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Physical Security Market Growing at a CAGR 5.2% | Key Player Cisco, Honeywell, Genetec, Johnson Controls, Kastle Systems
The physical security market size is expected to grow from USD 93.5 billion in 2020 to USD 120.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period. The major factors driving the physical security market include 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, and rising adoption of Internet of Things (IoT)-based security systems with cloud computing platforms.
The security systems integration services in the services segment is expected to lead the physical security market in 2020.
Security systems integration is an important service in the implementation of a physical security strategy, as it involves the collective use of a variety of components or subsystems as one large system. System integrators provide solutions based on the size and complexity of the security to be provided. The demand for integrators of security systems is growing rapidly, owing to the deployment of diverse security strategies in organizations of all sizes across the globe.
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Large enterprises is expected to hold the highest market shareduring the forecast period.
The large enterprises segment is expected to hold the highest market share. These enterprises were the early adopters of physical security solutions and services, as they have larger revenue pool to spend and a larger infrastructure to be protected. Large enterprises need complex and highly scalable security systems and services in comparison to Small and Medium-sized Enterprises (SMEs). These customers operate across multiple locations in different geographies, hence they require a solution, which offers elevated integration capabilities and is capable of large-scale seamless integration of security operations. In addition to the complexity and requirements, large enterprises are at high risk for breaches and other cyber and physical crimes. The combination of the complexity and high risks require large systems that are fully integrated and can utilize the best and the most reliable technology.
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 2018 to 2020 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. For instance. In June 2020, ADT Partnered with Dollar Tree Inc. for delivering security solutions to retail locations nationwide. Additionally, in January 2020, ADT acquired Defenders, its largest independent dealer. The acquisition provides various strategic, financial and operational advantages for ADT. In January 2020, ADT introduced ‘Blue by ADT’ DIY Home Security Platform. The Blue by ADT is an extensible DIY system that allows customers to customize a smart home security system. the platform offers several devices with advanced compatibility features including self-monitoring and 24/7 professional monitoring.
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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. In line with its organic growth strategies, in December 2018, Johnson Controls introduced the next generation of the INTEVO integrated security platform from Kantech. Similarly, in October 2018, Johnson Controls launched a competitive Illustra IR PTZ camera with powerful zoom and control capabilities to handle even the most challenging lighting conditions. The Flex IR PTZ adheres to the rigorous security standards of the Tyco Cyber Protection Product Security Program. These product enhancements and launches would help the company to provide customers more modern, coherent, and complete security solutions.
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