A recent report published by Infinium Global Research on physical security market provides in-depth analysis of segments and sub-segments in global as well as regional physical security market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional physical security market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global physical security market. According to the report, the global physical security market is projected to grow at a CAGR of 9.3% over the forecast period of 2018-2024.
Physical Security consists of security measures that are designed to deny or block unauthorized access to facilities, equipment, and resources and to protect personnel and property from damage or harm (such as espionage, theft, or terrorist attacks). Physical Security involves the use of multiple layers of interdependent systems that include CCTV surveillance, protective barriers, locks, access control protocols, and many other techniques. In the past time, physical security market was more dependent on human power compared to electronic and advanced gadgets, but as the technology is evolving, the physical security market is shifting towards more advanced gadgets and technology to provide better security to organizations, entity, and domestic users. The rapid expansion of ATMs, mobile banking functionalities, mobile payments, and online payments has increased the concern for user information management.
The increase in terror activities and crime incidences especially cybercrime, the security breach has resulted in an accelerated demand for the Physical Security equipment and services. The substantial increase in the incidence of terrorist attacks on enterprises, government organizations, and critical infrastructures in recent years have driven companies and governments to implement strong Physical Security policies, in terms of technology and manpower. Important infrastructures, such as trade centers, data centers, banks, power, and energy generation plants, enterprise facilities, airports, and railway stations have increased their expenditure on Physical Security solutions and technologies. Physical Security also safeguards proper working in manufacturing industries by avoiding accidents on premises and loss of work hours.
The sophisticated access control systems, internet protocol (IP) video, and biometric solutions are driving the demand for Physical Security solutions. Rapid urbanization, continuous growth in smart cities, reduction in the use of analog cameras and rise in IP based cameras, and the rise of digital systems are providing ample opportunities to the physical security market. Increasing global security concerns and growing budget distributions for Physical Security by governments and private organizations to prevent criminal activities and terrorism are the major factors driving the demand for Physical Security. In addition, rules and regulations imposed by governments of different countries demanding improved security levels are driving Physical Security in certain end-user sectors including business and industrial organizations. However, the lack of awareness and limited infrastructure are the major factors hindering the growth of the global physical security market in some countries.
North America holds the largest market share of the physical security market, due to the presence of a large number of Physical Security providing companies, and growing incidence of Physical Security threat due to terrorism and cybercrime. Additionally, people are more aware of physical securities problems in this region. Asia-Pacific region is expected to grow at a high CAGR of physical security market in the coming years as a result of continued investments in infrastructure and increasing criminal activities. Additionally, the influx of multinational Physical Security providing companies and growth of security infrastructure as the internet, customized bandwidth for using security equipment are helping to grow this market in this region.
The report on the global physical security market covers segments such as component, hardware, services, and end-user. On the basis of the component, the global Physical Security market is categorized into hardware, software, and services. On the basis of hardware, the global Physical Security market is categorized into video surveillance, intrusion detection, access control, and others. On the basis of services, the global Physical Security market is categorized into system integration, remote monitoring, and others. On the basis of end-user, the global Physical Security market is categorized into transportation, government, banking & finance, utility & energy, residential, manufacturing & industrial, retail, commercial, hospitality, and others.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2016-2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while the Asia-Pacific region includes countries such as China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are the major markets included in the European region. The U.S. drives the growth in the North America region, as it is the largest market in the region. In the Asia-pacific region, rapid industrial growth in India and China offer a substantial potential for the growth in the physical security market. As a result, the APAC region is projected to experience a growth at a CAGR of x.x% over the forecast period 2018-2024.
The report provides profiles of the companies in the global physical security market such as Axis Communications AB, Assa Abloy Group, Cisco Systems Inc., Genetec Inc., ADT Security Services, Hangzhou Hikvision Digital Technology Co., Ltd., Honeywell International Inc., Johnson Controls International Plc, IDEA, and Pelco.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global physical security market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the physical security market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the physical security market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the physical security market to understand the present and future trends in this market and formulate their strategies accordingly.
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