Physical Security Market Overview:
Physical security refers to the measures put in place to stop unauthorised access to buildings, systems, and assets as well as to safeguard people and property from harm, such as espionage. Physical security is provided by a number of interconnected layers of systems, including closed-circuit television, security guards, security measures, locks, authentication protocols, boundary intrusion detection, countermeasure systems, fire prevention, and other systems designed to protect people and property. The Physical Security Market report has been broken down into segments based on product, company size, industry, and geography.
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Higher initial installation costs of security systems are one of the major restraints of the market:
Because of the implementation of high-quality equipment, the original investment and operating costs of utilizing physical security systems are considerable. Due to financial restrictions, Small and Medium-sized enterprises are hesitant to adopt modern technology and prefer to stick with old security software, which hamplers the physical security market growth. Furthermore, corporations emphasize the security of just important servers and pay little attention to dormant data in the database. As a result, a lack of proper money remains a major worry for physical security experts in carrying out their IT security activities efficiently.
Physical Security Market Segmentation:
In 2020, SMEs accounted for about 47.5% of the market for physical security, according to Organization Size. In the aforementioned forecast period, the SME segment is anticipated to experience the highest CAGR of 12.3%.
Small and medium-sized businesses frequently encounter resource limitations when deploying physical security technologies, particularly in terms of financial and technical resources. SMEs are increasingly using physical security services and infrastructure to comply with legal requirements. Consumer ID verification using the traditional, laborious administrative method is ineffective.
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Physical Security Market Key players:
- Cisco
- Honeywell
- Johnson Controls
- TELUS
- Anixter
- Genetec
- Bosch Building Technology Solutions
- HID Global
- Pelco
- Hikvision
COVID-19 Impact on Physical Security market:
The Physical Security market has been significantly impacted by the COVID-19 outbreak. Facilities for the production of Physical Security have been put on hold because of the global economic downturn and a labour shortage. The COVID-19 pandemic has caused a sizable and protracted decline in production utilisation, and staff have been kept away from their facilities by travel bans and facility closures, which will slow the growth of the Physical Security market in 2020. On the other hand, the negative effects of COVID-19 on the market for Physical Security are anticipated to be transient, and the industry is anticipated to quickly recover by early 2021 due to strong demand for Physical Security.
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