ALBANY, New York, April 17, 2019 /PRNewswire/ -- The global physical security services market has a consolidative vendor landscape, the analysts of Transparency Market Research (TMR) estimate based on a detailed study. Some of the prominent players including Tyco International Limited, SECOM Company Limited, The ADT Corp., United Technologies Corporation, and STANLEY Convergent Security Solutions, Inc. are accounting for a leading share in the global physical security services market. These players are adopting strategies such as product innovations and new product launches.
According to TMR, the global physical security services market is assessed to expand at a CAGR of 11.7% over the forecast period from 2017 to 2022. With this robust CAGR, the market is expected to attain a value of US$191.7 bn by 2022-end from a value of US$110.3 bn in 2017.
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Based on the type, the ACaaS segment dominated the global physical security services market and is expected to remain dominant in terms of revenue by accounting US$80.9 bn by the end of 2022. Region-wise, North America dominated the global physical security services market and is expected to remain dominant over the forecast period from 2017 to 2022 by expanding at a 12.6% CAGR.
Widening Applications across Numerous Sectors to Drive Market's Growth
The physical security services market is gaining traction due to the need for physical safety to mitigate and reduce crime and risks of the thefts. Additionally, growing expenses for the physical safety of the infrastructure by organizations coupled with the growing adoption of the internet of things (IoT) devices are supporting growth of the global physical security services market. Further, growing penetration of the cloud-based data storage and servers along with growing technological developments mainly in video surveillance are contributing toward faster growth of the global physical security services market.
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A Rapid shift of the focus from traditional solutions including alarm systems, door locks, and type of readers to enhancing logical security. However, these security systems are at high risk of the breach or theft; thus, these are systems are installed with the threat management devices such as breach detection and intrusion prevention. These are efficient to prevent a breach and numerous crime incidences. The aforementioned factors are driving growth of the global physical security services market.
Additionally, due to its benefit of additional security, the use of the physical security services has widened across transportation, banking & finance, and commercial sectors as these sectors are at high risks of the incidents and breaches. This widened application is boosting its demand and in turn reflecting positively on the growth of the global physical security services market.
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Rising Need for Advanced and Connected Security to Offer Growth Opportunities
However, the high cost of these services is limiting its adoption to some extent. Nonetheless, due to growing technological and infrastructural upgrades globally mainly in the emerging economies, the adoption of physical security services is growing. This is one of the key factors, which is expected to create lucrative opportunities for the growth of the global physical security services market.
Moreover, rising terror attacks are encouraging exploration and application of advanced physical security services. Additionally, deployment of the wireless and connected technologies and adoption of the Internet Protocol (IP)-based devices such as cameras and video surveillance is expected to offer lucrative opportunities for the growth of the market in coming years.
This information is encompassed in the report by TMR, titled, "Physical Security Services Market (Type - VSaaS, ACaaS, Remote Monitoring Services, and Security System Integration; Vertical - BFSI, Education, Healthcare, Government, Manufacturing, Retail, Residential, Transportation, Utilities and Energy, and Commercial) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022."
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For the study, the physical security services market has been segmented as follows:
- X-ray and Fluoroscopy Phantoms
- Ultrasound Phantoms
- CT Phantoms
- MRI Phantoms
- Nuclear Imaging Phantoms
- Academic and Research Institutes
- Diagnostic and Reference Laboratories
- Medical Device Companies
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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