Market Research Future (MRFR) expects the physical security market 2020 to touch a tremendous valuation of USD 120 Billion by the year 2022. MRFR adds that the market can advance at a steady rate of 10?tween 2016 and 2022 (which is the review period).
Top Boosters and Main Challenges
The importance of advanced physical security among organizations and detecting of any potential threats has surged quite significantly in recent years, which sets the tone of the market growth. End-use industries such as banks, retail, hospitality and transportation face a variety of security challenges and theft and destruction which are tough to handle using traditional security systems. This has led to higher deployment of physical security systems across organizations. However, budgetary constraints can slacken the adoption of physical security systems in the coming years.
Having said that, governments everywhere are highly focused on fortifying their physical security infrastructure in order to be more prepared for potential threats, leading to better business expansion. Over the years, the widening entry points within the data systems of the IoT-backed ecosystem have boosted the number of cyber-attacks. Therefore, intense efforts are being made to boost IoT security with the use of advanced physical security systems to bring down the chances of such attacks. Also, technological innovations and advancements in videos, access systems and integrated sensors in IoT-enabled devices can also mean healthy prospects for physical security industry during the review period.
Some additional growth boosters in the Physical Security Market include the shift from conventional solutions like alarm systems, door locks and badge readers to advanced solutions, such as intrusion prevention, threat management and breach detection among organizations as well as government agencies.
Leading competitors in the market for physical security include Cisco Systems, Inc. (U.S.), Pelco (U.S.), Senstar Corporation (Canada), Genetec Inc. (Canada), Honeywell International Inc. (U.S.), Tyco International PLC (Ireland), Anixter International Inc. (U.S.), Bosch Security Systems Inc. (Germany), Stanley Security (U.S.), ADT Corporation (U.S.), to mention a few.
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The market for physical security has been split into segments like type and industry.
The types of physical security are system and service. System-based market segmentation comprises access control protocols, biometrics systems, locks, video surveillance, physical security information management, security scanning, metal detection, fire & life safety among others. Services available in the market are maintenance & support, designing & consulting and system integration. System-based video surveillance segment can perform well in the coming years, all because of the increasing technological advancements like UHD along with the drop in the cost of equipment.
Out of all the types of services, system integration is anticipated to lead the global market in the near future, backed by factors like the changing perception of people towards security operations, rising demand for affordable physical security hardware, strict regulatory compliance, and the surge in the number of enterprises across the world.
Industry-wise, the main segments are government, IT & telecom, education, transportation & logistics, oil, gas & energy, defense & public sector, retail, hospitality, BFSI, and others.
The regional outlook of the physical security industry covers Asia Pacific (APAC), Europe, the Americas, and Rest of the World or RoW.
North America is at the vanguard of the global market, apparent from the high adoption of physical security systems in the region. The region’s formidable position is the result of is favorable economic status, strict regulatory standards, and the massive investments being made by enterprises in these solutions. In addition, various public facilities along with transportation systems like seaports, airports, bus stations and railways are working diligently on protecting their infrastructure using security layers, leading to market expansion across the region.
The MRFR study also reveals that APAC can emerge as one of the strongest contenders in the global market. Rampant demand for advanced smart security solutions, especially in India and China coupled with the substantial investments being made by the government bodies in safe city projects, with major focus on traffic monitoring and city surveillance are the top growth inducers in the market. One of the most significant reasons for the rising popularity and demand of physical security systems is the mounting crime rate in the region. It is exceptionally grim in India, Malaysia, Australia and China, boosting the concerns with regard to security. In the face of such a situation, the government across the region is working on promoting the use of physical security systems.
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