The global physical security market is expected to reach USD 290.7 billion by 2025, according to a new study by Grand View Research, Inc. The growing popularity of smart security in light to increasing criminal activities caused by theft and leading vandalism to the properties are anticipated to be the key trend driving the growth of the physical security market. The physical security market is projected to witness healthy growth owing to the increasing need for security to the environment aimed to deter or mitigate the threat.
In the light of growing external threats to all sector from intrusion, there is a growing sense of awareness amid the business environment. Growing demand for physical security solutions is being adopted aimed to form robust safety and security environment to the assets as well as people. For instance, deployment of access control and video surveillance gives right people right access to the premise, thereby reducing the potential threat of intrusion.
Physical security is not only required in control center, and facilities but is increasingly important to secure residential property and personnel. There is a huge demand for physical security services for residential sector owing provide the first line of safety to the perimeter. Moreover, infrastructural development through smart cities has propelled the growth of physical security need aimed to provide higher safety to the citizens as well monitor activities which can potentially lead vandalism.
Physical security providers are focused on gaining the advantage of newer technology and provide users with real-time surveillance and monitoring through cloud-based services. Such services are anticipated to boost over the forecast period owing to easy availability of insights and surveillance activates which can be remotely accessed through smartphones.
Moreover, increasing budget of the organization to realign and redefine their security strategy is anticipated to drive the market over the forecast period. Increasing importance being given to the safety of the citizens by the government aimed to deter criminal activities is another potential factor, anticipated to drive the growth of the market.
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Further key findings from the study suggest that:
The services segment is projected to dominate physical security market, registering a high CAGR of 9.2% over the forecast period.
Video Surveillance within the hardware segment continued its predominant position and was valued at USD 21.65 billion by 2025.
The application of physical security services within transportation is anticipated to witness tremendous growth owing to increased traffic and pubic monitoring activities. The transportation within end-user segment is expected to register a CAGR of 9.8% over the forecast period.
North America was valued at USD 53.16 billion in 2016 and is expected to hold a predominant share in the market. The region was followed by Asia Pacific which held a market share of 33.94% in 2016 of the total market share.
Asia Pacific region is anticipated to be the fastest growing region for the physical security market, growing at aa CAGR of approximately 10.4% over the forecast period.
The key players in physical security market include ADT LLC, Hangzhou Hikvision Digital Technology Co., Ltd., Honeywell International Inc., Johnson Control International Plc, Robert Bosch GmbH, and ADT LLC, among others.
Grand View Research has segmented the global physical security market report on the basis of component, hardware, services, end-user and region:
Physical Security Component Outlook (Revenue, USD Billion, 2014 - 2025)
Physical Security Hardware Outlook (Revenue, USD Billion, 2014 - 2025)
Physical Security Service Outlook (Revenue, USD Billion, 2014 - 2025)
Physical Security End-User Outlook (Revenue, USD Billion, 2014 - 2025)
Banking & Finance
Utility & Energy
Physical Security Regional Outlook (Revenue, USD Billion; 2014 - 2025)
Middle East & Africa (MEA)
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