The Physical Security Market is projected to grow from $84.1 billion in 2018 to $119.4 billion in 2023, equivalent to a Compound Annual Growth Rate (CAGR) of 7.3% for the period.
That’s according to research from ReportsandReports, which says a combination of rising incidents of terror attacks, technological advancements and deployment of wireless technology in security systems is driving deployments across the globe.
Other factors cited include 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.
The reports says the services segment is projected to lead the physical security market during the forecast period, playing a vital role in enhancing the existing video surveillance system by integrating digital video surveillance with network and IT systems.
The APAC Physical Security Market is projected to grow at the highest CAGR, 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 sites.
It also lists the top key players in the Physical Security Market as:-
- ADT Inc. (US)
- Bosch Building Technologies (Germany)
- Cisco Systems Inc. (US)
- Honeywell International Inc. (US)
- Johnson Controls International plc (US)
- Anixter International Inc. (US)
- Genetec (Canada)
- Secom Co. Ltd (Japan)
- G4S plc (UK)
- Pelco by Schneider Electric (US)
- Zhejiang Dahua Technology Co. Ltd. (US)
- Kastle Systems (US)
- Hikvision Digital Technology Co.Ltd. (China)
- STANLEY Convergent Security Solutions Inc. (US)
- Axis Communications (Sweden)