Global Physical Security Market Forecast Key Players By 2024:EMC Corporation, McAfee, Genetec, NICE, Cisco Systems, Honeywell Security Group, Morpho S.A., Pelco, Axis Communications, Bosch Security Systems, IBM Corporation

The physical security market based on the component can be segmented into hardware, services, and software. The hardware segment is expected to grow at the highest rate and can be further divided into card-based access control systems, biometrics, intrusion detection & prevention systems, and video surveillance devices such as CCTVs. Growing investments in these devices are expected to fuel the market growth.

The physical security market is expected to witness technological innovations such as the transition from analog to built-in IP network system. Such technological advancements comprise ubiquitous sensors, video analytics & displays, power access systems, and smart devices with built-in distributed public-address environment. Increasing safety issues of personal network and hardware infrastructure will further have a positive impact on the physical security market demand.

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Physical Security Market is set to witness a high growth over the forecast timeline owing to the growing security concerns and rising terror activities across the globe. Technological advancements, such as the adoption of access control systems along with the availability of cost-efficient systems, are expected to increase the demand for physical security market in the coming years.

Asia Pacific is predicted to account for the highest market share in the physical security market owing to the growing deployment of security devices by the government in the countries, such as China and India, in public safety and transportation sectors. Furthermore, the growing IT industry and rapid industrialization in these countries will have a positive impact on the physical security market growth in this region.

North America is predicted to grow at a significant CAGR over the forecast time frame owing to the growing demand for the use of access control systems in various verticals such as retail, government, and banking sectors. In addition, support and maintenance activities for the current systems are predicted to drive the physical security market growth in this region.

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The growing implementation of advanced technologies, such as cloud, intelligence, and analytics-based safety systems, is expected to improve the safety landscape. In addition, increasing investments in hybrid solutions for real-time monitoring are anticipated to boost the physical security market growth over the forecast time frame. The emerging necessity to safeguard business assets, customers, and employees against growing frequencies of attack has led to a significant market growth.

Based on application, the physical security market can be segmented into logistics, retail, transportation, utilities, government, public, chemical, telecom & IT, defense & military, and banking sectors. The transportation &logistics sector is predicted to be the fastest growing segment over the forecast timeline owing to the increasing safety threats and technological advancements such as cloud-based data storage & data analytics.
The industry players participating in the physical security market include EMC Corporation, McAfee, Inc., Genetec, Inc. NICE Systems Ltd., Cisco Systems, Inc., Honeywell Security Group, Morpho S.A., Pelco, Inc., Axis Communications, Bosch Security Systems, IBM Corporation, Siemens AG, and Tyco International Ltd.

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