The global physical security market is projected to grow from $ 83 billion in 2018 to $ 136 billion by 2024 on account of increasing incidents of terror attacks.
That’s equivalent to a CAGR of over 8% during the forecast period, according to a new report from Reportlinker, which which defines the market as any measures designed for the protection or prevention of unauthorised access to equipment, facilities or resources and other properties from damage and unauthorised physical access.
The forecast includes video surveillance and access control, with the authors asserting that technological advancements, increasing implementation of mobile based access control and growing deployment of wireless technology in security systems are expected to drive the global market.
Hardware segment accounted for the largest market share in 2018, on the back of growing deployment of security systems across various end users. Video surveillance is the leading segment in the hardware component and the segment is poised to grow at a high rate during the forecast period, owing to rising implementation of video surveillance systems such as camera, monitor and storage devices in various verticals.
North America dominated global physical security market in 2018 and the region is expected to maintain its leading position during the forecast period as well, on account of a growing need for safety against increasing criminal activities and technological developments, in addition to preventing illegal immigration. Moreover, presence of leading players in the region is likely to positively impact the market.
Over the coming years, physical security market in Asia-Pacific is anticipated to register strong growth, owing to increasing development activities in economies such as China and India.
The report identifies major players operating in global physical security market as Hikvision Digital Technology Co., Ltd., Johnson Controls International plc, Robert Bosch GmbH, ADT LLC, and Honeywell International Inc.
Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments.
In the end of 2018, Johnson Controls introduced the next generation of INTEVO integrated security platform. The COMPACT and INTEVO integrated security platforms were upgraded with better processors, improved graphics and additional IP camera licenses.