Global Physical Security Services Market: Overview
The global physical security services market is envisioned to embrace a strong adoption rate owing to the growing incidences of criminal activities in the recent time. While access control and surveillance systems could be the primary equipment used in physical security services, there could be a substantial adoption of cloud-based services and solutions. Such solutions are prophesied to receive a massive attention as they help to dodge data burglary and theft and ensure data security. With a view to maintain the physical security of business critical data, government organizations are increasingly adopting a number of software and hardware devices. Physical security services could also be crucial for avoiding an organization’s loss of brand value.
Global Physical Security Services Market: Dynamics
The world physical security services market is envisaged to possess a telling potential for growth on the back of rising concerns due to soaring crime rates and threats of terrorism and social insecurity. There is an urgent need to protect information, employees, and assets in almost all types of businesses. The expanding infrastructure of retail outlets such as malls and even corporate complexes would require more manpower to secure them efficiently. Furthermore, the elevation in the level of retail shrinkage because of administrative errors, supply chain theft, shoplifting, and employee theft could mean an increase in the demand for physical security services.
One of the most significant trends gaining traction in the world physical security services market is forecasted to be the advent of thermal cameras which could be best for supervising unique or large-scale outdoor environments.
Global Physical Security Services Market: Segmentation
The analysts authoring the publication foresee the international physical security services market to be stratified into various segments according to type, viz. video surveillance as a service (VSaaS), access control as a service (ACaaS), remote monitoring services, and security system integration. In 2017, ACaaS physical security services accounted for a larger share in the market. The dominance of this segment could continue until the end of the forecast period 2017–2022, where a 42.2% share is expected to be earned by 2022.
By vertical, the international physical security services market is predicted to see a classification into 10 different segments, i.e. banking, financial services, and insurance (BFSI), education, healthcare, government, manufacturing, retail, residential, transportation, utilities and energy, and commercial.
On the geographical segmentation front, the international physical security services market could be divided into Europe, North America, Asia Pacific except Japan (APEJ), Latin America, Japan, and the Middle East and Africa (MEA). Out of these markets, North America is projected to secure its lead until the final forecast year. In 2017, the regional market earned a valuation of US$31.1 bn.
Global Physical Security Services Market: Competition
As per the analysis of the report, some of the leading names in the worldwide physical security services market could be Tyco International Limited, The ADT Corp., SECOM Company Limited, STANLEY Convergent Security Solutions, Inc., United Technologies Corporation, SOHGO SECURITY SERVICES CO., LTD. (ALSOK), Bosch Sicherheitssysteme GmbH, Honeywell International, Inc., S-1 Corp., and G4S PLC.