The physical security market is projected to grow from USD 84.1 billion in 2018 to USD 119.4 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 7.3% from 2018 to 2023
NEW YORK, Feb. 18, 2019 /PRNewswire/ --
Rising incidents of terror attacks, technological advancements and deployment of wireless technology in security systems, and increasing use of Internet Protocol (IP)-based cameras for video surveillance are expected to drive the overall growth of the physical security market across the globe.
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The physical security market is projected to grow from USD 84.1 billion in 2018 to USD 119.4 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 7.3% from 2018 to 2023. Rising incidents of terror attacks, technological advancements and deployment of wireless technology in security systems, increasing use of IP-based cameras for video surveillance, implementation of mobile-based access control, and adoption of Internet of Things (IoT)-based security systems with cloud computing platforms are projected to drive the growth of the market across the globe. However, violation of privacy related to physical security systems and services is expected to restrict the growth of the market across the globe.
Based on component, the services segment is expected to grow with the fastest growth rate in 2018.
The services segment is projected to lead the physical security market during the forecast period.Physical security services play a vital role in enhancing the existing video surveillance system by integrating digital video surveillance with network and IT systems.
This integration enhances property safety and reduces loss from thefts. Moreover, the service segment is being continuously affected by the introduction of the integrated Social, Mobile, Analytics, and Cloud (SMAC) solution, which need proper monitoring.
Based on organization size, the large enterprises segment is expected to lead the physical security market in 2018.
The large enterprises segment is expected to lead the physical security market in 2018.These enterprises were the early adopters of physical security solutions and services, as they have larger revenue pool to spend and a larger infrastructure to be protected.
High spending on security, followed by the high need for securing large assets is leading large enterprises to contribute to a higher market share in the physical security market.
The residential vertical to lead the physical security market in 2018.
Business and recreational travelers demand safe and secure hotel accommodation with responsive and friendly customer service.The residential segment faces the challenge to manage security without violating the privacy of their guests, comfort, and travel experiences.
In residential premises, the implementation of access control and video surveillance security systems is growing.The residential properties are installing access control systems to prevent invasion and burglary.
There is also an increasing demand for access control systems to minimize unauthorized access.Residential properties are increasingly adopting electronic lock-based access control systems.
The demand for electronic products is growing with the increased home automation trend.
The Asia Pacific (APAC) physical security market is projected to grow at the highest CAGR during the forecast period.
The APAC physical security market is projected to grow at the highest CAGR during the forecast period.This growth is primarily driven by the rising adoption of access control systems in Small and Medium-sized Enterprises (SMEs), hospitality businesses, airports, ATMs, banks, residential buildings, and religious places, among others are expected to drive the physical security market.
Security systems are expected to witness increasing adoption in APAC as the countries in the region are emerging economies with a growing number of manufacturing bases, and there is also a constant risk of terror threats in the region.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the physical security market.
-- By Company Type: Tier 1 - 40%, Tier 2 - 35%, and Tier 3 - 25%
-- By Designation: C-level - 45%, Directors - 30%, and Others - 25%
-- By Region: North America - 35%, Europe - 20%, Asia Pacific - 30%, and RoW - 15%
The major vendors of physical security solutions and services include ADT Inc. (US), Bosch Building Technologies, (Germany), Cisco Systems, Inc. (US), Honeywell International Inc., (US), Johnson Controls International plc, (US), Anixter International Inc. (US), Genetec (Canada), Secom Co., Ltd (Japan), G4S plc (UK), Pelco by Schneider Electric (US), Zhejiang Dahua Technology Co., Ltd. (US), Kastle Systems (US), Hikvision Digital Technology Co., Ltd. (China), STANLEY Convergent Security Solutions, Inc. (US), and Axis Communications (Sweden). The study included an in-depth competitive analysis of these key players with their company profiles, recent developments, and key growth strategies adopted by them.
Research coverage
The market study covers the physical security market across different segments.It aims at estimating the market size and the growth potential of this market across different segments based on component, organization size, vertical and region.
The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall physical security market and its segments.This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and to plan suitable go-to-market strategies.
The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p04784300
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