Physical Security Market

Key players have adopted various growth strategies, such as partnerships, agreements, and collaborations and new product launches to expand their presence in the Physical Security Market

The physical security market size is expected to grow from USD 84.1 billion in 2018 to USD 119.4 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 7.3% during the forecast period. The major factors driving the physical security market include 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 major physical security vendors include 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). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations and new product launches to expand their presence in the physical security market. Partnerships and new product launches have been the most adopted strategies by major players from 2016 to 2018 which helped them innovate their offerings and broaden their customer base.

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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. Additionally, in October 2018, ADT acquired Red Hawk Fire & Security (US), a leader in commercial fire, life safety, and security services and a portfolio company of Comvest Partners (US), for USD 317.5 million in cash. This acquisition would help ADT to expand its portfolio of commercial security offerings by adding Red Hawk’s exceptional portfolio of commercial fire and security solutions.

Johnson Controls is another top player in the physical security market and has majorly adopted organic growth strategies to diversify its product offerings with the help of innovative technologies. In line with its organic growth strategies, in December 2018, Johnson Controls introduced the next generation of the INTEVO integrated security platform from Kantech. Similarly, in October 2018, Johnson Controls launched a competitive Illustra IR PTZ camera with powerful zoom and control capabilities to handle even the most challenging lighting conditions. The Flex IR PTZ adheres to the rigorous security standards of the Tyco Cyber Protection Product Security Program. These product enhancements and launches would help the company to provide customers more modern, coherent, and complete security solutions.

Related Reports:

Physical Security Market by Component (Systems (PACS, PSIM, PIAM, Video Surveillance, Fire and Life Safety) and Services (ACAAS, VSAAS, Remote Monitoring, Security Systems Integration)), Organization Size, Vertical, and Region - Global Forecast to 2023

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Report Code
TC 2675
Published ON
Feb, 2019
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