Global Physical Security Market: Snapshot
Driving the global physical security market at this high growth rate are factors such as a greatly increasing awareness of protecting confidential data and the rapid rate of industrialization creating a sprawling infrastructure landscape. This holds true especially for the Asia Pacific region, with countries such as China and India currently in a state of heavy industrialization. The market is expected to further expand at a promising pace as threats to personal security continue to rise at an alarming pace across the globe.
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The global physical security market holds a plethora of hardware, software, and services that stand guard for your data and devices. They protect an institution, enterprise, or agency from major loss of data that could occur in times of physical incidents. The list of physical incidents includes terrorism, theft, vandalism, most natural disasters, and fires. Most organizations pay far more attention to virtual security in order to protect their data from spyware, viruses, Trojans, and hackers than they do to installing physical security measures.
However, the truth is that although physical events might occur less frequently than cyber-attacks, their potency to cause massive damage is greater, as major losses can occur due to even inexperienced thieves. Besides, any organization that plans to stick around for the long run needs to understand that natural disasters and fires are rather inevitable at some point.
Global Physical Security Market: Overview
The global market for physical security is likely to grow at a progressive rate in the next few years. The growing demand from a wide range of industries across the globe is estimated to benefit the key players operating in the global market. As a result, several new players are making notable efforts to expand their product horizon and enter the market in the coming years. Moreover, the increasing popularity of Internet of Things is expected to generate several growth opportunities for the market players.
Global Physical Security Market: Key Trends
The leading players in the global physical security market are focusing on technological developments and innovations, including video surveillance, which is estimated to contribute towards the development of the market. In addition, the current developments of smart cities and the increasing use of IP-based cameras is projected to supplement the growth of the global physical security market in the forecast period. Furthermore, the stringent rules and regulations and security compliances associated with physical security are likely to fuel the market’s growth in the near future.
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Global Physical Security Market: Market Potential
The rising incidences of criminal activities and terror attacks are projected to fuel the growth of the global physical security market in the next few years. In addition, the rising need to protect employees, business assets, and consumers is considered as a major factor predicted to accelerate the growth of the market in the near future.
On the contrary, the lack of synergy among security solutions and the reduced use of advanced technologies are estimated to restrict the development of the physical security market in the near future. Moreover, the key players in the market are expected to face several challenges, owing to the integration of physical and logical components of security. This is projected to hamper the growth of the market. Nonetheless, the rising use of Internet of Things is estimated to generate promising opportunities for key players in the global physical security market.
Global Physical Security Market: Regional Outlook
From a regional viewpoint, North America is anticipated to account for a massive share of the global physical security market in the next few years. The high growth of this region can be attributed to the growing need for security against illegal immigration, rising terrorist activities, and other criminal activities. In addition, several advancements in technology, including the introduction of video surveillance are projected to accelerate the growth of the North America market in the near future.
On the flip side, Asia Pacific is likely to exhibit a considerable growth throughout the forecast period. The increasing investments by a large number of small and big organizations for physical security are anticipated to supplement the growth of the market in Asia Pacific in the next few years. In addition, the increasing contribution from Japan, India, China, and Australia is predicted to accelerate the growth of the market in the coming years.
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Global Physical Security Market: Competitive Analysis
The global physical security market is predicted to witness a high level of competition in the next few years. Some of the leading players operating in the physical security market across the globe are Bosch Security Systems, Inc., Pelco, Senstar Corporation, Cisco Systems, Inc., Genetec Inc., Honeywell International, Inc., Stanley Security, Tyco International PLC, Anixter International Inc., and ADT Corporation.