Global Physical Security Market Report, published by Variant Market Research, forecast that the global market is expected to reach $148 Billion by 2024 from $69.4 Billion in 2016, growing at a CAGR of 9.9% from 2016 to 2024. By geography, Asia-Pacific and North America are expected to grow at a CAGR of 12.1% and 10.1%, respectively, during the forecast period.
The factors driving the growth of the global physical security market are rising terror attacks, better utilization of internet of Things (IoT), rising expenditure on security of important infrastructure such as government headquarters, airports, banks, trade centers, data centers, & enterprise facilities, and advanced technology along with cost effective security systems. Though, restricted use of advanced technologies and lack of synergy between security solutions may limit the growth of the market. Additionally, current development of smart cities and technological advancements in video surveillance would provide several opportunities in coming years.
The global physical security market is categorized into type, industry vertical and geography. By type, the market is segmented into systems and services. The system segment is further bifurcated into access control, video surveillance, physical security information management, perimeter intrusion detection & prevention, security scanning, imaging & metal detection, and fire & life safety. Services are sub-segmented as system integration, maintenance & support, designing & consulting. By industry vertical, the segmentations are government, defense & public sector, BFSI, education, retail, telecom & IT, oil, gas & energy, transportation & logistics, hospitality & residential, and others. Systems dominated the type segment accounting for more than 60% of the global market share in 2016. However, the services segment is expected to grow at the fastest CAGR during the forecast period 2016 – 2024. Government, defense & public sector dominated the industry vertical segment with around 25% market share.
By geography the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America and Europe accounted for majority of the market share with 37.4% and 26.3%, respectively in 2016. Moreover, in terms of growth, Asia-Pacific is expected to grow with fastest CAGR of 12.1% during the forecast period 2016 to 2024, driven by high rate of terror attacks and improved consumption of internet of Things (IoT).
Major companies operating in this market comprises of Cisco Systems, Bosch Security Systems, Inc., Tyco International Plc., Honeywell International, Inc., Pelco, Anixter International Inc., Stanley Security Solutions Limited, ADT Corporation, Senstar Corporation, and Genetec Inc., among others.