Dublin, June 29, 2021 (GLOBE NEWSWIRE) – The North America Physical Security Market by Component (Systems and Services), System (PACS, Perimeter Intrusion Detection and Prevention Systems, PIAM, PSIM), Service (Managed and Professional), Organization Size and vertical – forecast until 2026 “ the report was added to ResearchAndMarkets.com offer.
The size of the physical security market in North America is expected to grow from $ 37.4 billion in 2021 to $ 48.2 billion by 2026, at a compound annual growth rate (CAGR) of 5.2% during of the forecast period.
The main driving factors for the physical security market in North America include the increase in security breaches, fraud and data identity theft, the increase in the use of BYOD / IoT devices, the strong demand for cloud-based physical security solutions and services, increasing use of IP CCTV camera systems, and stringent government regulations.
By component, the services segment to register the highest growth rate during the forecast period
On the basis of components, the physical security market in North America is segmented into systems and services. The services segment is expected to have larger market size and higher market share during the forecast period. The services segment includes various services required to deploy, run, and maintain physical security solutions in an organization.
During COVID-19, growing concern with data breaches and privacy compliance regulations is forcing businesses to focus on adopting physical security solutions to achieve compliance, better data security, and greater flexibility in operations in North America.
The major physical security vendors are widely supporting organizations with rapid support services in unprecedented times. Financial services, healthcare, and the retail industry have suffered massive data loss due to security breaches. As a result, they heavily rely on physical security services to boost their cybersecurity capabilities.
By Systems, CCTV Segment Will Hold Largest Market Size During Forecast Period
The Systems segment is sub-segmented into Physical Access Control Systems (PACS); video surveillance system; detection and prevention of perimeter intrusions; Physical Security Information Management (PSIM); Physical identity and access management (PIAM); security analysis, imaging and metal detection; and fire safety and personal safety. Growing concern for security and increasing incidents of terrorism are expected to drive demand for video surveillance systems globally.
Video surveillance systems, such as Internet Protocol (IP) cameras and high definition (HD) video surveillance cameras, play a major role in securing critical infrastructure, government entities and commercial properties in North America. Nowadays, with the advent of intelligent transport, automatic vehicle management systems are used. Vehicle management systems help operators identify vehicles moving through premises. They further capture images of drivers and vehicles, providing greater flexibility and hassle-free asset tracking.
In Canada and the United States, the use of CCTV cameras in the workplace is quite common. The use has become widespread. CCTV solutions are mainly deployed in high risk spaces, such as retail stores, financial institutions, manufacturing plants, transportation hubs, casinos, public infrastructure and roads. High adoption of CCTV systems to reduce security threats and control and monitor criminal activity is one of the major factors that is expected to propel the growth of CCTV systems segment.
The United States is expected to hold the largest market size during the forecast period
The United States is estimated to have the highest market share in the physical security market in North America. The early adoption of physical security solutions and the presence of several vendors that provide physical security systems and services are expected to drive the market growth in the country.
Companies in this country are increasingly implementing physical security solutions to prevent cyber attacks, identity theft and commercial espionage; and ensure data security and confidentiality to facilitate business continuity. The market growth in the United States can mainly be attributed to the presence of key vendors in the physical security market, investments and innovations, a strict regulatory environment and high technology adoption rates in the market. country.
Government initiatives, financial support, and R&D have helped develop physical security solutions and services in the United States, which are market growth factors. The US government invests in a significant number of federal budgets to develop countries’ physical security framework.
The increasing use of cutting-edge technologies, such as cloud, mobility solutions, AI and IoT, is expected to drive the need to deploy physical security solutions in North America. Additionally, the United States is a hotbed of advanced cybercrime, which is increasingly entering the region with the onset of the COVID-19 pandemic. Such cyber incidents are also a red flag for businesses nationwide to invest in physical security technology.
- Increased cases of terrorist activity and physical attacks
- Growing use of IP cameras for video surveillance
- Growing adoption of cloud-based physical security
- Digital transformation made possible by video security systems
- Integration of technologies, such as AI, artificial intelligence and analytics, into physical security
- Convergence of several physical security systems
- Increased cyber threats to physical security systems
- Integration of logical and physical components of security systems
- Impact of COVID-19 on Market Dynamics
Pricing model for physical security players in North America 2019-2020
Analysis of physical security technologies
- Market: main trends
- Integration of AI and analytics with video surveillance
- Cloud technology and Internet of Things
- Contactless biometrics for authentication and access control
- Innovative physical security solutions to improve the response to COVID-19
- Use case
Revenue Change – YC / YCC Change for the North American Physical Security Market
Porter’s Five Forces Analysis
- Johnson Controls
- Anixter (Wesco)
- Bosch Building Technologies
- Stanley Converged Security Solutions
- Convergent technologies
- Bell Canada Enterprises
- Paladin Security
- Axis Communications
- Hanwha Techwin America
- FLIR Systems
- Chubb Fire and Safety
- AMAG technology
- PTI Security Systems
- Exacq Technologies
Startup / SME profiles
- Open path
- Smartcone technology
For more information on this report, visit https://www.researchandmarkets.com/r/ohw24z