The physical security market is projected to grow from USD 84.1 billion in 2018 to USD 119.4 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 7.3% from 2018 to 2023.
Rising incidents of terror attacks, technological advancements and deployment of wireless technology in security systems, increasing use of IP-based cameras for video surveillance, implementation of mobile-based access control, and adoption of Internet of Things (IoT)-based security systems with cloud computing platforms are projected to drive the growth of the market across the globe. However, violation of privacy related to physical security systems and services is expected to restrict the growth of the market across the globe.
Based on the component, the services segment is expected to grow with the fastest growth rate in 2018.
The services segment is projected to lead the physical security market during the forecast period. Physical security services play a vital role in enhancing the existing video surveillance system by integrating digital video surveillance with network and IT systems. This integration enhances property safety and reduces loss from thefts. Moreover, the service segment is being continuously affected by the introduction of the integrated Social, Mobile, Analytics, and Cloud (SMAC) solution, which need proper monitoring.
Based on organization size, the large enterprises segment is expected to lead the physical security market in 2018.
The large enterprises segment is expected to lead the physical security market in 2018. These enterprises were the early adopters of physical security solutions and services, as they have larger revenue pool to spend and a larger infrastructure to be protected. High spending on security, followed by the high need for securing large assets is leading large enterprises to contribute to a higher market share in the physical security market.
The residential vertical to lead the physical security market in 2018.
Business and recreational travelers demand safe and secure hotel accommodation with responsive and friendly customer service. The residential segment faces the challenge to manage security without violating the privacy of their guests, comfort, and travel experiences. In residential premises, the implementation of access control and video surveillance security systems is growing. The residential properties are installing access control systems to prevent invasion and burglary. There is also an increasing demand for access control systems to minimize unauthorized access. Residential properties are increasingly adopting electronic lock-based access control systems. The demand for electronic products is growing with the increased home automation trend.
The Asia Pacific (APAC) physical security market is projected to grow at the highest CAGR during the forecast period.
The APAC physical security market is projected to grow at the highest CAGR during the forecast period. This growth is primarily driven by the rising adoption of access control systems in Small and Medium-sized Enterprises (SMEs), hospitality businesses, airports, ATMs, banks, residential buildings, and religious places, among others are expected to drive the physical security market. Security systems are expected to witness increasing adoption in APAC as the countries in the region are emerging economies with a growing number of manufacturing bases, and there is also a constant risk of terror threats in the region.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Market Opportunities in the Physical Security Market 4.2 Market By Component, 2018-2023 4.3 Market By System, 2018-2023 4.4 Market By Service, 2018-2023 4.5 Market By Vertical, 2018 4.6 Market By Organization Size, 2018-2023 4.7 Market Investment Scenario
5 Market Overview and Industry Trends 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 18.104.22.168 Rising Incidents of Terror Attacks 22.214.171.124 Technological Advancements and Deployment of Wireless Technology in Security Systems 126.96.36.199 Increasing Use of IP-Based Cameras for Video Surveillance 188.8.131.52 Implementation of Mobile-Based Access Control 184.108.40.206 Adoption of Iot-Based Security Systems With Cloud Computing Platforms 5.2.2 Restraints 220.127.116.11 Violation of Privacy 5.2.3 Opportunities 18.104.22.168 Adoption of As A Service Model 22.214.171.124 Use of AI to Boost Surveillance 5.2.4 Challenges 126.96.36.199 Integration of Logical and Physical Components of Security Systems 188.8.131.52 Device Vulnerability and Chances of Systems Being Hacked 184.108.40.206 Need for High Bandwidth to Transfer Data 220.127.116.11 Need for High Capacity Storage for High-Resolution Images/Videos and Recordings 5.3 Industry Trends 5.3.1 Use Cases
6 Physical Security Market By Component 6.1 Introduction 6.2 Systems 6.2.1 Physical Access Control System 18.104.22.168 Locks 22.214.171.124.1 Mechanical Locks 126.96.36.199.1.1 Less Security and Rising Adoption of Electronic Locks Led to Stagnant Deployment of Mechanical Locks 188.8.131.52.2 Electronic Locks 184.108.40.206.2.1 Strong Security and Flexible Integration With Smart Building Systems to Spur the Growth of Electronic Locks 220.127.116.11 Biometrics 18.104.22.168.1 Fingerprint Recognition 22.214.171.124.1.1 Increasing Use of Fingerprint Sensors in Various Electronic Devices Led to the Growth of Fingerprint Recognition as A Standard Biometric Technology 126.96.36.199.2 Facial Recognition 188.8.131.52.2.1 Better Accuracy, Non-Contact Process, and Ease of Deployment to Drive the Growth of Facial Recognition 184.108.40.206.3 Others 220.127.116.11 Smart Cards and Readers 18.104.22.168.1 Growing Threat of Authentication Breaches to Drive the Demand for Smart Cards and Readers 22.214.171.124 Access Control Software 126.96.36.199.1 Rising Adoption of Cloud Computing to Drive the Growth of Cloud-Based Access Control Software 6.2.2 Video Surveillance System 188.8.131.52 Cameras 184.108.40.206.1 Analog Cameras 220.127.116.11.1.1 Low Price of Analog Cameras to Continue to Drive Their Adoption Across Price-Sensitive Verticals 18.104.22.168.2 IP Cameras 22.214.171.124.2.1 Proliferation of Remote Monitoring Devices to Boost the Demand for IP Cameras 126.96.36.199 Recorders 188.8.131.52.1 Digital Video Recorders 184.108.40.206.1.1 Rising Adoption of Network Video Recorders to Constrain the Growth of Digital Video Recorders 220.127.116.11.2 Network Video Recorders 18.104.22.168.2.1 Remote Operation Functionality to Drive the Demand for Network Video Recorders 22.214.171.124.3 Video Analytics Software 126.96.36.199.3.1 Increased Need for Actionable Intelligence Led to the Demand for Video Analytics in Video Management Solutions 188.8.131.52.4 Video Management Software 184.108.40.206.4.1 Rising Deployment of Surveillance Cameras to Fuel the Demand for Video Management Software 6.2.3 Perimeter Intrusion Detection and Prevention 220.127.116.11 Growing Need to Secure External Premises to Fuel the Growth of Perimeter Intrusion Detection and Prevention System 6.2.4 Physical Security Information Management 18.104.22.168 Growing Demand to Integrate Disparate Security Components to Drive the Growth of Psim Systems 6.2.5 Physical Identity and Access Management 22.214.171.124 Ability to Integrate Multiple Components of Access Control Hardware to Drive the Demand for Piam 6.2.6 Security Scanning, Imaging, and Metal Detection 126.96.36.199 Increasing Focus on Public Safety to Propel the Growth of Security Scanning, Imaging, and Metal Detection Systems 6.2.7 Fire and Life Safety 188.8.131.52 Rising Fire Incidents Led to Increased Deployment of Fire and Life Safety Systems 6.3 Services 6.3.1 Access Control as A Service 184.108.40.206 SMEs to Drive the Growth of the Acaas Industry 6.3.2 Video Surveillance as A Service 220.127.116.11 Rising Adoption of Cloud Services to Significantly Result in Increased Adoption of Vsaas 6.3.3 Remote Monitoring Services 18.104.22.168 Use of IP-Based Connected Technologies to Enhance Remote Monitoring Capabilities 6.3.4 Security Systems Integration Services 22.214.171.124 Open Network Video Interface Forum Standard to Be A Key Enabler for Seamless Integration of Security Systems
7 Physical Security Market By Organization Size 7.1 Introduction 7.2 Small and Medium-Sized Enterprises 7.2.1 Early Adoption of Cloud-Based Physical Security Services By Small and Medium-Sized Enterprises Led to the Growth of These Services 7.3 Large Enterprises 7.3.1 Cost Benefits of Cloud-Based Physical Security Services Led to the Increasing Adoption of These Services By Large Enterprises
8 Physical Security Market By Vertical 8.1 Introduction 8.2 Banking, Financial Services, and Insurance 8.2.1 Physical Security to Play an Important Role in the Security of Organizations Operating in the BFSI Vertical 8.3 Government 8.3.1 Rising Incidence of Terror Attacks Globally Led to the Increasing Adoption of Physical Security Technologies and Solutions in the Government Vertical 8.4 Retail 8.4.1 Video Analytics to Play an Important Role in Driving the Growth of the Retail Vertical 8.5 Transportation 8.5.1 Increased Criminal Activities, Liability Suits, Vandalism, and Terrorism-Related Threats to Urge the Need for Physical Security in the Transportation Vertical 8.6 Residential 8.6.1 Implementation of Access Control and Video Surveillance Security Systems to Grow in the Residential Vertical 8.7 Telecom and IT 8.7.1 Increased Security Threats Related to Legal Data to Propel the Need for Physical Security in the Telecom and IT Vertical 8.8 Others
9 Physical Security Market By Region
10 Competitive Landscape 10.1 Overview 10.2 Competitive Situation and Trends 10.3 Key Players in the Physical Security Market
11 Company Profiles 11.1 ADT 11.2 Bosch Building Technologies 11.3 Cisco 11.4 Honeywell 11.5 Johnson Controls 11.6 Anixter 11.7 Genetec 11.8 Secom 11.9 G4s 11.10 Pelco By Schneider Electric 11.11 Zhejiang Dahua Technology Co. 11.12 Kastle Systems 11.13 Hangzhou Hikvision Digital Technology Co. 11.14 Stanley Convergent Security Solutions 11.15 Axis Communications