Global Physical Security Market is Estimated to Reach $148 Billion by 2024, Says Accurize Market Research
Global Physical Security Market report published by Accurize Market Research forecast that the global market is expected to reach $148 billion by 2024; growing at a CAGR of 9.8% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Rising terror attacks globally fuels the growth of the market
Rising terror attacks and expenditure on security of important infrastructure such as government headquarters, airports, banks, trade centers, data centers, & enterprise facilities, and advanced technology along with cost effective security systems are some of the factors driving the physical security market. Though, restricted use of advanced technologies and lack of synergy between security solutions may limit the growth of the market. Additionally, current development of smart cities and technological advancements in video surveillance would provide several opportunities in coming years.
The global physical security market is split into type, industry vertical and geography. By type, the market is segmented into systems and services. The system segment is further bifurcated into access control, video surveillance, physical security information management, perimeter intrusion detection & prevention, security scanning, imaging & metal detection, and fire & life safety. Services are sub-segmented as system integration, maintenance & support, designing & consulting. By industry vertical, the segmentations are government, defense & public sector, BFSI, education, retail, telecom & IT, oil, gas & energy, transportation & logistics, hospitality & residential, and others.
North America, Europe, Asia-Pacific and rest of the world (RoW) are the geographical segments of the market. North America is further bifurcated into countries namely; U.S., Canada and Mexico. Europe covers countries like Russia, U.K., Germany, France, Italy and Rest of Europe. Asia-Pacific countries include China, India, Japan, South Korea and Rest of Asia Pacific. Rest of the World (RoW) covers South America, Africa and Middle East.
"Systems accounted for the largest market share in the type segment", says Accurize
Systems dominated the type segment accounting for more than 60% of the global market share in 2017. However, the services segment is expected to grow at the fastest CAGR during the forecast period 2017 – 2025. Government, defense & public sector dominated the industry vertical segment with around 25% market share.
"North America dominated the global market with the highest market share over the forecast period", says Accurize
North America and Europe accounted for majority of the market share with 37.4% and 26.3%, respectively in 2017. Moreover, in terms of growth, Asia-Pacific is expected to grow with fastest CAGR of 12.1% during the forecast period 2017 to 2025, driven by high rate of terror attacks and improved consumption of internet of Things (IoT).
Top players in the market
Major market players include Cisco Systems, Bosch Security Systems, Inc., Tyco International Plc., Honeywell International, Inc., Pelco, Anixter International Inc., Stanley Security Solutions Limited, ADT Corporation, Senstar Corporation, and Genetec Inc., among others.
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