The physical security market share will post an incremental growth of USD 62.75 billion, progressing at a CAGR of 9.4% during the forecast period. The increasing concerns about terrorism and crime will offer immense growth opportunities to market vendors. The physical security market is fragmented, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.
Technavio’s report on “Physical Security Market by Type and Geography - Forecast and Analysis 2022-2026” provides a detailed analysis of the prevalent market forces, trends, and challenges likely to impact the market in focus.
The physical security market is segmented by the following:
The physical security market size in the hardware and software segment will be significant during the forecast period. 33% of the market's growth will originate from Europe during the forecast period. Germany and UK are the key markets for physical security in Europe. The rise in the crime rate in the country will facilitate the physical security market growth in Europe
The increasing concerns about terrorism and crime will directly influence the physical security market growth. In addition, the integration of IoT in physical security is one of the major physical security market trends that will positively impact market growth. However, the high initial investment will hamper the physical security market growth.
The market is fragmented due to the presence of several players. Some of the major physical security market vendors are ADT Inc., ASSA ABLOY AB, Axis Communications AB, Everbridge Inc., Genetec Inc., Hangzhou Hikvision Digital Technology Co. Ltd., Honeywell International Inc., IDEMIA, Johnson Controls International Plc, MOBOTIX AG, Panasonic Corp., Robert Bosch GmbH, Salient Systems Corp., Schneider Electric SE, SECOM Plc, Securitas AB, Siemens AG, Sohgo Security Services Co. Ltd., Stanley Black, and Decker Inc., and Teledyne Technologies Inc.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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Precise market size estimation during the forecast period 2022-2026.
CAGR of the physical security market forecast during 2022-2026.
Market-level data on units, average selling prices, and values of the physical security market share.
Prediction of the upcoming trends, drivers, and factors that challenge the growth of the physical security market.
Physical security industry growth across North America, Europe, APAC, South America, and Middle East and Africa.