DUBLIN--(BUSINESS WIRE)--The "Physical Security Market by Component and Services, Organization Size, Vertical, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The physical security market is projected to grow from USD 84.1 billion in 2018 to USD 119.4 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 7.3% from 2018 to 2023.
Rising incidents of terror attacks, technological advancements and deployment of wireless technology in security systems, increasing use of IP-based cameras for video surveillance, implementation of mobile-based access control, and adoption of Internet of Things (IoT)-based security systems with cloud computing platforms are projected to drive the growth of the market across the globe.
However, violation of privacy related to physical security systems and services is expected to restrict the growth of the market across the globe.
Based on the component, the services segment is expected to grow with the fastest growth rate in 2018
The services segment is projected to lead the physical security market during the forecast period. Physical security services play a vital role in enhancing the existing video surveillance system by integrating digital video surveillance with network and IT systems.
This integration enhances property safety and reduces loss from thefts. Moreover, the service segment is being continuously affected by the introduction of the integrated Social, Mobile, Analytics, and Cloud (SMAC) solution, which need proper monitoring.
Based on organization size, the large enterprises segment is expected to lead the physical security market in 2018
The large enterprises segment is expected to lead the physical security market in 2018. These enterprises were the early adopters of physical security solutions and services, as they have larger revenue pool to spend and a larger infrastructure to be protected.
High spending on security, followed by the high need for securing large assets is leading large enterprises to contribute to a higher market share in the physical security market.
The residential vertical to lead the physical security market in 2018
Business and recreational travelers demand safe and secure hotel accommodation with responsive and friendly customer service. The residential segment faces the challenge to manage security without violating the privacy of their guests, comfort, and travel experiences. In residential premises, the implementation of access control and video surveillance security systems is growing.
The residential properties are installing access control systems to prevent invasion and burglary. There is also an increasing demand for access control systems to minimize unauthorized access. Residential properties are increasingly adopting electronic lock-based access control systems. The demand for electronic products is growing with the increased home automation trend.
The Asia Pacific (APAC) physical security market is projected to grow at the highest CAGR during the forecast period
The APAC physical security market is projected to grow at the highest CAGR during the forecast period. This growth is primarily driven by the rising adoption of access control systems in Small and Medium-sized Enterprises (SMEs), hospitality businesses, airports, ATMs, banks, residential buildings, and religious places, among others are expected to drive the physical security market.
Security systems are expected to witness increasing adoption in APAC as the countries in the region are emerging economies with a growing number of manufacturing bases, and there is also a constant risk of terror threats in the region.
Topics Covered
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Years Considered for the Study
1.4 Currency Considered
1.5 Stakeholders
2 Research Methodology
2.1 Research Data
2.2 Market Breakup and Data Triangulation
2.3 Market Size Estimation
2.4 Market Forecast
2.5 Assumptions for the Study
2.6 Limitations of the Study
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the Physical Security Market
4.2 Market By Component, 2018-2023
4.3 Market By System, 2018-2023
4.4 Market By Service, 2018-2023
4.5 Market By Vertical, 2018
4.6 Market By Organization Size, 2018-2023
4.7 Market Investment Scenario
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Incidents of Terror Attacks
5.2.1.2 Technological Advancements and Deployment of Wireless Technology in Security Systems
5.2.1.3 Increasing Use of IP-Based Cameras for Video Surveillance
5.2.1.4 Implementation of Mobile-Based Access Control
5.2.1.5 Adoption of IoT-based Security Systems with Cloud Computing Platforms
5.2.2 Restraints
5.2.2.1 Violation of Privacy
5.2.3 Opportunities
5.2.3.1 Adoption of as a Service Model
5.2.3.2 Use of AI to Boost Surveillance
5.2.4 Challenges
5.2.4.1 Integration of Logical & Physical Components of Security Systems
5.2.4.2 Device Vulnerability and Chances of Systems Being Hacked
5.2.4.3 Need for High Bandwidth to Transfer Data
5.2.4.4 Need for High Capacity Storage for High-Resolution Images/Videos & Recordings
5.3 Industry Trends
6 Physical Security Market By Component
6.1 Introduction
6.2 Systems
6.3 Services
7 Physical Security Market By Organization Size
7.1 Introduction
7.2 Small and Medium-Sized Enterprises
7.3 Large Enterprises
8 Physical Security Market By Vertical
8.1 Introduction
8.2 Banking, Financial Services, and Insurance
8.3 Government
8.4 Retail
8.5 Transportation
8.6 Residential
8.7 Telecom and IT
8.8 Others
9 Physical Security Market By Region
9.1 Introduction
9.2 North America
9.3 Europe
9.4 Asia Pacific
9.5 Middle East and Africa
9.6 Latin America
10 Competitive Landscape
10.1 Overview
10.2 Competitive Situation and Trends
10.3 Key Players in the Physical Security Market
11 Company Profiles
11.1 ADT
11.2 Bosch Building Technologies
11.3 Cisco
11.4 Honeywell
11.5 Johnson Controls
11.6 Anixter
11.7 Genetec
11.8 Secom
11.9 G4s
11.10 Pelco by Schneider Electric
11.11 Zhejiang Dahua Technology Co.
11.12 Kastle Systems
11.13 Hangzhou Hikvision Digital Technology Co.
11.14 Stanley Convergent Security Solutions
11.15 Axis Communications
For more information about this report visit https://www.researchandmarkets.com/research/7plljj/global_119_4bn?w=4
