Physical Security Market 2021 Growth Rate Research Report by Forecast 2022
Market Research Future published a research report on “Physical Security Market Research Report – Global Forecast till 2022” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.
Analysts from Market Research Future now project economy of developed regions could rise as the global physical security market 2020 is now having the potential to expand at a growth rate of ~10%. The market is also facing a long period of economic certainty as it will be reaching USD ~120 Billion valuation by 2022. The report got published and portrayed the market’s status and claimed that the growth would be continued to seek far more valuation between 2016 and 2022 (forecast period).
Top Impacting Factors
MRFR and its study found that vendor landscape of the global physical security market is highly competitive as it witnesses several companies increasingly focusing on the use of advanced technologies. Such companies are primarily introducing several advancements in their products and services to stay ahead of the curve. As a mounting number of government offices, enterprises, and residential areas adopt advanced networking technologies and digital services, physical security products will gain incredible popularity in the coming time. Thus, the companies actively operating in the global physical security market are likely to plough in more funds aiming to expand its product portfolio and cater to the dynamic consumer preferences.
The study also emphasizes the fact that companies could further focus on the development and delivery of various cloud-based services in the coming time. This fact attributes to the rising awareness among consumers about the cost benefits and flexibility these services offer, thus fuelling its demand worldwide and impacting positively towards the market. Some of the most high-flying companies operating in the global Physical Security Market are named as NICE Systems, Honeywell Security Group, EMC Corporation, IBM Corporation, Morpho SA, Siemens AG, Assa Abloy AB, and McAfee.
Furthermore, the physical security market is also being boosted by the mounting demand for security measures against terrorist attacks and for controlling the business assets. Apart from these factors, rising usage of IoT and the development of smart transportation systems in order to track the location of automobiles is also motivating the physical security market to a great extent. Even technological advancements are contributing to developing cost-effective security systems, which boosts the physical security market. In addition to this, the market is predicted to expand more valuation from rising adoption across various enterprises, irrespective of their size. Considering this, the rising number of medium and small enterprises across emerging nations will create growth opportunities for the market. The emerging region where the market is boosting at double-digit is Latin America and the Asia Pacific.
In spite of these positive factors, the study indicates that the combination of logical and physical components of security is a rising factor challenging the growth physical security market in the growth course.
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Top Market Contenders
The top contenders participating in the physical security market include Anixter International Inc. (U.S.), Cisco Systems, Inc. (U.S.), Bosch Security Systems, Inc. (Germany), Tyco International Plc (Ireland), Genetec Inc. (Canada), Senstar Corporation (Canada), ADT Corporation (U.S.), Pelco (U.S.), Stanley Security (U.S.), Honeywell International, Inc. (U.S.), among others
Segmentation of Market: Physical Security
From the viewpoint of segmental analysis, the global physical security market is further segments upon type and industry.
Among type segments, the market has included access control protocols, locks, biometrics systems, physical security information management, video surveillance, metal detection, security scanning, and fire & life safety.
Among industry segment, the Physical Security market included maintenance & support, system integration, and designing & consulting.
From the viewpoint of geographical analysis, the study of the Physical Security market has been conducted among the key regions of Asia, Europe, North America, and the Rest of the World (ROW). Government initiatives against the terrorist attacks and illegal immigration have driven the market of physical security in the North America region to a great extent. This has observed that the North American region is leading in the physical security market. MRFR also expects the market to gain from the increasing investment towards infrastructural development in this region.
Furthermore, the study reveals that the Asia-Pacific region might also show positive growth in the physical security market during the assessment period. Countries such as Japan and South Korea and China have a fair share in the physical security market.
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