Global Physical Security Market: Snapshot
The global physical security market is expected to rise significantly owing to the rising terror activities and crimes that have increased the demand for these solutions. The major concern of the physical security is to protect and prevent unforeseen incidence and provide better security to the people and property.
Globally, the demand for physical security has grown due to the emerging trend of convergence of physical and logical security. Rising demands for integrated physical security solutions will further trigger growth for the physical security market. Moreover, different regulations imposed by various governments to increase security levels will flourish in the global market for physical security.
As per the analysis in the report, there are certain valuations that will help the players to involve in the global physical security market. The market value for physical security is expected to reach US$ 125.03 bn by the end of 2019. During the forecast period between 2013 and 2019, this market is projected to expand at 14.9% of CAGR.
Video Surveillance to Trigger Demand for Physical Security Solutions
The global physical security market has different components that include software, hardware, and services. On the basis of hardware, the market is further divided into intrusion detection, access control systems, prevention systems, and others (visitor management, fire and life safety, and backup power). Among the intrusion detection and prevention systems, video surveillance dominates the market as compared to the other segments under this category. In the access control segment, biometric access control is leading and hold the largest number of shares under this category.
The physical security software market is bifurcated into physical security information management (PSIM) and management, analysis, and modeling software. Out of these two, PSIM is having high demand in the physical security market. Reduced cost, increased sophistication, and raising awareness among the end users have increased the demand for PSIM.
The global physical security market based on services is segmented into video surveillance as a service (VSaaS), public alert and warning system, remote management services, technical support, security consulting, public safety answering point (PSAP), and others (data source, hosted access control, managed access control, alert notification, mobile security management). Under this segment, VSaaS is projected to lead the market. Moreover, VSaaS offers remote access and help in saving cost.
The application of physical security is vastly seen in government and public sector, transportation and logistics, oil and gas facilities, utilities/energy markets, industrial (manufacturing sector excluding chemical facilities), control centers, retail, fossil generation facilities, chemical facilities, hospitality and casinos, business organizations, and others (stadiums, educational and religious infrastructure, healthcare organizations). Out of these transportation and logistics sectors dominates them all. Transportation industry that includes rail, ports, aviation, road, and city traffic and new start projects (including metro rail, light rail, rapid rail, commuter rail, ferries and bus rapid transit) where the need for physical security is important.
Increasing Incidence of Terrorism in North America to Surge Demand
The growth of the international physical security market is high in North America owing to the rising incidence of terrorism in the region. Governments in this region are making continuous efforts to increase security and surveillance to ensure the security of the people. The Asia Pacific is also considered a lucrative market for the growth of physical security.
The report has also analyzed various key players in the market such as Bosch Security Systems Inc, Hikvision Digital Technology, Axis Communication AB, Tyco International Ltd, Morpho SA (Safran), and other. Honeywell Security Group leads the market by holding a marginal number of shares in the global market.