Global Physical Security Market: Mainly Propelled by Rising Terror Attacks

According to the latest report published by Variant Market Research, the global physical security market size was valued at $69.4 Billion in 2016, and is estimated to reach $148 Billion by 2024. In this report, the global physical security market forecast says that the global market is growing at a CAGR of 9.9% from 2016 to 2024.
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Better utilization of Internet of Things (IoT) fuels the global physical security market
Rising terror attacks, rising expenditure on security of important infrastructure such as airports, government headquarters, banks, data centers, trade centers, and enterprise facilities are the major physical security trend witnessed in the global market. In addition, advanced technology accompanied by cost effective security systems have also supported the global physical security market growth. However, lack of synergy between security solutions, and restricted use of advanced technologies are the major restraints for the market growth. Moreover, advanced technologies in video surveillance and ongoing development of smart cities are expected to equally influence the overall growth of market during the forecast timeframe.
Market Segmentation
Type, industry vertical, and geography are the major segmentation considered in the global physical security market. On the basis of type the segment is divided into services and systems. Service segment is again sub-segmented into designing & consulting, maintenance & support, and system integration. Systems segment are further bifurcated into physical security information management, imaging & metal detection, security scanning, perimeter intrusion detection & prevention, video surveillance, access control. The industry vertical segment includes government, defense & public sector, telecom & IT, defense & public sector, transportation & logistics, gas & energy, BFSI, hospitality & residential, education, and other industry verticals.
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System, by type occupied the largest market share in the type segment in 2016
System accounted for about two third of the total market share in the type segment in 2016, owing to new technologies changing customers approach towards security operations, organizations looking for cost effective security services, regulatory compliance, growth of enterprises and on-going security threats. However, the services segment is anticipated to achieve the fastest CAGR throughout the forecast period 2016 – 2024.
Government, defense & public sector led the industry vertical segment in 2016
Government, defense & public sector accounted for one forth of the total market share in the year 2016, and is expected to continue its trend during the forecast period i.e. 2016 – 2024.
North America dominated the leading share in the global physical security market
In the year 2016, North America generated the highest revenue accounting for 37.4% of the global physical security market share, driven by advancement in technologies carried out in the physical security equipment. In terms of growth, Asia-Pacific is likely to grow with fastest CAGR of 12.1% throughout the forecast period 2016 – 2024, owing to high rate of terror attacks and improved consumption of IoT. Furthermore, Europe contributed for the second largest market share in the global market accounting for 26.3% of it, due to ongoing R&D performed to improve physical security measures in the region.
Competitive Landscape
Key players profiled in the report include Honeywell International, Inc., Bosch Security Systems, Inc., Cisco Systems, Pelco, Anixter International Inc., Tyco International Plc., Stanley Security Solutions Limited, Senstar Corporation, ADT Corporation, and Genetec Inc., among others.
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Scope of the Global Physical Security Market
Type Segments
• Systems
o Access Control
 Biometrics
 Face Recognition
 Fingerprint Recognition
 Other Biometric
 Locks
 Electronic Locks
 Mechanical Locks
 Smart Card and Readers
 ACaaS
o Video surveillance
 CCTV
 VSaaS
 Video Analytics
 IP Video Surveillance
o Physical Security Information Management
o Perimeter Intrusion Detection & Prevention
o Security Scanning, Imaging & Metal Detection
 Metal Detectors
 X-ray Screening
 Electronic Inspection Tools
o Fire & life Safety
• Services
o System Integration
o Maintenance & Support
o Designing & Consulting
Industry Vertical Segments
• Government, Defense & Public Sector
• BFSI
• Education
• Retail
• Telecom & IT
• Oil, Gas & Energy
• Transportation & Logistics
• Hospitality & Residential
• Other Industry Verticals
Geography Segments
• North America
o U.S.
o Canada
o Mexico
• Europe
o UK
o Germany
o France
o Italy
o Others
• Asia-Pacific
o China
o Japan
o India
o South Korea
o Others
• RoW
o South America
o Middle East
o Africa

About Variant Market Research
Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.
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