- Major factors such as the use of wireless technologies in security systems, cameras for video surveillance, the rapid increasing incidents of terrorist attacks, and the proliferation of Internet Things (IoT), will boost the market growth.
JERSEY CITY, N.J., July 7, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Physical Security Market" By Components (Systems and Service), By System Type (PACS, PSIM, PIAM), By Services Type (ACaaS, VSaaS, Remote Monitoring Services ), By Vertical (Government, Retail, Transportation, Residential), and By Geography. According to Verified Market Research, the Global Physical Security Market was valued at USD 124.96 Billion in 2020 and is projected to reach USD 268.30 Billion by 2028, growing at a CAGR of 10.2% from 2021 to 2028.
The increase in terrorist activity and rising crime rates around the world has heightened concerns about the safety of assets, people, and processes. The rise in attacks in multiple countries has resulted in the loss of multiple lives and severe damage to infrastructure, underscoring the need for physical security solutions. Overall, just 2019 saw more than 8,300 terrorist attacks worldwide, and around 25,000 deaths from terrorism. The Global Terrorism Database contains more than 170,000 terrorist incidents from 1970 to 2019. The rising number of terror attacks is rapidly resulting in higher demand for physical security solutions.
However, the terrorist attacks and death numbers have shown a declining trend in more than a decade, according to the U.S. State Department's latest report on global terrorism.
To reduce crime rates, governments around the world are using physical security solutions to protect business and residential assets, employees, and customers. The corporate sector also relies on physical security solutions.
Key Developments inPhysical Security Market
In November 2020, Johnson Controls has announced the launch of its Smart Connected Fire Sprinkler Monitoring solution. The fire sprinkler monitoring technology, which is part of Johnson Controls' OpenBlue suite of digital solutions, will provide regular maintenance and real-time insights into the health and operation of the fire sprinkler system.
In March 2021, Bosch launched the first cameras which are based on Inteox open camera platform that qualifies users to grasp built-in Artificial Intelligence (AI) to create applications and install apps from Security & Safety Things Application Store.
The major players in the market are ADT (US), Bosch Building Technologies (Germany), Cisco (US), Honeywell (US), Johnson Controls, (US), Anixter (US), Genetec (Canada), SECOM (Japan), G4S (UK), Pelco (US), and Dahua Technology (US).
Verified Market Research has segmented the Global Physical Security Market On the basis of Component, System Type, Service Type, Organization Size, Vertical, and Geography.
Physical Security Market by component
Physical Security Market by Systems Type
Physical Access Control System (PACS)
Video Surveillance System
Perimeter Intrusion Detection and Prevention
Physical Security Information Management (PSIM)
Physical Identity and Access Management (PIAM)
Security Scanning, Imaging, and Metal Detection
Fire and Life Safety
Physical Security arket by Services Type
Access Control as a Service (ACaaS)
Video Surveillance as a Service (VSaaS)
Remote Monitoring Services
Security Systems Integration Services
Physical Security Market by Organization Size
Physical Security Market by Vertical
Banking, Financial Services and Insurance (BFSI)
Telecom and Information Technology (IT)
Physical Security Market by Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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Home Security Systems Market by Product Type (Cameras, Sensors, Biometrics, Smart Cards), by Home Type (Independent, Home, and Apartments), by Types of Systems (Video Surveillance System, Alarm System, Access Control, System, and Fire Control System), By Security (Professionally Installed & Monitored, Do-It-Yourself), by Geography, Forecast, 2020-2027
Wireless Security Market by Type (Wireless Home Security, Wireless Network Security), by End-User (Healthcare, IT & Telecom, Commercial & Residential, Defense, Automotive, Others), by Geography, Forecast, 2020-2027
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