According to a research report “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 — Global Forecast to 2026” published by MarketsandMarkets, The global North America physical security market size is projected to grow from USD 37.4 billion in 2021 to USD 48.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period. Major driving factors for the North America physical security market include rise in security breaches, fraud, and data identity thefts, surge in use of BYOD/ IoT devices, high demand for cloud-based physical security solutions and services, high volume of online transactions, increasing use of IP-based video surveillance camera systems, and stringent government regulations.
Browse 164 market data Tables and 42 Figures spread through 243 Pages
Download Sample Report @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=153090597
By component, the services segment to register the highest growth rate during the forecast period
Based on component, the North America physical security market is segmented into systems and services. The services segment is estimated to have a larger market size and higher market share during the forecast period. The services segment includes various services that are required to deploy, execute, and maintain the physical security solutions in an organization. During COVID-19, the growing concern of data breaches and privacy compliance regulations is making companies focus on adopting physical security solutions to achieve compliance, improved data security, and better flexibility in operations in North America. Major physical security vendors are widely supporting organizations with quick support services in such unprecedented times. Financial services, healthcare, and the retail industry verticals have witnessed huge data losses due to security breaches. As a result, they are highly dependent on physical security services for strengthening their cybersecurity capabilities.
Based on end-user, the retail segment is estimated to grow at the highest CAGR during the forecast period
The COVID-19 outbreak has impacted every possible vertical across the globe, especially high-profile and high-value data verticals such as BFSI, healthcare, retail, and government. With the increasing cyber threat landscape and risk surface, the demand for physical security solutions is also rising in North America. The retail vertical is an early adopter of cutting-edge physical security solutions as they possess highly sensitive personal user data. Retail store outlets are ever-increasingly heading toward the adoption of physical security solutions and services in North America. The retail vertical is largely prone to cyberattacks due to the use of different payment methods, such as MasterCard or Visa. These payment methods capture users’ personal and confidential details, which may consist of phone numbers, email addresses, credit card information, and complete addresses, along with their online behaviors. Regulatory compliances such as PCI-DSS compel retail trade owners to adopt strong physical security measures. Non-compliance with these regulations could lead companies to pay heavy penalties of approximately USD 100,000 every month or USD 500,000 per security incident. Physical security solutions and services also help the retail industry vertical deliver robust security, secure identities, and manage regulatory compliances.
United States to hold the largest market share during the forecast period.
The US has several prominent market players delivering physical security solutions to all end-users in North America. The US has a strong economy and are expected to be major contributors to the physical security solution market growth. The geographical presence, significant Research and Development (R & D) activities, partnerships, and acquisitions and mergers are the major factors for deploying North America physical security and services.
Market Players
Key and innovative vendors in the North America physical security market include ADT (US), Cisco (US), Honeywell (US), Johnson Controls (Ireland), TELUS (Canada), Anixter [WESCO] (US), Genetec (Canada), Bosch Building Technologies (Germany), STANLEY Security (US), GardaWorld (Canada), Convergint Technologies (US), Bell Canada (Canada), Paladin Security (Canada), DSC (US), DMP (US), Telsco (Canada), Axis Communication (Sweden), Hanwha Techwin America (US), FLIR Systems (US), Qolsys (US), Chubb Fire & Security (UK), Alarm.com (US), Avigilon (Canada), Tyco (Ireland), ICT (New Zealand), AMAG Technology (US), PTI Security Systems (US), Kantech (US), Feenics (Canada), Brivo (Canada), Exacq Technologies (US), SightLogix (US), Kairos (US), Immix (US), IOTAS (US), Verkada (US), Openpath (US), SmartCone Technologies (Canada), Cloudastructure (US), and Qognify (US).
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model — GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1–888–600–6441
Email: Sales@marketsandmarkets.com
