become catalysts for growth within the physical security industry while data-driven solutions and clear communication have become the cornerstones of effective risk mitigation in the era of AI-powered information warfare. 

AI and automation technologies are bringing new life into central command/control stations. With the use of AI technology, we can reduce the fatigue in central station operators that results from repetitive low-priority alarms. This means more attentive operators, which will lead to quicker, more accurate responses. While many companies are navigating the AI landscape, another notable trend, especially in the video management sector, is focusing on seamless integrations, data-driven solutions, scalability, ease of deployment, and visually intuitive interfaces. It comes down to adopting a strategy that is truly more customer-centric than it has been in the past. This approach reflects a broader trend, where practical solutions take precedence over the interest in or adoption of buzzwords. As organisations recognise the enduring importance of addressing fundamental customer needs, the physical security industry is poised to grow through innovations that are effective in addressing real-world security challenges. 

The global physical security market is forecast to grow exponentially between now and 2030 and several trends are playing a contributing factor. At this moment in time, technological advancements continue to have a wide impact on the industry, as a vast majority of security solutions are meeting market demand by leaning on intelligent software such as biometrics or cloud-based systems, for example. The challenges associated with improved security, ease of use, and interconnectivity are more effectively alleviated by security systems that adopt these modern features, and with that, decision-makers are more open to integration. Wireless access control is also helping to address another market-driving factor in sustainability. When it comes to retrofitting existing security infrastructures, wireless technology uses fewer materials upon installation, and in conjunction with manufacturers using more durable materials, the industry can continue to promote improved sustainability practices in answer to one of the most pressing questions posed by customers and our planet. 

I anticipate significant growth in the security industry in the coming year, driven by several trends. One major factor is the increasing adoption of cloud-based security solutions, favored for their scalable flexibility, which contrasts with the complexities often found in traditional on-premises video and access control systems. Another area poised for growth is the application of AI-powered video analytics that detect anomalies such as unauthorized access, suspicious behaviors, or unusual movements. The security industry will continue to explore new use cases for AI to help them more quickly detect threats and proactively respond. We also anticipate an increase in the integration of IoT technologies. End users are seeking ways to combine the capabilities of the IoT with physical security systems to establish a comprehensive enterprise-wide infrastructure. These trends are leading the industry toward a future driven by advanced and integrated solutions, which marks a significant transformation from the industry's previous reputation as traditionally slow-moving. 

End users are increasingly seeking technologies that provide early risk detection and enable immediate response. As the New Year unfolds, there's a noticeable surge in interest in proactive and remote video monitoring solutions, enhanced significantly by AI integration. This demand is driven by customers' desire to preempt threats before they lead to negative consequences, like vandalism, crime, or financial loss. This growing preference for proactive measures is reflective of a broader trend. In response, the industry is moving towards the adoption of advanced analytics, concentrating on strategies that prioritise early intervention. Such approaches are aimed at more effective prevention, underscoring the greater shift towards anticipatory and responsive security solutions. 

Generative artificial intelligence (AI) has captured a lot of attention and positive impressions in 2023 and is bringing renewed attention to applications of AI to physical security in general. While previously met with skepticism, last year’s successes demonstrated that AI can drive value, efficiency, and profits if applied to the right task. 

The physical security industry is set for substantial growth in the upcoming year. A key driver is the integration of AI, which is creating a game-changing opportunity to streamline operations through the delivery and adoption of advanced analytics. The addition of these emerging solutions is primed to enhance the industry's capacity to proactively manage risks and refine response strategies. There is also a greater emphasis on integrating physical and digital security strategies. Organizations are looking to adopt a more holistic approach to identifying risks and enabling swift responses, and this cannot occur without close collaboration between IT and security stakeholders. The move towards establishing a comprehensive security ecosystem has been occurring for some time, but we expect the coming year to see numerous opportunities for substantial movement in bringing both sides of the security coin together. 

Cloud and AI will continue to drive growth in 2024, as these technologies continue to advance and mature, and the industry's acceptance and use continue to grow. Many solutions we see today as niche and unique will start to be more mainstream. A good example for our industry is the growing maturity in the industry's use of analytics to more of an outcome-based scenario. Instead of asking what is possible with analytics, we're now much more focused on using analytics more strategically to extract meaningful information and actionable insights from the data.