- July 15, 2015
- Transparency Market Research
The global physical security market is estimated to grow significantly and reach a value of US$125.03 billion by 2019. The CAGR at which the market is estimated to grow is 14.9% during 2013 to 2019.
With increasing concerns about safety and security, physical and electronic measures are designed to monitor people and objects, and control intrusion and access to information and property. Installed in places such as banks, airports, casinos, automated teller machines (ATMs), shopping malls and multiplexes, physical security systems are used to prevent and investigate crimes. Increased demand for physical security systems will help the global physical security market to grow substantially at a CAGR of 14.9% during the period between 2013 and 2019. The market is expected to reach a valuation of US$125.03 billion by the end of 2019.
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Increasing Security Threats to Boost Global Physical Security Market
Due to the rising terrorist attacks, governments across the globe have been increasing budget allocation for physical security. Government regulations mandating heightened security levels along with increased adoption of physical security systems in business organizations is expected to boost the growth of the global physical security market. Also, continued investments in infrastructure projects worldwide will lead to the rise in demand for physical security systems. However, device interoperability issues associated with physical security systems will restrain the growth of the market. Also, there have been privacy concerns against installation of surveillance cameras which might paint a negative picture about the overall physical security market.
Emerging technologies such as intelligent analytics and shift to cloud based platforms will benefit the global market for physical security systems. With governments focusing on building smart cities, physical security systems will be in huge demand to take care of the security aspect of the smart cities. Converging physical security system with IT security system to create an integrated system will open new opportunities for the global physical security market in the next couple of years.
Video Surveillance Segment to Grow at the Fastest Pace during 2013-2019
The global physical security market has three components: hardware, software, and services. Hardware components include devices for intrusion detection and prevention, access control, and others. In 2012, video surveillance emerged as the largest sub-segment of intrusion detection and prevention devices market, with about 72% share in the market. It is also estimated to grow at the fastest pace in the forthcoming years. Among the access control devices, biometrics was the major sub-segment with 38% share in the market in 2012.
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Transportation and Logistics Drove the Demand from Global Physical Security Market in 2012
Physical security systems are used in almost all the industries such as utilities markets, transportation and logistics, chemical facilities, retail sector, business organizations, government and public sector, control centers, and others. In terms of application, the transportation and logistics sector was the largest category of the global physical security market during 2012. In the coming years, the demand for physical security systems is expected to increase massively across the various industries.
Asia Pacific to be Fastest Growing Region of Global Physical Security Market
The global physical security market has been segmented into four major regions: North America, Asia Pacific, Europe, and Rest of the World. North America dominated the overall market in 2012. However, during the period between 2013 and 2019, Asia Pacific is expected to be the fastest developing region of the market, growing at a CAGR of 17%. The growth in this region will be driven by the increased government initiatives taken to advance the security against rising criminal and terror attacks.
Key Players in Global Physical Security Market
The key players in the global physical security market are Cisco Systems Inc., Honeywell Security Group, NICE Systems Ltd., Siemens AG, and McAfee Inc.
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