Impact on Physical Security Services industry due to COVID-19 Pandemic, Market Size, Industry Trends, Share and Forecast 2024-2027

Global Physical Security Services Market: Snapshot

The global physical security services market is expected to be influenced by the swelling implementation of automobile tracking and other smart technologies and internet of things (IoT). However, a major chuck of the demand for physical security services could be driven by increasing terror attacks on humans as well as physical properties. Physical security is considered as a vital measure to protect against the surging incidences of terror attacks. Organizations of all sizes and across several regions of the globe are implementing security strategies at a rapid rate. Technological development in the industry and stringent government norms could be key factors enlarging the growth of the market.

The global physical security services market is predicted to rise at a CAGR of 11.7% during the forecast period 2017–2022. By 2024, the market could draw a valuation of US$191.7 bn. In 2017, a valuation of US$110.3 bn was recorded by the market.

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global physical security services market

Market to Honor ACaaS as Leader in Revenue Growth throughout 2024

According to the analysis of expert researchers, the world physical security services market is prognosticated to be segregated as per type and vertical segmentation. By type, the market could be classified into four key segments, viz. security system integration, remote monitoring services, access control as a service (ACaaS), and video surveillance as a service (VSaaS). Amongst these, ACaaS could post a dominating revenue of US$80.9 bn by the end of 2024.

By vertical, the world physical security services market is envisioned to be divided into several segments such as banking, financial services, and insurance (BFSI), education, healthcare, government, manufacturing, retail, residential, transportation, utilities and energy, and commercial.

Each segment analyzed in the report is studied in-depth in order to provide the best of information to buyers so that they become well-equipped to take important decisions in their individual businesses.

North America to Spearhead Market Growth with Sweeping Revenue Share

On the basis of geography, the international physical security services market is prophesied to be segmented into five vital regions and one country, i.e. North America, Europe, Latin America, the Middle East and Africa (MEA), Asia Pacific except Japan (APEJ), and Japan. The analysts foretell the market of North America to top revenue share in 2017 and also 2024 while expanding at a 12.6% CAGR. The region could even become one of the most lucrative markets for physical security services over the course of the forecast timeframe.

Japan and the MEA are forecasted to be among the slow-moving markets as they could lose 139 BPS and 59 BPS respectively in their share by the concluding forecast year. However, APEJ is anticipated to gain 225 BPS in its share by the same year. Europe could create an absolute revenue prospect of US$13.7 bn between 2017 and 2024.

The publication presented herewith offers an exhaustive study of the vendor landscape of the worldwide physical security services market with crucial players profiled, including Tyco International Limited, The ADT Corp., SECOM Company Limited, STANLEY Convergent Security Solutions, Inc., and United Technologies Corporation.

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Increased Adoption of Unmanned Guarding Services Boosts Sales Opportunities in Physical Security Services Market

Physical security refers to the protection of physical assets, people, and property from activities and events that can lead to loss or damage. In recent period, physical security services are widely utilized as an important measure to gain protection against the increased cases of terror attacks. Thus, many large as well as small-sized organizations across the globe are growing inclination toward opting the physical security services. In addition to this, many government organizations from all across the globe are growing the adoption of physical security services. This factor is generating promising sales opportunities for vendors working in the global physical security services market.

Physical security services are in high demand in various smart cities, which are largely controlled by internet of things (IoT) and information and communication technology (ICT). Thus, considerable growth in the number of smart cities in all worldwide locations is expected to generate lucrative avenues in the global physical security services market.

Many companies in the global physical security services market are growing focus toward incorporation of technological advancements. They are experiencing considerable growth in adoption of unmanned guarding as well as area under surveillance services. One of the key factors driving this adoption is the ability of unmanned guarding services to curb the labor costs offer superior quality of security.

Recent COVID-19 pandemic has impacted adversely on the growth of the global physical security services market. Many players in the market for physical security services are experiencing declined sales and thereby reduced revenues number in recent few months following the onset on pandemic. Thus, analysts predict that the physical security services market is likely to experience downward growth curve for short period but it will show fast recovery owing to growing efforts of market players to regain their regular activities.