The global physical security market size is anticipated to value USD 171.0 billion until 2027. It is also expected to register a CAGR of 6.5% over the forecasted years, 2020 to 2027. Increasing concerns about safety and safety prevailing among the population across the globe coupled with the surging number of attacks and security breaches are anticipated to drive the demand for physical security solutions.
In 2019, the video surveillance system segment registered the highest share of 45.0% due to rapid technological advances for the development of cameras and video recorders. The access control segment is expected to witness the highest CAGR in the upcoming years owing to increasing demand for remote access controls and the development of mobile applications for operating security devices.
The service segment of system integration accounted for the largest share of 48.0% across the global market due to rapid technological advances and rising consumer’s preference over the adoption of security solutions. Also, external factors like reduction in cost prices coupled with the need for complying with safety standards are driving the market growth for this segment.
North America dominated the global market due to the rapid economic growth and the imposition of regulatory reforms for ensuring safety and security across countries like the U.S. and Canada. The Asia Pacific is projected to register the highest growth over the forecasted years owing to the increasing need for smart solutions to enhance security. Also, the rising population and the need for traffic monitoring are expected to pave the demand for physical security solutions.
The physical security market includes key players such as Pelco; Genetec Inc.; Honeywell International, Inc.; Robert Bosch GmbH; and Axis Communications AB. They are also engaged in the development of products for widening their global reach and product portfolio. Also, acquisitions, alliances and mergers are being undertaken by these players to gain a competitive advantage.
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Further key findings from the report suggest:
• The system integration service segment accounted for the largest share of 48.0% across the global market.
• The residential end-use segment is anticipated to register 7.4% CAGR from 2020 to 2027.
• In 2019, North America dominated the global market.
• The key players in this market are Pelco; Genetec Inc.; Honeywell International, Inc.; Robert Bosch GmbH; and Axis Communications AB.
Million Insights has segmented the global physical security market based on component, systems, services, end use and region:
Physical Security Component Outlook (Revenue, USD Billion, 2016 - 2027)
Physical Security Systems Outlook (Revenue, USD Billion, 2016 - 2027)
• Video Surveillance
• Intrusion Detection
• Access Control
• Exterior Security Systems
Physical Security Services Outlook (Revenue, USD Billion, 2016 - 2027)
• System Integration
• Remote Monitoring
Physical Security End-use Outlook (Revenue, USD Billion, 2016 - 2027)
• Banking & Finance
• Utility & Energy
• Manufacturing & Industrial
Physical Security Regional Outlook (Revenue, USD Billion, 2016 - 2027)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa