At 7.3% CAGR Physical Security Market to Hit $119.4 billion by 2023 | Major Players are: ADT (US), Bosch Building Technologies (Germany), Cisco (US), Honeywell (US), Johnson Controls, (US), Anixter (US), Genetec (Canada)

The major factors driving the physical security market are 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 adoption of wireless technology in access control systems minimizes cables and conduits and the adoption of cloud technology minimizes the requirement for server and software, thereby reducing the time and cost of installation and integration. These technological developments reduce the cost of these systems in the long run and facilitate remote and secure access.

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The physical security market is expected to witness a transition from wired systems to wireless technology. Functions of a wireless video surveillance system include video capture, video transmission through wireless sensor networks, and video analysis. Wireless IP-based surveillance solutions are cost-effective to deploy as installation and cabling are not required.

Physical security services play a vital role in enhancing the existing video surveillance system by integrating digital video surveillance with network and IT systems. This integration enhances property safety and reduces loss from thefts. Moreover, the service segment is being continuously affected by the introduction of the integrated Social, Mobile, Analytics, and Cloud (SMAC) solution, which need proper monitoring.

Key Market Players for Physical Security

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).

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 December 2018, ADT signed an agreement with West Corporation (US), a global leader in technology-enabled services, to enhance customer experiences with 911 emergency communications. Through this arrangement, ADT would use West’s Emergency Response Link (ERL) to ensure homes and businesses monitored by ADT benefit from the most accurate location data available so that the correct response teams are deployed even faster.