Key Market Players in the Physical Security Market and Its Opportunities for growth

Posted on 2019-11-05 by MarketsandMarkets in Technology // 0 Comments

The Physical Security Market size was USD 84.1 billion in 2018 and is projected to reach USD 119.4 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 7.3 % during the forecast period as per a report by MarketsandMarkets.

The major drivers for the physical security include the rising incidents of terror attacks, technological advancements and deployment of wireless technology in security systems, increasing use of Internet Protocol (IP)-based cameras for video surveillance, implementation of mobile-based access control, and adoption of Internet of Things (IoT)-based security systems with cloud computing platforms.

Why rise in adoption of “as a service” model leading to more opportunities?

The emergence of “as a service” model enables the businesses to effectively manage the security of their people and assets. The traditional way of securing premises with an on-site access control and video surveillance system has been upgraded with the advent of the ACaaS and VSaaS.

ACaaS is considered to be cost-effective and flexible compared with other expensive options, such as Virtual Private Network (VPN) and other types of traditional access controls. Many companies are introducing new technologies that can be integrated with access control systems and delivering it as a service. The application of access control is expected to grow owing to the following reasons: increasing requirement to monitor visitor access from a central location; integrate customized blast-proof, fireproof, and high-security doors with access control systems to restrict access to off-limit areas; and access control-integrated mechanical locks, electromechanical locking systems, and padlocks.

VSaaS refers to hosted cloud-based video surveillance and includes video recording, storage, remote viewing, management alerts, cybersecurity, and more. This service comes with an extremely low upfront capital expense and lowers monthly subscription cost, due to the economies of scale from the shared cloud infrastructure and support. The cost effectiveness, advancement in cloud technologies, greater bandwidth availability coupled with the ability to remotely access videos via multiple devices, such as laptops, tablets, and smartphones, are contributing toward the acceptance of VSaaS. There is a rising demand for VSaaS across small businesses, healthcare, banks, retail and restaurant chains, and the public sector.

Request PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1014

Key Market Players for Physical Security Market

The major physical security vendors include ADT (US), Bosch Building Technologies (Germany), Cisco (US), Honeywell (US), Johnson Controls, (US), Anixter (US), Genetec (Canada), SECOM (Japan), G4S (UK), Pelco (US), Dahua Technology (US), Kastle Systems (US), Hikvision (China), STANLEY (US), and Axis Communications (Sweden). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations and new product launches to expand their presence in the physical security market. Partnerships and new product launches have been the most adopted strategies by major players from 2016 to 2018 which helped them innovate their offerings and broaden their customer base.

ADT is one of the leading vendors of the physical security market. Currently, ADT is working toward enhancing its market share and presence with the help of the organic and inorganic growth strategies, such as partnerships and collaborations, and mergers and acquisitions.

Johnson Controls is another top player in the physical security market and has majorly adopted organic growth strategies to diversify its product offerings with the help of innovative technologies.

Browse Complete Report @ https://www.marketsandmarkets.com/Market-Reports/physical-security-market-1014.html

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their pain points around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Matched content

Editor’s pick