Physical Security Market worth $140.0 billion by 2026 - Exclusive Research by MarketsandMarkets™
CHICAGO, Jan. 25, 2022 /PRNewswire/ -- According to a new market research report "Physical Security Market with COVID-19 Impact Analysis by Component (Systems (PACS, PSIM, PIAM, Video Surveillance, Fire and Life Safety) and Services), Organization Size (SMEs and Large Enterprises), Vertical, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the market size is expected to grow from USD 102.7 billion in 2021 to USD 140.0 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 6.4% from 2021 to 2026. The presence of various key players in the ecosystem has led to competitive and diverse market.
Physical security is the practice of managing field activities, including physical assets, associated workforce, and equipment using software, workflows, and communication solutions. Physical security market solution consolidates and captures the data related to mapping and scheduling, location data, and time and expense tracking under one platform and helps in efficient utilization, visualization, tracking, and management of assets on the field.
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By Services, managed services segment to hold the largest market size during the forecast period
Modern business environments require proficient handling of their business processes by implementing tested solutions across organizations. The increased time consumption, the lack of resources, and the overhead costs involved in managing in-house services force organizations to outsource certain processes. Managed service providers not only ensure the security of critical business information but also ensure the smooth functioning of business operations.
Managed service providers help customers and keep their physical security systems, solutions, hardware, and software updated with the latest available enhancements. The in-house capabilities of customers are enhanced, as MSPs safeguard physical and IT system assets.
In vertical, retail to grow at the highest CAGR during the forecast period
The retail vertical is a part of the country's economy and deals with selling goods to customers through various shops, small grocery stores, supermarkets, large department stores, or the internet. The retail and eCommerce verticals are one of the largest verticals across the globe. This vertical includes many entities, such as online and offline retailers, manufacturers, distribution channels, and consumers. Earlier CCTV surveillance was a major security measure in retail stores, which was used for only video surveillance to prevent theft issue. However, now, this surveillance system is being combined with strong video analytics systems. Modern video analytics can cont people and also create heat maps. These maps will help show which parts of the store generate the most foot traffic. According to this product placements can be optimized and in-store traffic flows to encourage sales. These insights will help the retail industry to not only secure the premises but also to enhance the profitability.
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In region, APAC to grow at the highest CAGR during the forecast period
In APAC, the physical security systems are becoming rapidly popular because of the increasing crime rate in the area. The concerns related to security have risen especially in China, India, Australia, and India. It is not about just crimes such as homicides and thefts but also terrorist attacks. Hence, to handle this situation, the government in many of these countries is supporting the deployment of physical security systems.
APAC is home to 60% of the world's cities. The region is witnessing the large development of smart cities. Countries such as China has invested heavily in smart city programs. It is planning to spend USD 39 billion on smart cities. The COVID-19 pandemic has disrupted the supply chains, increased distributed terrorist threats, and imposed travel restrictions. Cities integrating smart technologies need to overcome the challenges of physical security infrastructure. As smart cities are growing in popularity day by day, how to provide perfect security solutions to citizens in smart cities is still a challenge. Planners and developers are considering new networks and systems to capture high-quality video, which can be monitored from one location. This CCTV network can be connected to emergency services, such as police stations and used to stop crime. This network allows police forces and law enforcement to have 'eyes' where they did not before. Smart cities can reduce significant rate of crime with virtual policing and home security systems.
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Key and innovative vendors in Physical SecurityMarket are ADT (US), Cisco (US), Honeywell (US), Johnson Controls (Ireland), TELUS (Canada), Anixter (WESCO) (US), Genetec (Canada), Bosch Building Technology Solutions (Germany), HID Global (US), Pelco (US), Hikvision (China), Gallagher (New Zealand), SECOM (Japan), Allied Universal (US), Zhejiang Dahua Technology (US), STANLEY Security (US), Axis Communications (Sweden), Hanwha Techwin America (US), Teledyne FLIR (UK), Hexagon AB (Sweden), General Dynamics (US), BAE Systems (UK), Huawei (China), NEC (Japan), Qognify (US), SmartCone Technologies (Canada), Verkada (US), IOTAS (US), and Cloudastructure (US).
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