Physical Security Market Worth 112.43 Billion USD by 2021
PUNE, India, March 16, 2017 /PRNewswire/ --
According to a new market research report "Physical Security Market by Type (System (Access Control, Video Surveillance, PSIM, Perimeter Intrusion Detection & Prevention, Security Scanning, Imaging & Metal Detection, Fire & Life Safety) & Service), Vertical and Region - Global Forecast to 2021", published by MarketsandMarkets, it is estimated to grow from USD 69.63 Billion in 2016 to USD 112.43 Billion by 2021, at the CAGR of 10.1% between 2016 and 2021.
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The growth of the market is driven by the rise in incidences of terror attacks across the globe. Increasing technological developments in video surveillance are expected further fuel the demand for physical security solutions & services. Increased usage of internet of things (IoT) also contributes to the growth of the Physical Security Market.
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"Based on type of system, the access control system segment is expected to lead the Physical Security Market during the forecast period"�
Based on type of system, the Physical Security Market has been segmented into access control, video surveillance, physical security information management, perimeter intrusion detection & prevention, security scanning, imaging & metal detection and fire & life safety. The access control system segment is estimated to lead the Physical Security Market between 2016 and 2021. The increasing use of access control systems, especially in the critical infrastructre zones to protect organizational assets is expected to boost the growth of the segment.
"Based on vertical, the retail segment is estimated to lead the Physical Security Market during the forecast period"
Based on vertical, the Physical Security 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 retail segment is estimated to dominate the Physical Security Market during forecast period, owing to increasing adoption of physical security solutions by retailers to enhance level of access control to prevent theft as well as protect employees & shopkeepers from violence & harassment in the store premise.
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"North America is estimated to lead the Physical Security Market during the forecast period"�
The North America Physical Security Market is projected to dominate the market during the forecast period. The growth of this segment can be attributed to the increasing need for security against terrorist activities, stringent government regulations for safety & security, rising illegal immigration, and technological developments in physical security solutions.
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