Physical Security Market is anticipated to achieve a CAGR of 8.03% across the globe over the forecast period, 2028

New York, United States, Fri, 23 Oct 2020 08:50:21 / Comserve Inc. / -- The global physical security market is segmented by vertical into government & defense, BFSI, retail, residential, transportation, IT and others. Among these segments, the government & defense segment held the largest market.

Research Nester has released a report titled "Physical Security Market â€" Global Demand Analysis & Opportunity Outlook 2028"which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.

Smart cities use different kinds of Internet of Things (IoT)-based sensors to collect data for the efficient management of assets, resources and services, and further allows for advanced intelligence and mobility, thereby making cities more effective in using resources to improve everything including security and surveillance, air quality, water quality, transport, power and communication system. As such, to maintain and protect this ecosystem, there is a rising demand for the security and surveillance of the smart cities, which is anticipated to be one of the major driving factors for the growth of the global physical security market.

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The global physical security market is anticipated to achieve a CAGR of 8.03% across the globe over the forecast period, i.e. 2020-2028. The market is thriving on account of the increasing scope of IoT in enabling data protection through innovative connected networks of physical security system is anticipated to promote the growth of the global physical security market. Moreover, increasing spending by government bodies worldwide on installation of new physical security systems, such as video surveillance, access control & others in government offices & public facilities is further anticipated to provide growth opportunities to the global physical security market. The market is expected to garner a value of USD 210893.7 million by the end of 2028 from a value of USD 98410 million in the year 2018 and gain an incremental $ opportunity of USD 7549.1 million in the year 2020 as compared to 2019.

The global physical security market is segmented by vertical into government & defense, BFSI, retail, residential, transportation, IT and others. Among these segments, the government & defense segment held the largest market share of 23.38% in the year 2018 and is expected to grow by a CAGR of 7.28% during the forecast period and attain an incremental $ opportunity of USD 435.8 million in the year 2020.

Based on region, the global physical security market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region, out of which, the market in North America held the largest market share of 39.69% in the year 2018 and is anticipated to achieve an incremental $ opportunity of USD 2763.4 million in the year 2020 as compared to the previous year. The market is primarily driven by nations, such as U.S. and Canada, where U.S. held the dominant market value of USD 26872.5 million in the year 2018.

However, concerns for data privacy and the security products being prone to hackers and increasing data thefts are some of the factors estimated to act as a barrier to the growth of the global physical security market.

This report also studies existing competitive scenario of some of the key players of the global physical security market, which includes profiling of Bosch Sicherheitssysteme Gmbh, Axis Communications AB, Honeywell International Inc. HON, Cisco Systems, Inc. CSCO, Johnson Controls International PLC JCI, Secom Co., Ltd. 935, Genetec Inc. GENETEC, Zhejiang Dahua Technology Co., Ltd. (SHE: 002236), Securitas AB SECU and Prosegur Compania De Seguridad, SA PSG.

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The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled "Physical Security Market â€" Global Demand Analysis & Opportunity Outlook 2028", analyses the overall physical security industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global physical security market in the near future.

Research Nester is a one-stop service provider, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives to make wise decisions for their future investment and expansion by providing them qualitative market insights and strategies while avoiding future uncertainties. We believe in honesty and sheer hard work that we trust is reflected in our work ethics. Our vision is not just limited to gain the trust of our clients but also to be equally respected by our employees and being appreciated by the competitors.

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