Physical Security Market
The global physical security market expected to grow at USD ~120 Billion at ~10% of CAGR by 2022
Physical security defines the security measures that are designed to protect the property from any attacks and to terminate unauthorized access. Physical security is a wide-ranging term which includes CCTV surveillance, protective barriers, access control protocols, security guards, locks, security scanning, metal detection, and other techniques.
According to Market Research Future, the global physical security market has improved by the increasing demand for security measures against terrorism and for controlling the commercial assets. In addition to these factors, growing usage of IoT and development of smart transportation systems to trace the location of automobiles is also driving the physical security market. The overall rise in security breaches is urging companies to shift from a traditional security system to an advanced logical security system. The technological progress is contributing to the development of cost-effective security systems that are in demand globally, boosting the physical security market. The amalgamation of logical and physical components of security is a challenge faced by the physical security market. The increasing implementation of cloud computing solutions in organizations, increasing automation, and integrated approach in the business process is projected to trigger the application of system integration solutions, subsequently driving the market forward.
The global physical security market is assessed to grow at USD ~120 Billion by 2022, at ~10% of CAGR between the forecast period of 2016 and 2022.
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Segmental Analysis
The global physical security market is segmented by type, industry, and region. Physical security market by type, into System and Service. Sub-segments under system are access control protocols, biometric systems, locks, video surveillance, physical security information management, security, scanning, metal detection, and fire & life safety. Sub-segments under service are maintenance & support, designing & consulting, system integration. Physical security market by industry is segmented into defense & public sector, government, transportation & logistics, IT & telecom, BFSI, education, retail, oil, gas & energy, hospitality, and others. The global physical security market is segmented by region, into North America, Europe, Asia Pacific, and the rest of the world.
Access control segment is considered to be the fastest growing segment in the physical security market in the forecast period. Its growth can be contributed to factors such as the rise in industrialization and security breaches. Video surveillance also has a high demand in commercial, financial, infrastructural and institutional sectors due to its ability to monitor, reduce and deter illegal activities
The services segment is estimated to drive the market forward owing to initiation of advancement in technology as well as infrastructure in developing countries, which has created a rise in the demand for additional security services.
Regional Analysis
North America has the leading the global physical security market and initiatives taken by the government against terrorist attacks and illegal immigration are essential factors driving the market in this region. The presence of key players of the global physical security market also adds value to the regional market share. Asia Pacific region is predicted to show fast and substantial growth, owing to the economic growth in developing countries, introduction of regulatory reforms by government and rise in investments by SMEs and leading enterprises in security solutions. Maximum progress is expected from countries like China, Japan, and South Korea during the forecast period.
Key players
The crucial players in the physical security market are – Anixter International Inc. (U.S.), Cisco Systems, Inc. (U.S.), ADT Corporation (U.S.), Honeywell International, Inc. (U.S.), Pelco (U.S.), Stanley Security (U.S.), Senstar Corporation (Canada), Genetec Inc. (Canada), Tyco International Plc (Ireland), Bosch Security Systems, Inc. (Germany), among others.
Industry Updates
As noted in March 2019, IT integrators are entering the physical security market to provide advanced security services.
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