DUBLIN--(BUSINESS WIRE)--The "Physical Security Market by Component (Systems (PACS, PSIM, PIAM, Video Surveillance, Fire and Life Safety) and Services (ACAAS, VSAAS, Remote Monitoring, Security Systems Integration)), Organization Size, Vertical, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The market size is expected to grow from USD 84.2 billion in 2018 to USD 120.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period.
Rising incidents of terror attacks, technological advancements and deployment of wireless technology in security systems, and increasing use of Internet Protocol (IP)-based cameras for video surveillance are expected to drive the overall growth of the physical security market across the globe.
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 component, the services segment is expected to grow with the fastest growth rate in 2020.
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) solutions, which need proper monitoring.
Based on organization size, the large enterprises segment is expected to lead the physical security market in 2020.
The large enterprises segment is expected to lead the physical security market in 2020. These enterprises were the early adopters of physical security solutions and services, as they have a 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 2020.
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.
Market Dynamics
Drivers
- 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
- Adoption of IoT-Based Security Systems With Cloud Computing Platforms
Restraints
- Violation of Privacy
Opportunities
- Adoption of As a Service Model
- Use of Ai to Boost Surveillance
Challenges
- Integration of Logical and Physical Components of Security Systems
- Device Vulnerability and Chances of Systems Being Hacked
- Need for High Bandwidth to Transfer Data
- Need for High Capacity Storage for High-Resolution Images/Videos and Recordings
Companies Profiled
- ADT
- Bosch Building Technologies
- Cisco
- Honeywell
- Johnson Controls
- Anixter (Wesco)
- Genetec
- Secom
- G4S
- Pelco by Schneider Electric
- Hid Global
- Zhejiang Dahua Technology Co.
- Kastle Systems
- Hangzhou Hikvision Digital Technology Co.
- Stanley Convergent Security Solutions
- Axis Communications
- General Dynamics
- Huawei
- NEC Corporation
- Hexagon
- IBM
For more information about this report visit https://www.researchandmarkets.com/r/nu2ftv
