Physical Security Industry to Garner $153 Billion by 2023- 10.3% CAGR Recorded
Physical Security Market
China dominates the Asia-Pacific physical security solutions, and the United States likewise leads the overall market compared to other countries.
PORTLAND, OR, UNITED STATES, November 15, 2021 /EINPresswire.com/ -- North America dominates the global physical security market pertaining to increased terrorism incidence and enhanced security measures across diverse verticals including commercial; transportation, banking, financial services, and insurance (BFSI); residential; and others. Furthermore, growth in Asia-Pacific is expected to be the fastest among other regions, owing to prominent initiatives from the governments for enhancing safety and security standards
Physical Security Market Report, published by Allied Market Research, forecasts that the global market was valued at $78 billion in 2016, and is projected to reach at $153 billion by 2023, growing at a CAGR of 10.3% from 2017 to 2023. In 2016, the services segment accounted for the highest revenue share in the physical security market.
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The main drivers of the global market are increasing rates of terrorist attacks, heightened awareness, and technological advances. However, privacy issues and lack of physical and technical security integration are hampering the market growth. In addition, increasing demand for smart city security solutions is expected to provide profitable market growth opportunities.
The physical security system segment is expected to experience the highest growth rates during the forecast period. The video surveillance segment accounts for more than half of the system's total revenue. In addition, other industries under physical security applications (education, healthcare, retail, energy and utilities, manufacturing, and industry) dominated the global physical security market in 2016. However, the housing sector is expected to grow. At the highest rate during the forecast. period.
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Key Findings of the Physical Security Market:
• The services segment is expected to exhibit a significant increase in the physical security market growth during the forecast period.
• In 2016, education, healthcare, retail, energy & utilities, manufacturing & industrial collaboratively generated the highest revenue among the physical security applications.
• Asia-Pacific is anticipated to exhibit substantial growth during the forecast period.
The key players profiled in the report include Anixter International Inc., Tyco International PLC., Cisco Systems, Inc., Genetec Inc., ADT Corporation, Honeywell International, Inc., Bosch Security Systems, Inc., Stanley Security, and Senstar Corporation.
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