Physical Security Market 2020: Projected to Reach at $153 billion by 2023, AMR Reveals

North America is the global supplier of physical security solutions, followed by Asia-Pacific. China dominates the market in Asia-Pacific and similarly, U.S. leads the overall market in comparison to other countries.

A new report published by Allied Market Research, The global Physical Security 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.

The key factors that drive the global market are rise in incidence of terror attacks, increased awareness, and technological advancements. However, privacy issues and lack of physical & technological security integration hamper the market growth. Moreover, rise in demand for physical security solutions from smart cities is expected to provide lucrative opportunities for the market growth.

The physical security systems segment is expected to witness the highest growth rate during the forecast period. The video surveillance segment accounts for more than half of the total systems revenue. Moreover, other industry verticals (education, healthcare, retail, energy & utilities, and manufacturing & industrial) among the physical security applications dominated the global physical security market in 2016. However, residential sector is expected to grow at the highest pace during the forecast period.

DRIVING FACTORS FOR THE MARKET

1. Surge in terror attacks

2. Widespread awareness

3. Technological advancements

MARKET RESTRAINTS AND OPPORTUNITIES:

1. Privacy concerns

2. Lack of physical and logical security integration

3.High demand in smart cities

KEY MARKET PLAYERS

o Anixter International Inc.

o Tyco International PLC.

o Cisco Systems Inc.

o Genetec Inc.

o ADT Corporation

o Honeywell International Inc.

o Bosch Security Systems Inc.

o Stanley Security

o Senstar Corporation

QUESTIONS ANSWERED IN THE PHYSICAL SECURITY MARKET RESEARCH REPORT:

o What is the growth rate of the Physical Security Market during the forecast period?

o What will be the global Physical Security market size from 2017 to 2023?

o What are the leading manufacturing companies in the Physical Security Market?

o How the major current trends will shape the market in the future?

o What are the driving factors and opportunities in the Physical Security Market?

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.