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Physical security market set for 8% growth

960 640 Stuart O'Brien

The global physical security market is expected to reach a value of $243.6bn by the end of 2031, equivalent to a CAGR of 8.10% during the forecast period, from 2021 to 2031.

The forecast from Transparency Market Research says there has been a surge in the use of physical security for IoT technology. These factors are anticipated to drive the physical security market during the forecast period.

Players are increasing efforts to incorporate technological advancements in order to improve the quality of the products they offer. Hence, they are seen investing heavily in R&D projects. Moreover, companies are using the strategies of mergers, acquisitions, and collaborations in order to expand their businesses in newer regions, state analysts at TMR.

Physical Security Market: Key Findings

  • With rise in the instances of crimes across the globe, enterprises, organizations, institutions, or agencies from varied industry verticals are inclining toward the use of next-gen physical security solutions with ability to protect hardware, personnel, networks, software, and data from physical actions and stop the data loss and damages. This factor is expected to drive the demand opportunities and help in the growth of the physical securitys market share during the forecast period, note analysts of a TMR study.
  • In several government organizations and BSFI sectors globally, the adoption of physical security solutions is being rising in the recent years in order to provide high level of protection to facilities, people, and assets from real-world threats. Moreover, there has been a surge in the instances of security breaches across the globe, notes TMR’s sales analysis of physical securitys market. This aside, the demand for physical security solutions is anticipated to increase in the forthcoming years owing to the integration of industrial Internet of Things (IIoT), Internet of Things (IoT), and cloud systems. Thus, technological advancements in the enterprise environment is propelling the global market.

Physical Security Market: Growth Boosters

  • Increase in the demand from a wide range of end-use industries is expected to create prominent business prospects for physical security manufacturers
  • Surge in the adoption of physical security for IoT technology is expected to boost the size of physical securitys market during the forecast period
  • Increase in the cases of security breaches in physical security systems globally is expected to boost the demand of physical securitys market

Physical Security Market: Regional Analysis

  • Increase in the adoption of physical security practices across varied industry verticals including the BFSI, retail, hospitality, and governments of nations from North America is driving the sales growth in the regional market, notes a TMR study that provides key insights on the united states physical securitys market share
  • The market is anticipated to gain sizable growth prospects in Asia Pacific during the forecast period owing to the increase in the number of smart cities and economic growth of emerging economies of the region

Physical security services market to hit $191.7bn

960 640 Stuart O'Brien

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.