The global physical security market revenue is expected to expand at a lucrative CAGR over the forecast period. Increasing individual’s preference towards smart security is a key factor expected to drive growth of the global market over the forecast period.
The global physical security market report has been segmented on the basis of type, industrial vertical, and region. On the basis of type, the target market is segmented into systems and services. The system type segment is further sub-segmented into access control, video surveillance, physical security information management, perimeter intrusion detection & prevention, security scanning, imaging & metal detection, and fire & life safety. The services type segment is further sub-segmented into system integration, maintenance & support, and designing & consulting. The service type segment is expected to register significant share in terms of revenue over the forecast period, owing to technological advancements.
On the basis of industrial vertical, the target market is segmented into government, defense & public sector, transportation & logistics, telecom & IT, banking, financial services and insurance (BFSI), education, retail, oil, gas & energy, hospitality & residential, and others (healthcare, chemical/pharma, manufacturing and utilities). The transportation & logistics segment is expected to register significant share in terms of revenue over the forecast period, owing to increasing traffic and public monitoring activities.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America is estimated to be highest share in terms of revenue over the forecast period, owing to stringent government policies for safety and security and rising adoption of advanced physical security solutions in various industrial application in various countries in this region. The market in Asia Pacific is expected to register significant growth in terms of revenue, owing to rising investment on physical security in various countries in this region.
Key players operating in the global physical security market include Hangzhou Hikvision Digital Technology Co., Ltd., Honeywell International Inc., Johnson Control International Plc, Robert Bosch GmbH, The ADT Corporation, Anixter International Inc., Tyco International PLC., Cisco Systems, Inc., Genetec Inc., and Stanley Security Solutions, Inc.