The global physical security market has been pegged at $78 billion in 2018, and is projected to reach $153 billion by 2026, equivalent to a CAGR of 11% between 2019 an d the end of the forecast period.
The study, conducted by Report Consultant, cites increasing demand for security measures against terrorist attacks and for controlling the business assets.
Secondary factors include increasing usage of IoT and the development of smart transportation systems to track the location of automobiles.
For the purposes of the research, Report Consultant describes physical security as measures designed to protect the property from any attacks and to cease unauthorised access – it’s clearly a broad term which includes CCTV surveillance, security guards, protective barriers, locks, access control protocols, security scanning, metal detection, etc, hence the large forecasted value.
Key global players highlighted in the report include Anixter International Inc. (U.S.), Cisco Systems, Inc. (U.S.), Tyco International PLC (Ireland), Bosch Security Systems, Inc. (Germany), ADT Corporation (U.S.), Genetec Inc. (Canada), Honeywell International, Inc. (U.S.), Pelco (U.S.), Stanley Security (U.S.) and Senstar Corporation (Canada).