{"id":478959,"date":"2020-04-11T11:52:02","date_gmt":"2020-04-11T11:52:02","guid":{"rendered":"https:\/\/www.abnewswire.com\/pressreleases\/?p=478959"},"modified":"2020-04-11T11:52:02","modified_gmt":"2020-04-11T11:52:02","slug":"physical-security-market-goingto-hit-1710-billion-by-2027-industry-participants-growing-in-north-america-europe-asia-pacific-latin-america-mea-grand-view-research-inc","status":"publish","type":"post","link":"https:\/\/www.abnewswire.com\/pressreleases\/physical-security-market-goingto-hit-1710-billion-by-2027-industry-participants-growing-in-north-america-europe-asia-pacific-latin-america-mea-grand-view-research-inc_478959.html","title":{"rendered":"Physical Security Market Going\tTo Hit 171.0 Billion By 2027 | Industry Participants Growing In North America, Europe, Asia Pacific, Latin America, MEA | Grand View Research, Inc."},"content":{"rendered":"
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Grand View Research, Inc. – Market Research And Consulting.<\/div>\n<\/div>\n<\/div>\n
The global physical security market size was valued at USD 102.9 billion in 2019 and is expected to register a CAGR of 6.5% over the forecast period.<\/div>\n

The global physical security market<\/a> size is expected to reach USD 171.0 billion by 2027 and is anticipated to register a CAGR of 6.5% over the forecast period, according to a new report by Grand View Research, Inc. Lack of physical security leads to higher rates of burglaries and thefts. Therefore, safeguarding the physical perimeter and individual assets, including expensive technological equipment, has gained importance and is driving the market growth. Increasing awareness about securing the perimeter in developing economies has led to a rise in deployment of IP-based cameras in residential societies as well as commercial complexes and offices. Furthermore, increasing terror threats, border disputes, and refugee crises drive the adoption of stringent safety measures, thereby driving the physical security market growth.<\/p>\n

Governments across different countries and regions are taking up smart city initiatives to enhance their infrastructure and are hence deploying improved security systems. Additionally, modernizing the existing infrastructure with robust security measures and strengthening the security of government agencies have been some of the top priorities for governments across developed countries. Organizations are increasingly concerned about employee safety and are hence setting up systems to prevent unauthorized access, further driving the demand for physical security solutions.<\/p>\n

China accounted for the largest share of the Asia Pacific market in 2019. The market in China has been strongly supported by the growth in new construction projects and smart city initiatives. Furthermore, the presence of technology giants such as Hangzhou Hikvision Digital Technology Co., Ltd and Dahua Technology Co., Ltd is another factor contributing to the market growth. Companies in the market are focusing on strategic partnerships and acquisitions to enhance their product and service offerings. In August 2019, Dahua Technology Co., Ltd entered into a strategic alliance with Pepper to offer enhanced security to its video as well as non-video IoT services to protect against unauthorized access of data. The partnership would allow the incorporation of Pepper’s intelligent solutions into Dahua Technology Co., Ltd’s hardware.<\/p>\n

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Further key findings from the study suggest<\/span><\/strong>:<\/span><\/p>\n