Physical Security Market Analysis, SWOT , Future Trends, and Forecast 2027
Posted by sneha patil on March 29th, 2022
Market Research Future (MRFR) expects the physical security market 2020 to touch a tremendous valuation of USD 120 Billion by the year 2022. MRFR adds that the market can advance at a steady rate of 10% between 2016 and 2022 (which is the review period).
Top Boosters and Main Challenges
The importance of advanced physical security among organizations and detecting of any potential threats has surged quite significantly in recent years, which sets the tone of the market growth. End-use industries such as banks, retail, hospitality and transportation face a variety of security challenges and theft and destruction which are tough to handle using traditional security systems. This has led to higher deployment of physical security systems across organizations. However, budgetary constraints can slacken the adoption of physical security systems in the coming years.
Having said that, governments everywhere are highly focused on fortifying their physical security infrastructure in order to be more prepared for potential threats, leading to better business expansion. Over the years, the widening entry points within the data systems of the IoT-backed ecosystem have boosted the number of cyber-attacks. Therefore, intense efforts are being made to boost IoT security with the use of advanced physical security systems to bring down the chances of such attacks. Also, technological innovations and advancements in videos, access systems and integrated sensors in IoT-enabled devices can also mean healthy prospects for physical security industry during the review period.
Some additional growth boosters in the Physical Security Market Analysis include the shift from conventional solutions like alarm systems, door locks and badge readers to advanced solutions, such as intrusion prevention, threat management and breach detection among organizations as well as government agencies.
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Top Market Contenders
The top contenders participating in the physical security market include Anixter International Inc. (U.S.), Cisco Systems, Inc. (U.S.), Bosch Security Systems, Inc. (Germany), Tyco International Plc (Ireland), Genetec Inc. (Canada), Senstar Corporation (Canada), ADT Corporation (U.S.), Pelco (U.S.), Stanley Security (U.S.), Honeywell International, Inc. (U.S.), among others
Segmentation of Market: Physical Security
From the viewpoint of segmental analysis, the global physical security market is further segments upon type and industry.
Among type segments, the market has included access control protocols, locks, biometrics systems, physical security information management, video surveillance, metal detection, security scanning, and fire & life safety.
Among industry segment, the Physical Security market included maintenance & support, system integration, and designing & consulting.
From the viewpoint of geographical analysis, the study of the Physical Security market has been conducted among the key regions of Asia, Europe, North America, and the Rest of the World (ROW). Government initiatives against the terrorist attacks and illegal immigration have driven the market of physical security in the North America region to a great extent. This has observed that the North American region is leading in the physical security market. MRFR also expects the market to gain from the increasing investment towards infrastructural development in this region.
Furthermore, the study reveals that the Asia-Pacific region might also show positive growth in the physical security market during the assessment period. Countries such as Japan and South Korea and China have a fair share in the physical security market.
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About the Authorsneha patil
Joined: December 28th, 2020
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