Physical Security Market Growing at a CAGR 5.2% | Key Player Cisco, Honeywell, Johnson Controls, Genetec, Secom

Physical Security Market Growing at a CAGR 5.2% | Key Player Cisco, Honeywell, Johnson Controls, Genetec, Secom

ADT Inc. (US), Bosch Building Technologies, (Germany), Cisco Systems, Inc. (US), Honeywell International Inc., (US), Johnson Controls International plc, (US), Anixter International Inc. (US), Genetec (Canada), Secom Co., Ltd (Japan), G4S plc (UK), Pelco by Schneider Electric (US), Zhejiang Dahua Technology Co., Ltd. (US), Kastle Systems (US), Hikvision Digital Technology
Physical Security Market by Component (Systems (PACS, PSIM, PIAM, Video Surveillance, Fire and Life Safety) and Services (ACAAS, VSAAS, Remote Monitoring, Security Systems Integration)), Organization Size, Vertical, and Region – Global Forecast to 2025

The Physical Security Market size is expected to grow from USD 93.5 billion in 2020 to USD 120.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period. The major factors driving the physical security market include rising incidents of terror attacks, technological advancements and deployment of wireless technology in security systems, increasing use of Internet Protocol (IP)-based cameras for video surveillance, and rising adoption of Internet of Things (IoT)-based security systems with cloud computing platforms.

Large enterprises is expected to hold the highest market shareduring the forecast period.

The large enterprises segment is expected to hold the highest market share. These enterprises were the early adopters of physical security solutions and services, as they have larger revenue pool to spend and a larger infrastructure to be protected. Large enterprises need complex and highly scalable security systems and services in comparison to Small and Medium-sized Enterprises (SMEs). These customers operate across multiple locations in different geographies, hence they require a solution, which offers elevated integration capabilities and is capable of large-scale seamless integration of security operations. In addition to the complexity and requirements, large enterprises are at high risk for breaches and other cyber and physical crimes. The combination of the complexity and high risks require large systems that are fully integrated and can utilize the best and the most reliable technology.

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Retail vertical is expected to grow with the fastest growth rate during the forecast period.

Physical security systems and services play an important role in the retail vertical and security is one of the top priorities for retailers. In the retail vertical, it is crucial to ensure workplace safety, prevent business interruption, and avoid financial loss. The number of retail stores and malls in urban areas has increased drastically over the last few years. Investing in access control systems as a solution for security needs provide numerous long-term benefits, such as reduced retail losses, maximized store profits, lowered insurance rates, and most importantly decrease in the number of theft cases.

The major physical security vendors include ADT (US), Bosch Building Technologies (Germany), Cisco (US), Honeywell (US), Johnson Controls, (US), Anixter (US), Genetec (Canada), SECOM (Japan), G4S (UK), Pelco (US), Dahua Technology (US), Kastle Systems (US), Hikvision (China), STANLEY (US), and Axis Communications (Sweden). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations and new product launches to expand their presence in the physical security market. Partnerships and new product launches have been the most adopted strategies by major players from 2018 to 2020 which helped them innovate their offerings and broaden their customer base.

ADT is one of the leading vendors of the physical security market. Currently, ADT is working toward enhancing its market share and presence with the help of the organic and inorganic growth strategies, such as partnerships and collaborations, and mergers and acquisitions. For instance. In June 2020, ADT Partnered with Dollar Tree Inc. for delivering security solutions to retail locations nationwide. Additionally, in January 2020, ADT acquired Defenders, its largest independent dealer. The acquisition provides various strategic, financial and operational advantages for ADT. In January 2020, ADT introduced ‘Blue by ADT’ DIY Home Security Platform. The Blue by ADT is an extensible DIY system that allows customers to customize a smart home security system. the platform offers several devices with advanced compatibility features including self-monitoring and 24/7 professional monitoring.

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Johnson Controls is another top player in the physical security market and has majorly adopted organic growth strategies to diversify its product offerings with the help of innovative technologies. In line with its organic growth strategies, in December 2018, Johnson Controls introduced the next generation of the INTEVO integrated security platform from Kantech. Similarly, in October 2018, Johnson Controls launched a competitive Illustra IR PTZ camera with powerful zoom and control capabilities to handle even the most challenging lighting conditions. The Flex IR PTZ adheres to the rigorous security standards of the Tyco Cyber Protection Product Security Program. These product enhancements and launches would help the company to provide customers more modern, coherent, and complete security solutions.

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