Physical Security Market size has witnessed a considerable growth owing to the growing need for stringent regulatory and compliance requirements, concern for privacy and data security issues, and proliferation of smart devices across enterprises.
Physical Security Market size is anticipated to witness a high growth over the forecast timeline owing to the growing security concerns and rising terror activities across the globe. Technological advancements, such as the adoption of access control systems along with the availability of cost-efficient systems, are expected to increase the demand for physical security market in the coming years.
The physical security market is expected to witness technological innovations such as the transition from analog to built-in IP network system. Such technological advancements comprise ubiquitous sensors, video analytics & displays, power access systems, and smart devices with built-in distributed public-address environment. Increasing safety issues of personal network and hardware infrastructure will further have a positive impact on the physical security market demand.
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The growing implementation of advanced technologies, such as cloud, intelligence, and analytics-based safety systems, is expected to improve the safety landscape. In addition, increasing investments in hybrid solutions for real-time monitoring are anticipated to boost the physical security market growth over the forecast time frame. The emerging necessity to safeguard business assets, customers, and employees against growing frequencies of attack has led to a significant market growth.
The need for sophisticated devices for the implementation of cyber security is also increasing the adoption rate. Rising demand for IoT in the integration of two or more technologies the implementation of cloud-based data storage, and the use of big data analytics are contributing to the physical security market growth. Furthermore, the use of identity management & biometrics, Video Surveillance as a Service (VSaaS), and Access Control as a Service (ACaaS) are enhancing the overall demand. The rising need to enhance efficiencies in business operations by adopting tools, such as surveillance tools, is escalating the industry size.
An increase in the growth of smart securities, digital systems, and smart cities and inflexible rules & regulations imposed by domestic governments & international bodies will provide tremendous growth opportunities for the physical security market. Trends, such as Ultra-high Definition (UHD), Video Surveillance, IP Networking, and Power over Ethernet (PoE) for security and surveillance, are supporting the increased adoption.
Numerous factors, such as lack of linkage between solutions, lack of information & knowledge regarding implementation, and limited infrastructure boundaries, are restraining physical security market growth. Furthermore, the industry is also undergoing challenges such as technological discrepancies & innovations and assimilation of physical securities with logical securities.
Based on application, the physical security market can be segmented into logistics, retail, transportation, utilities, government, public, chemical, telecom & IT, defense & military, and banking sectors. The transportation & logistics sector is predicted to be the fastest growing segment over the forecast timeline owing to the increasing safety threats and technological advancements such as cloud-based data storage & data analytics.
The growing threat of cyber-attacks and the need for safeguarding the resources in the cyber security area are predicted to increase the demand for physical securities in government segments. With the growing number of retail stores in various countries, the need for physical securities, such as IP surveillance, video analytics, and access control systems, is boosting the physical security market growth. Based on software, the market can be categorized into management analysis & modeling software and Physical Security Information Management (PSIM).
On the basis of service type, the physical security market can be segmented into Public Safety Answering Point (PSAP), technical support, Video Surveillance as a Service (VSaaS), public alert & warning system, and remote management services. The VSaaS market is expected to grow at the highest rate owing to the increased government spending for safety monitoring at airports, railway stations, and streets.
The physical security market based on the component can be segmented into hardware, services, and software. The hardware segment is expected to grow at the highest rate and can be further divided into card-based access control systems, biometrics, intrusion detection & prevention systems, and video surveillance devices such as CCTVs. Growing investments in these devices are expected to fuel the market growth.
Asia Pacific is predicted to account for the highest market share in the physical security market owing to the growing deployment of security devices by the government in the countries, such as China and India, in public safety and transportation sectors. Furthermore, the growing IT industry and rapid industrialization in these countries will have a positive impact on the physical security market growth in this region.
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North America is predicted to grow at a significant CAGR over the forecast time frame owing to the growing demand for the use of access control systems in various verticals such as retail, government, and banking sectors. In addition, support and maintenance activities for the current systems are predicted to drive the physical security market growth in this region.
The industry players participating in the physical security market include EMC Corporation, McAfee, Inc., Genetec, Inc. NICE Systems Ltd., Cisco Systems, Inc., Honeywell Security Group, Morpho S.A., Pelco, Inc., Axis Communications, Bosch Security Systems, IBM Corporation, Siemens AG, and Tyco International Ltd.
The industry is concentrated in nature due to the presence of various global companies that have a large regional presence. IBM Corporation provides solutions for video surveillance such as logical security products and DVS partner products. It also provides video analytics tools such as smart vision suite and command control center solution. Cisco offers solutions, such as incident response, access control, and video surveillance, to protect businesses, employees, and customers from threats such as safety & privacy issues.
This latest Physical Security Market research report offers in-depth analysis, key industry insights, market sizing & forecast on a granular level for key products, applications across number of regional markets. The report also analyzes the Physical Security from business strategy perspective, describing in detail growth drivers, pitfalls &challenges for participants, accompanied by a detailed competitive benchmarking including company market share analysis and detailed business profiles.
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- Global Physical Security Market size & forecast by product & application.
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- Key Physical Security Market growth opportunities & emerging business models.
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