Research Nester published a report titled “US Physical Security Market: Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the security systems 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 growth of physical security market is thriving owing to the increasing number of crimes, thefts, burglary, along with the concern among population for proper protection and terrorist attacks. The propelling rate of cyber-attacks in the United States has led to several damages of the assets & infrastructure resulting in a growing requirement for physical security control and surveillance system across the region. The government across the United States is continuously working on strengthening its physical security infrastructure to control threats. Industries are witnessing rapid transformation owing to the adoption of Internet of Things (IoT) and machine learning algorithms in their process. US physical security market accounted for a market value of USD 31,989.1 million in 2019 and is anticipated to reach USD 55,157.3 million by 2028, by growing at a CAGR of 7.7% over the forecast period of 2020-2028.
The US physical security market is segmented on the basis of component into systems and services. The systems segment accounted for the largest market share in the US physical security market in 2019 and is expected to grow at a significant CAGR over the forecast period. Based on systems, the United States physical security market is sub-segmented into video surveillance system, physical access control system, perimeter intrusion detection & prevention, and others. Growing number of stringent government regulations to curb infiltration and improve perimeter security are providing lucrative growth opportunities to vendors of various physical security systems such as perimeter intrusion detection & prevention and video surveillance systems. The video surveillance systems sub-segment holds the largest market share, followed by physical access control systems. The various benefits offered by video surveillance systems such as remote access, real-time monitoring and flexible scalability are driving the growth of this segment.
Rising Demand for Physical Security Devices Owing to Increasing Crime Rate, Followed By Technological Advancements in Physical Security Devices To Drive The Market Growth
The United States physical security market has witnessed significant growth on account of increasing terror attacks and rising crimes across the region, which has additionally increased the concern and awareness among the consumers for their assets. Also, the rising number of smart cities projects across the nation is one of the driving factors for the growth of the physical security market. Security and surveillance are one of the main sectors of the smart cities projects, which involves a significant amount of investment. There are several smart cities projects going on across the country which are addressing the need for the installation of physical security solutions for enhancing the security and surveillance of the area.
However, product exploitation through hacking, data privacy concerns and products prone to single point of failure are the factors that are anticipated to hamper the growth of US physical security market. The system contains users’ personal data, which if exposed or breached, could pose a serious threat on the user and there is always a possibility that hackers can hack data and can use, store and manipulate the data as per their need.
This report also provides the existing competitive scenario of some of the key players of the US physical security market which includes company profiling of Bosch Security Systems LLC., Honeywell International Inc. (NYSE: HON), Cisco Systems Inc. (NASDAQ: CSCO), Johnson Controls (NYSE: JCI), ADT Inc. (NYSE: ADT), Anixter Inc., EMCOR Group Inc., Trane Technologies PLC (NYSE: TT), and others. The profiling enfolds key knowledge of the companies which incorporates business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the US 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.