Research Nester has released a report titled “Physical Security Market – Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global physical security market in terms of market segmentation by component, organization size, vertical and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global physical security market is segmented by vertical into government & defense, BFSI, retail, residential, transportation, IT and others, out of which, the government & defense segment held the largest market share of 23.38% in the year 2018. Additionally, the segment is expected to grow by a CAGR of 7.28% during the forecast period, i.e. 2020-2028 and further is anticipated to attain an incremental $ opportunity of USD 435.8 million in the year 2020.
The global physical security market is anticipated to achieve a CAGR of 8.03% across the globe over the forecast period and is expected to garner a value of USD 210893.7 million by the end of 2028 from a value of USD 98410 million in the year 2018. Increasing scope of IoT in enabling data protection through innovative connected networks of physical security system is anticipated to promote the growth of the global physical security market. Additionally, increasing spending by government bodies worldwide on installation of new physical security systems, such as video surveillance, access control & others in government offices & public facilities is further anticipated to provide growth opportunities to the global physical security market. On the other hand, the market is anticipated to gain an incremental $ opportunity of USD 7549.1 million in the year 2020 as compared to 2019.
Regionally, the global physical security market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America held the largest market share of 39.69% in the year 2018 owing to the presence of nations, such as U.S. and Canada, where U.S. held the dominant market value of USD 26872.5 million in the year 2018. Additionally, the market in North America is anticipated to achieve an incremental $ opportunity of USD 2763.4 million in the year 2020 as compared to the previous year.
Increasing Focus on Smart Cities Projects
Government of nations around the world are increasingly spending to develop smart cities for the efficient management of assets, resources and services to citizens. Smart cities use different kinds of Internet of Things (IoT)-based sensors to collect data and allows for advanced intelligence and mobility that makes cities more effective in using its resources. As such, there is also a rising demand for security and surveillance of smart cities backed by the growing concern for security incidences in cities worldwide, which is anticipated to drive the growth of physical security market.
However, concerns regarding the security products being prone to hackers and increasing data thefts, followed by the concerns for data privacy are some of the factors anticipated to restrict the growth of the global physical security market.
This report also provides the existing competitive scenario of some of the key players of the global physical security market, which includes company profiling of Bosch Sicherheitssysteme Gmbh, Axis Communications AB, Honeywell International Inc. (NYSE: HON), Cisco Systems, Inc. (NASDAQ: CSCO), Johnson Controls International PLC (NYSE: JCI), Secom Co., Ltd. (TYO: 935), Genetec Inc. (KLSE: GENETEC), Zhejiang Dahua Technology Co., Ltd. (SHE: 002236), Securitas AB (STO: SECU-B) and Prosegur Compania De Seguridad, SA (BME: PSG). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global physical security market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.