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allied market research

Physical security market to reach $192.9 billion by 2030

960 640 Stuart O'Brien

The global physical security market size was valued at $104.6 billion in 2020, and is estimated to reach $192.9 billion by 2030, registering a CAGR of 6.5% from 2021 to 2030.

That’s according to a new research report published by Allied Market Research, which offers a detailed analysis of changing market dynamics, key winning strategies, major segments, top investment pockets, players’ positioning, and competitive scenario.

Increase in terrorism activities, surge in awareness regarding personal security, and technological advancements drive the growth of the global physical security market. However, concerns regarding privacy and lack of physical & logical security integration hinder the market growth. On the other hand, high demand in smart cities creates new opportunities in the coming years.

Based on type, the services segment contributed to the highest market share in terms of revenue in 2016, and will maintain its highest contribution throughout the forecast period. However, the system segment is projected to register the highest CAGR from 2017 to 2023.

Based on industry vertical, the education, healthcare, retail, energy & utilities, manufacturing & industrial segment collectively garnered the highest revenue share in 2016, and will maintain its dominance during the forecast period. However, the residential sector is estimated to witness the highest growth rate by 2023.

Based on region, North America is the largest supplier of physical security solutions across the world, and the U.S. leads the global market as compared to other countries. However, Asia-Pacific is expected to register a considerable growth throughout the forecast period. China leads the market in Asia-Pacific.

Global physical security industry to hit $153bn in 2023

960 640 Stuart O'Brien

The global physical security industry is projected to reach $153 billion by 2023, equivalent to a CAGR of 10.3% between 2017 and 2023.

That’s according to a new report by Allied Market Research, which conlcudes that based on region, North America is the largest supplier of physical security solutions across the world.

Seapee Bajaj, a Lead Analyst, ICT at Allied Market Research, said: “North America dominates the global physical security market pertaining to increased terrorism incidence and enhanced security measures across diverse verticals including commercial; transportation, banking, financial services, and insurance (BFSI); residential; and others. Furthermore, growth in Asia-Pacific is expected to be the fastest among other regions, owing to prominent initiatives from the governments for enhancing safety and security standards.”

COVID-19 scenario according to the research:-

• The Covid-19 pandemic provided new growth opportunities as security measures have been implemented across various verticals to ensure business continuity during the post-lockdown period. The thermal cameras have been installed to detect the temperature of visitors and employees in commercial, industrial, and banking spaces.
• In residential spaces, building operators have been installing “Building Wellness” systems and various products to meet the new standards of safety for its residents.
• The demand for ACaaS and VSaaS services has grown significantly as customers want more value from their investments in the times of economic turbulence and investing less upfront capital expenditure.

The report offers detailed segmentation of the global AEC market based on type, industry vertical, and region. Based on type, the services segment contributed to the highest market share in terms of revenue in 2016, and will maintain its highest contribution throughout the forecast period. However, the system segment is projected to register the highest CAGR from 2017 to 2023.

Based on industry vertical, the education, healthcare, retail, energy & utilities, manufacturing & industrial segment collectively garnered the highest revenue share in 2016, and will maintain its dominance during the forecast period. However, the residential sector is estimated to witness the highest growth rate by 2023.

Based on region, North America is the largest supplier of physical security solutions across the world, and the U.S. leads the global market as compared to other countries. However, Asia-Pacific is expected to register a considerable growth throughout the forecast period. China leads the market in Asia-Pacific.

Key players of the global physical security market analysed in the report include Anixter International Inc., Cisco Systems, Inc., Tyco International PLC., Stanley Security, ADT Corporation, Genetec Inc., Bosch Security Systems, Inc., Honeywell International, Inc., and Senstar Corporation.

COVID-19 to push physical security market value beyond $150bn

960 640 Stuart O'Brien

The global physical security market generated $78 billion in 2016, and is expected to generate $153 billion by 2023, registering a CAGR of 10.3% over the period.

That’s according to the latest report from Allied Market Research, which says COVID-19, an increase in terrorism activities, surge in awareness regarding personal security, and technological advancements are driving the growth in the market.

However, it cautions that concerns regarding privacy and lack of physical & logical security integration could hinder the market growth. On the other hand, high demand in smart cities will create new opportunities in the coming years. 

Specifically, it says the impact of the COVID-19 pandemic will be felt in the following ways:-

  • The Covid-19 pandemic provided new growth opportunities as security measures have been implemented across various verticals to ensure business continuity during the post-lockdown period. The thermal cameras have been installed to detect the temperature of visitors and employees in commercial, industrial, and banking spaces.
  • In residential spaces, building operators have been installing “Building Wellness” systems and various products to meet the new standards of safety for its residents.
  • The demand for ACaaS and VSaaS services has grown significantly as customers want more value from their investments in the times of economic turbulence and investing less upfront capital expenditure.

Based on type, the Services segment contributed to the highest market share in terms of revenue in 2016, and will maintain its highest contribution throughout the forecast period. However, the system segment is projected to register the highest CAGR from 2017 to 2023.

Based on industry vertical, the education, healthcare, retail, energy & utilities, manufacturing & industrial segment collectively garnered the highest revenue share in 2016, and will maintain its dominance during the forecast period. However, the residential sector is estimated to witness the highest growth rate by 2023.

Based on region, North America is the largest supplier of physical security solutions across the world, and the U.S. leads the global market as compared to other countries. However, Asia-Pacific is expected to register a considerable growth throughout the forecast period. China leads the market in Asia-Pacific. 

Top players of the global physical security market analyzed in the report include Anixter International Inc., Cisco Systems, Inc., Tyco International PLC., Stanley Security, ADT Corporation, Genetec Inc., Bosch Security Systems, Inc., Honeywell International, Inc., and Senstar Corporation.

Global physical security market projected to reach $153bn by 2023

960 639 Stuart O'Brien

A new report by Allied Market Research asserts that global Physical Security Market, worth $78 billion in 2016, is projected to reach $153 billion by 2023, equivalent to a CAGR of 10.3% between 2017 and 2023.

The report says key factors driving the global market are rise in incidence of terror attacks, increased awareness, and technological advancements.

However, Allied adds that privacy issues and lack of physical & technological security integration are hampering market growth. Moreover, a rise in demand for physical security solutions from smart cities is expected to provide lucrative opportunities for the market growth.

The physical security systems segment is expected to witness the highest growth rate during the forecast period. The video surveillance segment accounts for more than half of the total systems revenue. Moreover, other industry verticals (education, healthcare, retail, energy & utilities, and manufacturing & industrial) among the physical security applications dominated the global physical security market in 2016. However, residential sector is expected to grow at the highest pace during the forecast period.

DRIVING FACTORS FOR THE MARKET 2019-2023

1. Surge in terror attacks

2. Widespread awareness

3. Technological advancements

MARKET RESTRAINTS AND OPPORTUNITIES:

  1. Privacy concerns
  2. Lack of physical and logical security integration
  3. 3.High demand in smart cities