According to TechSci Research report, “Global Physical Security Market By Component, By End User, By Region, Competition, Forecast & Opportunities, 2024”, global physical security market is projected to grow at a CAGR of over 8% during 2019-2024, on account of rising use of IP-based cameras for video surveillance and implementation of mobile-based access control. Moreover, increasing adoption of IoT based security systems with cloud computing platforms is expected to boost the physical security market across the globe during the forecast period.

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Physical security market, globally, can be segmented based on component, end-user and region. Based on the component, the hardware segment accounted for the largest market share, on the back of increasing deployment of various security systems as well as spending by the government on safety monitoring at railway stations, airport and streets. Physical security market caters to various end-users such as defense, government, retail, BFSI, transportation, and others. The transportation segment is expected to witness significant growth during the forecast period due to increased traffic and public monitoring activities.

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Hikvision Digital Technology Co., Ltd., Johnson Controls International plc, Robert Bosch GmbH, ADT LLC, and Honeywell International Inc. are the leading players operating in the global physical security market. Companies operating in the market are using organic strategies such as product launches, mergers, and collaborations to boost their share.  In 2018, Bosch Building Technologies, Hanwha Techwin, Milestone Systems, Pelco and Vivotek formed an open security and safety alliance to develop a framework providing standard and specifications for components.

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“North America is the leading regional market for physical security due to increasing incidences of natural disaster, vandalism, attacks, and accidents, in addition to technological advancements and the presence of leading players in the region. Asia-Pacific physical security market is expected to witness significant growth, on account of rapid economic growth in developing countries such as China and India and increasing investments by SMEs and large enterprises in security solutions.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Physical Security Market By Component, By End User, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global physical security market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global physical security market.

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