The global physical security services market is predicted to be optimistically impacted by the adoption of novel technologies and soaring investments in unmanned guarding curbing service cost since it is directly associated with labor cost. Cost savings could increase in the long run as the total cost of ownership (TCO) on electronic equipment gets written off annually. They could also be dependent on the buyer’s rate of adoption of unmanned guarding and area under surveillance. Integrated security services is forecasted to be the next weighty trend in the industry. The fast development of smart cities managed by information and communication technology (ICT) and internet of things (IoT) could augur well for the market.
Transparency Market Research (TMR) foresees the global physical security services market to attract a handsome revenue growth of US$191.7 bn by the end of 2022 from a US$110.3 bn in 2017 at an 11.7% CAGR.
Global Physical Security Services Market: Major Insights
The international physical security services market is envisioned to garner a high demand in the coming years on account of an aggressive adoption of monitoring solutions by both private and government enterprises. However, high initial investment could hamper the growth of the market. Nevertheless, this constraint in the market could be tackled by promising opportunities offered by the emergence of ubiquitous sensors and other advanced devices. Across the world, the adoption of physical security services is projected to testify a colossal rise owing to the demand for competent security solutions for countering terrorism, social unrest, and the swell in crime rates.
As foretold by seasoned analysts, the international physical security services market could be segregated into security system integration, remote monitoring services, access control as a service (ACaaS), and video surveillance as a service (VSaaS) by type. Growing at a CAGR of 12.8%, ACaaS could top market share between 2017 and 2022. Besides type, there could be another classification of the market by vertical, where key segments are anticipated to be banking, financial services, and insurance (BFSI), education, healthcare, government, manufacturing, retail, residential, transportation, utilities and energy, and commercial.
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