Physical Security Market Is Expected To Exhibit A CAGR Of 18.9% by 2027

IndustryPRwire - Physical Security Market is expected to be valued at US$ 500.2 million by 2027, exhibiting a CAGR of 18.9% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.

Physical security is physical and electronic measures for safeguarding personnel, prevention of unauthorized access to infrastructure, equipment, material, information, and installations against vandalism, sabotage, theft, and terrorism. The two primary concerns of physical security include prevention and protection serving the security interests of people, equipment, and property. The security of individuals, property, and information has become a critical global issue, in the recent past.

The global physical security market is estimated to account for US$ 500.2 Mn in terms of value by the end of 2027.

 Market Trends

Complexity of vulnerabilities boosting demand for security management

Organizations produce millions of event logs from a variety of user activities such as access to computers and applications and access to buildings or rooms. Often these events are highly relevant for protecting an organization’s privacy, confidentiality, and security. This trend has been further pushed ahead with the digitalization of physical security data. Further, an increasing number of security events fall outside the immediate scope of security infrastructure. For instance, access to office computers cannot be perceived as an immediate threat to security; however, it demands to monitor. Combining event and systems information with security management would result in cost savings, better visibility, and higher efficiency.

Advent of new products is another key trend

Key companies are focused on research and development activities, in order to enhance the market presence. For instance, in September 2013, Axis introduced the new HDTV 1080p/3-megapixel model AXIS M30 fixed mini dome cameras. In May 2013, Bosch Security Systems Inc. introduced the new FLEXIDOME micro 2000 IP and micro 2000 IP for its advantage line cameras. Moreover, in September 2013, Morpho SA launched the MorphoAccess SIGMA Series for fingerprint identification terminals.

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Suppliers

The major suppliers for physical security equipment manufacturers are the components and parts manufacturers. The components may include but are not limited to sensors, processors, electrical and electronic parts, mechanical parts and casings. Managing an optimized inventory is an important operation in any manufacturing industry. Often the end-products are only as good as the parts that go into manufacturing. Security and safety equipment are made of many thousands of parts and components, each of which may have an impact on the life of the end-product and on its energy efficiency.

Key Developments

  • Key companies are focused on partnerships and collaborations, in order to expand the market presence. For instance, in July 2019, Axis Communications AB partnered with Sensative AB for smart cities, smart buildings, and smart homes.
  • Major market players are involved in product launches, in order to gain competitive edge in the market. For instance, in January 2020, VidSys Inc. launched Vidsys Enterprise 2020 R1.0, a security software platform.

Competitive Insight: 

Key players operating in the global physical security market are Axis Communications AB, VidSys Inc., Bosch Security Systems Inc., EMC Corporation, Morpho SA, Tyco International Ltd, HikVision Digital Technology Co., Ltd., Assa AB, Genetec Inc., Honeywell Security Group, Cisco Systems Inc., and Pelco Inc. 

About Coherent Market Insights 

Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. 

Contact Us: 

Mr. Shah 

Senior Client Partner – Business Development 

Coherent Market Insights 

Phone: US: +1-206-701-6702 UK: +44-020-8133-4027 Japan: +81-050-5539-1737 India: +91-848-285-0837 

Email: : sales@coherentmarketinsights.com

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