NEW YORK, March 22, 2017 /PRNewswire/ -- "Need to protect business assets, employees, and customers against rising incidences of terror attacks is expected to drive the growth of the physical security market"
The physical security market is projected to grow from USD 69.63 billion in 2016 to USD 112.43 billion by 2021, at a CAGR of 10.1% between 2016 and 2021. The market is expected to witness significant growth in near future, owing to the need to protect business assets, employees, and customers against rising incidences of terror attacks. Increasing use of internet of things (IoT) and smart technologies also expected to drive the growth of the physical security market.
Lack of correlation among security solutions can acts as a restraint for the growth of the physical security market.
"Based on type, the system segment is projected to lead the physical security market during the forecast period"
Based on type, the system segment of the physical security market is estimated to dominate the market during the forecast period. The increasing concern for safety and security is expected to drive the demand for physical security system market. The rising incidences of terrorism & cyber-attacks are also contributing to the growth of this segment.
"Based on service, the designing & consulting service segment of the physical security market is expected to witness highest growth during the forecast period"
Based on service, the designing & consulting service segment of the physical security market is estimated to witness highest growth during the forecast period. The growing demand to improve security measures to protect the assets of organizations is expected to fuel the growth of the designing & consulting service segment.
"North America is projected to dominate the physical security market during the forecast period"
North America is projected to dominate the physical security market during the forecast period, owing to the high adoption of physical security solutions and services across various industries, such as transportation, commercial buildings, government & defense areas, and critical infrastructures, such as nuclear plants, chemical industries, and oil & gas facilities across the region. The Asia-Pacific physical security market is expected to witness highest growth during the forecast period, due to the increased incidences of terror attacks in this region.
Breakdown of profiles of primaries is presented below:
- By Company Type: Tier 1- 60%, Tier 2 - 20%, and Tier 3 - 20%
- By Designation: C-level - 30%, Director-level - 40%, and Others - 30%
- By Region: North America - 55%, Europe - 25%, Asia-Pacific - 20%
Key vendors profiled in the report are as follows:
1. Anixter International Inc. (U.S.)
2. Cisco Systems, Inc. (U.S.)
3. Tyco International PLC (Ireland)
4. Bosch Security Systems, Inc. (Germany)
5. ADT Corporation (U.S.)
6. Genetec Inc. (Canada)
7. Honeywell International, Inc. (U.S.)
8. Pelco (U.S.)
9. Stanley Security (U.S.)
10. Senstar Corporation (Canada)
Research Coverage: This study provides detailed segmentation of the physical security market based on type, vertical, and region. Based on type the market has been segmented into system and service. The system segment is further segmented into access control, video surveillance, physical security information management, perimeter intrusion detection & prevention, security scanning, imaging & metal detection, and fire & life safety. Based on service the market has been segmented into system integration, maintenance & support and designing & consulting. Based on vertical, the market has been segmented into government, defense & public sector; transportation & logistics; telecom & IT; BFSI; education; retail; oil, gas & energy; hospitality & residential; and others (healthcare, chemical/pharma, manufacturing, and utilities). The geographic analysis covers regions, such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
Key Benefits of Buying the Report:
The report will help market leaders/new entrants in the following ways:
1. This report comprehensively segments the physical security market, and provides closest approximations of revenue numbers for the overall market and segments across different regions.
2. The report helps stakeholders to understand the pulse of the market and provides them information on key drivers, restraints, challenges, and opportunities in the physical security market.
3. This report helps stakeholders to obtain better understanding of their competitors, and gain more insight to enhance their position and business in the physical security market. The competitive landscape section includes new product launches, agreements, collaborations & partnerships, acquisitions, and expansions undertaken by the key players in the physical security market.
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