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