Global physical security market is projected to exhibit a CAGR of over 8% during the forecast period, growing from $ 83 million in 2018 to $ 136 million by 2024
NEW YORK, June 13, 2019 /PRNewswire/ -- Global Physical Security Market By Component (Hardware, Software and Services), By End User (Government, Retail, BFSI, Transportation, IT & Telecom and Others), By Region, Competition, Forecast & Opportunities, 2024
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Global physical security market is projected to exhibit a CAGR of over 8% during the forecast period, growing from $ 83 million in 2018 to $ 136 million by 2024, on account of increasing incidents of terror attacks.Physical security refers to security measures designed for the protection or prevention of unauthorized access to equipment, facilities or resources and other properties from damage and unauthorized physical access.
Physical security involves the use of multiple layers which include video surveillance and access control, so as to protect resources. Technological advancements, increasing implementation of mobile based access control and growing deployment of wireless technology in security systems are expected to drive global physical security market in coming years.
Physical security market can be segmented based on the component and end-user.Based on the component, the market can be segmented into hardware, software and services.
Hardware segment accounted for the largest market share, on the back of growing deployment of security systems across various end users. Video surveillance is the leading segment in the hardware component and the segment is poised to grow at a high rate during the forecast period, owing to rising implementation of video surveillance systems such as camera, monitor and storage devices in various verticals.
North America dominated global physical security market in 2018 and the region is expected to maintain its leading position during the forecast period as well, on account of growing need for safety against increasing criminal activities and technological developments, in addition to preventing illegal immigration.Moreover, presence of leading players in the region is likely to positively impact the market.
Over the coming years, physical security market in Asia-Pacific is anticipated to register strong growth, owing to increasing development activities in economies such as China and India.
Major players operating in global physical security market are Hikvision Digital Technology Co., Ltd., Johnson Controls International plc, Robert Bosch GmbH, ADT LLC, and Honeywell International Inc. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments. In the end of 2018, Johnson Controls introduced the next generation of INTEVO integrated security platform. The COMPACT and INTEVO integrated security platforms were upgraded with better processors, improved graphics and additional IP camera licenses.
Years considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020-2024
Objective of the Study:
o To analyze and forecast global physical security market size.
o To classify and forecast global physical security market based on component, end user and regional distribution.
o To identify drivers and challenges for global physical security market.
o To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global physical security market.
o To conduct the pricing analysis for global physical security market.
o To identify and analyze the profile of leading players operating in global physical security market.
Some of the leading players in global physical security market are Hikvision Digital Technology Co., Ltd., Johnson Controls International plc, Robert Bosch GmbH, ADT LLC, and Honeywell International Inc.
The analyst performed both primary as well as exhaustive secondary research for this study.Initially, the analyst sourced a list of service providers across the globe.
Subsequently, the analyst conducted primary research surveys with the identified companies.While interviewing, the respondents were also enquired about their competitors.
Through this technique, the analyst could include service providers which could not be identified due to the limitations of secondary research. The analyst examined the service offerings, distribution channels and presence of all major service providers across the globe.
The analyst calculated global physical security market size using a bottom-up approach, where data for various end-user segments was recorded and forecast for the future years. The analyst sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size.
Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by the analyst.
Key Target Audience:
-- Physical Security service providers
-- Security and intelligence service providers
-- Research organizations and consulting companies
-- Government bodies such as regulating authorities and policy makers
-- Organizations, forums and alliances related to physical security
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as service providers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
Report Scope:
In this report, global physical security market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
o Market, by Component:
o Hardware
Video Surveillance
Access Control
Intrusion Detection
Others
o Software
Video Management Software
Video Analytics Software
Others
o Services
System Integration
Remote Monitoring
Video Surveillance as a Service
Access Control as a Service
o Market, by End User:
o Government
o Retail
o BFSI
o Transportation
o IT & Telecom
o Others
o Market, by Region:
o North America
United States
Canada
Mexico
o Europe
United Kingdom
Germany
France
Russia
Spain
o Asia-Pacific
China
Japan
Singapore
India
Australia
o Middle East & Africa
UAE
Saudi Arabia
South Africa
Qatar
o South America
Brazil
Colombia
Argentina
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in global physical security market.
Available Customizations:
With the given market data, we offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
o Detailed analysis and profiling of additional market players (up to five).
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