Portland, OR -- (SBWIRE) -- 06/06/2017 -- According to a recent report published by Allied Market Research, titled, "Physical Security Market by Type and Application - Global Opportunity Analysis and Industry Forecast, 2017–2023," the physical security market was valued at $78 billion in 2016, and is projected to reach at $153 billion by 2023, growing at a CAGR of 10.3% from 2017 to 2023. In 2016, the services segment accounted for the highest revenue share in the physical security market.

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North America is the global supplier of physical security solutions, followed by Asia-Pacific. China dominates the market in Asia-Pacific and similarly, U.S. leads the overall market in comparison to other countries.

The key factors that drive the global market are rise in incidence of terror attacks, increased awareness, and technological advancements. However, privacy issues and lack of physical & technological security integration hamper the market growth. Moreover, rise in demand for physical security solutions from smart cities is expected to provide lucrative opportunities for the market growth.

The physical security systems segment is expected to witness the highest growth rate during the forecast period. The video surveillance segment accounts for more than half of the total systems revenue. Moreover, other industry verticals (education, healthcare, retail, energy & utilities, and manufacturing & industrial) among the physical security applications dominated the global physical security market in 2016. However, residential sector is expected to grow at the highest pace during the forecast period.

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According to Seapee Bajaj, Lead Analyst, ICT at Allied Market Research, "North America dominates the global physical security market pertaining to increased terrorism incidence and enhanced security measures across diverse verticals including commercial; transportation, banking, financial services, and insurance (BFSI); residential; and others. Furthermore, growth in Asia-Pacific is expected to be the fastest among other regions, owing to prominent initiatives from the governments for enhancing safety and security standards."

KEY FINDINGS OF THE STUDY

- The services segment is expected to exhibit a significant increase in the physical security market growth during the forecast period.

- In 2016, education, healthcare, retail, energy & utilities, manufacturing & industrial collaboratively generated the highest revenue among the physical security applications.

- Asia-Pacific is anticipated to exhibit a substantial growth during the forecast period.

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The key players profiled in the report include Anixter International Inc., Tyco International PLC., Cisco Systems, Inc., Genetec Inc., ADT Corporation, Honeywell International, Inc., Bosch Security Systems, Inc., Stanley Security, and Senstar Corporation.