Physical Security Services Market Gains Major Attention Owing to Rising Terror Attacks and Augmenting Usage of IoT
Global Physical Security Services Market: Snapshot
The global physical security services market is expected to be influenced by the swelling implementation of automobile tracking and other smart technologies and internet of things (IoT). However, a major chuck of the demand for physical security services could be driven by increasing terror attacks on humans as well as physical properties. Physical security is considered as a vital measure to protect against the surging incidences of terror attacks. Organizations of all sizes and across several regions of the globe are implementing security strategies at a rapid rate. Technological development in the industry and stringent government norms could be key factors enlarging the growth of the market.
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The global physical security services market is predicted to rise at a CAGR of 11.7% during the forecast period 2017–2022. By 2022, the market could draw a valuation of US$191.7 bn. In 2017, a valuation of US$110.3 bn was recorded by the market.
Market to Honor ACaaS as Leader in Revenue Growth throughout 2022
According to the analysis of expert researchers, the world physical security services market is prognosticated to be segregated as per type and vertical segmentation. By type, the market could be classified into four key segments, viz. security system integration, remote monitoring services, access control as a service (ACaaS), and video surveillance as a service (VSaaS). Amongst these, ACaaS could post a dominating revenue of US$80.9 bn by the end of 2022.
By vertical, the world physical security services market is envisioned to be divided into several segments such as banking, financial services, and insurance (BFSI), education, healthcare, government, manufacturing, retail, residential, transportation, utilities and energy, and commercial.
Each segment analyzed in the report is studied in-depth in order to provide the best of information to buyers so that they become well-equipped to take important decisions in their individual businesses.
North America to Spearhead Market Growth with Sweeping Revenue Share
On the basis of geography, the international physical security services market is prophesied to be segmented into five vital regions and one country, i.e. North America, Europe, Latin America, the Middle East and Africa (MEA), Asia Pacific except Japan (APEJ), and Japan. The analysts foretell the market of North America to top revenue share in 2017 and also 2022 while expanding at a 12.6% CAGR. The region could even become one of the most lucrative markets for physical security services over the course of the forecast timeframe.
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Japan and the MEA are forecasted to be among the slow-moving markets as they could lose 139 BPS and 59 BPS respectively in their share by the concluding forecast year. However, APEJ is anticipated to gain 225 BPS in its share by the same year. Europe could create an absolute revenue prospect of US$13.7 bn between 2017 and 2022.
The publication presented herewith offers an exhaustive study of the vendor landscape of the worldwide physical security services market with crucial players profiled, including Tyco International Limited, The ADT Corp., SECOM Company Limited, STANLEY Convergent Security Solutions, Inc., and United Technologies Corporation.
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