Physical Security Market Growing at CAGR of 7.3% | Key Players ADT, Cisco, Honeywell, Johnson Controls, Anixter

Physical Security Market Growing at CAGR of 7.3% | Key Players ADT, Cisco, Honeywell, Johnson Controls, Anixter

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 Co.,Ltd. (China), STANLEY Convergent Security Solutions, Inc. (US), and Axis Communications (Sweden).
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 2023

Physical security refers to restricting physical access of unauthorized people in controlled facilities to prevent damage to valuable hardware, software, network infrastructure, and other assets. Various physical security system and service providers are focusing on effectively integrating their offerings with security strategies that organization formulate to protect employees and valuable assets. MarketsandMarkets expects the global Physical Security Market size to grow from USD 84.1 billion in 2018 to USD 119.4 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 7.3% during the forecast period.

The usage of Unmanned Aircraft Systems (UAS) or drones, is gaining traction over the last few years. Drones can help in securing the physical assets and efforts more efficiently, safely and cost-effectively. For instance, drones can monitor the perimeters, thereby providing remote monitoring and eliminating the need of any human element. In the coming time, drones will have a significant impact on strengthening the existing security environment.

The scope of this report covers the physical security market by component (systems and services), organization size, vertical, and region. The services segment is expected to grow at the highest CAGR during the forecast period owing to the rising adoption of cloud-based services, such as Access Control as a Service (ACaaS), and Video Surveillance as a Service (VSaaS). This is complemented with the much sought-after functionality of remotely monitoring the assets, thereby, rising the demand for the monitoring services.

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The SMEs segment is expected to grow at the highest CAGR during the forecast period owing to the increased deployment of cloud-based physical security systems and services. The SMEs opt for cost-effective and robust security of their assets as they are cost-sensitive and tend to avoid complex deployments.

The retail segment is expected to grow at the highest CAGR during the forecast period owing to the increase in incidents of thefts in the retail segment. This, in turn, has resulted in retailers adopting various strategies to reduce losses throughout their entire organizations. Some measures were taken by retailers to ensure physical security include an appropriate level of access control that not only helps prevents thefts, but also protects employees and customers from violence and harassment in the store premises.

By region, North America is estimated to hold the highest market share during the forecast period. This is due to the early adoption of physical security solutions by the North American organizations. North America constitutes of developed economies, such as the US and Canada. These countries are significantly advanced in terms of technology and its application deployments. Moreover, the region comprises top physical security vendors leveraging the new technologies such as cloud for their robust offerings.

The use of “as a service” model is expected to offer new efficiencies for physical security vendors. Key vendors, such as ADT, Axis, Genetec, Johnson Controls, and others have been trying to seize these opportunities by expanding their market presence.

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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 2016 to 2018 which helped them innovate their offerings and broaden their customer base.

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