Physical security services are the most critical part of the organization as it helps to protect data, networks, software, hardware, and personnel from events and physical actions that may lead to any damage or loss to an enterprise. The services for physical security are reaching sky-touching heights with its growing demand across the world.
To curb the threats and strengthen physical security most of the governments across the countries are focusing and investing in the development of its infrastructure which is primarily driving the growth of the global physical security services market. Further, the increase in the adoption of digital video surveillance integrated with IT and network systems is propelling the growth of the market. The growing need to identify potential threats and enhance the physical security of the enterprise is surging the demand for physical security services. The growth of the market is significantly supported by an increase in deployment of wireless technology & a rise in the use of IoT in security systems and growing inclination towards Internet Protocol (IP)-based cameras. In today’s digital world, physical security services are in great demand not only from government, healthcare & BFSI but also from small and mid-size enterprises to prevent heavy losses and damage. The market growth is further triggered by the growing need for remote monitoring services. Furthermore, the growing adoption of VSaaS and ACaaS is likely to boost the growth of the market over the forecast period.
The global physical security services market is segregated on the basis of product, application, and region. Security system integration, remote monitoring services, ACaaS, and VSaaS are products classified under the physical security services market. Physical security services have applications in manufacturing, government, healthcare, education, BFSI, and others.
Geographically, North America is anticipated to lead the global physical security services market over the forecast period. The growth in this region is attributed to presence of advanced technologies, increase in criminal activities, and increase in integration of IoT-based technology in the security system. Asia Pacific is estimated to register rapid growth during the forecast period. Factors such as rise in demand for smart security solutions, rapidly growing enterprises, and increase in automation & expanding use of cloud computing solutions in organizations will drive the regional market growth.
The key participants that are effectively functioning in the global physical security services market are Tyco International Limited, United Technologies Corporation, STANLEY Convergent Security Solutions, Inc., SECOM Company Limited, The ADT Corp., G4S PLC, S-1 Corp., Honeywell International, Inc., Bosch Sicherheitssysteme GmbH, and ALSOK, among others.
Recent development: In June 2021, Vector Flow announced the integration of AI and data-driven physical security solutions with the Tyco Software House C•CURE 9000 security and event management solution from Johnson Controls which will enhance the operational efficiencies and reduce the cost.