The global physical security services market will expand at a CAGR of 11.7% by 2022 to reach $191.7 billion.
That’s according to the latest data from Transparency Market Research (TMR), which pegged the market at $110.3bn in 2017.
In its analysis, TMR says the physical security services market has a consolidative vendor landscape, with prominent players including Tyco International Limited, SECOM Company Limited, The ADT Corp, United Technologies Corporation, and STANLEY Convergent Security Solutions accounting for a lion’s share of revenue.
These players are adopting strategies based primarily on product innovations and new product launches.
Based on the type, the ACaaS segment dominated the global physical security services market and is expected to remain dominant in terms of revenue by accounting US$80.9 bn by the end of 2022.
Region-wise, North America dominated the global physical security services market and is expected to remain dominant over the forecast period from 2017 to 2022 by expanding at a 12.6% CAGR.
In general terms, TMR says the physical security services market is gaining traction due to the need for physical safety to mitigate and reduce crime and risks of the thefts.
Additionally, growing expenses for the physical safety of the infrastructure by organizations coupled with the growing adoption of the internet of things (IoT) devices are supporting growth.
Further, growing penetration of the cloud-based data storage and servers along with growing technological developments, mainly in video surveillance, are contributing toward faster growth of the global physical security services market.
