In a recent published report, Kenneth Research has updated the market report for US Physical Security Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for US Physical Security Market products.
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
US Physical Security Market Analysis 2019-2028
Physical security is the protection of information-related assets, personnel devices, hard-drives, computers, organization’s assets, and property from physical actions that tends to cause damage. The growth in spending by government bodies on the installation of new physical security systems such as video surveillance, access control, and others, in government offices and public facilities is anticipated to provide growth opportunities to the physical security market. At present, technology, legislation and regulations are all coming together to make the use of drones for commercial purposes more viable than ever before.
“Final Report will add the analysis of the impact of COVID-19 on this industry.
“The Final Report will cover the impact analysis of COVID-19 on this industry (Global And Regional Market).”
Moreover, automation technologies are resulting in the growth of sub-segments such as video surveillance as a service and others. There is a growth in the adoption of mobile access control in the security industry over the last few years including the advances made in access control for critical functions such as remote operations, credentialing and various others, this is anticipated to boost the growth of the US physical security market in the coming years. US physical security market accounted for a market value of around USD 32,000 million in 2019 and is anticipated to reach USD 55,000 million by 2028, by growing at a CAGR of 7.7% over the forecast period of 2020-2028.
The United States physical security market is segmented by vertical into government and defense, BFSI, retail, transportation, industrial and commercial, and others. Among these, the government and defense segment accounted for the largest market share of around 30% in 2019 and is anticipated to grow significantly over the forecast period. Increasing use of security systems such as access control and video surveillance across several areas including airports, railways and public facilities among others, is anticipated to boost the progressive growth of the physical security market.
The industrial and commercial segment is expected to hold significant market share of the United States physical security market, on the back of the growing implementation of access control security systems to prevent theft or invasions and restrict unauthorized access. The growing use of electronic locks in commercial and industrial properties along with the growing demand for security systems in hotel accommodation is anticipated to drive the growth of the United States physical security market over the forecast period.
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Extensive usage of cloud computing solutions in association with increasing computerization and an integrated loom in business processes are predictable to drive the accomplishment of integrated solutions. For instance, the appearance of smartphone enabled door locks developed on an internet of things (IoT) stage helps to get better physical security.
Thus, security function software including smartphone credentialing with the use of near field communication (NFC) and Bluetooth equipment combined with IoT is probable to become a major aspect of advanced physical security. These advancements in technology are anticipated to drive the market growth of US physical security market over the forecast period.
However, product exploitation through hacking, data privacy concerns and products prone to single point of failure are the factors that are anticipated to hamper the growth of US physical security market. The system contains users’ personal data, which if breached, could pose a serious threat on the user.
Leading Companies:
Some of the affluent industry leaders in the US physical security market are Bosch Security Systems LLC., Honeywell International Inc., Cisco Systems Inc., Johnson Controls, ADT Inc., Anixter Inc., EMCOR Group Inc., Trane Technologies PLC, and others.
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“The Final Report will cover the impact analysis of COVID-19 on this industry”
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