The global physical security market will be worth $404.14 billion by 2028 as factors such as increased corporate spending and rapid adoption of cloud-based data storage advanced analytics boost the market growth.
A new report from Research for Markets, which predicts a GAGR of 9.9% from 2020, also cites technological developments in access control and video surveillance as key growth drivers this decade, listing key market drivers and restraints as:
- Rise in incidences of terror attacks
- Increased usage of internet of things (IoT)
- Need to protect business assets, employees, and customers
- Limited use of advanced technologies
- Lack of cooperation among security solutions
Research for Markets segments the global physical security market on the basis of type, into system and service. The system segment is further sub segmented into access control, video surveillance, physical security information management, perimeter intrusion detection & prevention, security scanning, imaging & metal detection, and fire & life safety.
On the basis of vertical, it segments into government, defence & public sector, transportation & logistics, telecom & IT, banking, financial services, and insurance, education, retail, oil, gas & energy, hospitality & residential and others.
The reports list the key global physical security players Anixter Inc., Cisco, Johnson Controls, Bosch Sicherheitssysteme GmbH., ADT LLC, Genetec Inc., Honeywell International Inc., Pelco, Stanley Security Solutions, Inc. and Senstar Corporation.