by Brianna Crandall — September 22, 2014—Global market research and consulting company MarketsandMarkets has just released a report of interest to owners, security managers, and facilities managers who oversee security in their facilities. According to the 232-page Physical Security Market research report, the global physical security market is expected to grow from $57.72 billion in 2014 to $87.95 billion by 2019.
The new report focuses mainly on the type of systems and services that are used to provide physical security, and enumerates the key factors that are driving growth in this market, along with restraints and new opportunities for growth. The market is segmented by security systems such as access controls, biometrics scanners, locks, video surveillance, and physical security information management software and security services such as system integration, support and maintenance, and designing and consulting.
According to MarketsandMarkets, biometrics holds a major share in the products range. It is expected that the access control market will continue to grow at a higher pace. The physical security market is expected to witness a good growth trend in developing economies, with a rise in the demand for solutions and services in these regions.
Drivers
With an increase in terrorist attacks and sabotage on critical infrastructure zones, the spending on physical security solutions and services will increase in the coming years, adds the report, with an increase in market acceptance for such solutions and services fueling the sector’s growth. End users or consumers are not only looking for various devices, but are also increasingly interested in tailor-made solutions and integrated packages, found the researchers.
Trends
According to MarketsandMarkets, the recent trend in the industry shows that the physical security market is continually improving, and there is a huge demand for physical security solutions and services in almost every industry. The current services, such as remote management, security consulting, and technical support, are suitable for usage in almost every vertical. Some of the advanced products are next-generation analytics and infinite storage devices. In recent times, there has been continuous innovation in this market. Ubiquitous sensors, smarter devices, and cloud technologies are some of the emerging technologies in the physical security market.
Vendors
According to the analysis, the important vendors in the physical security market are Anixter, CSC, Cisco, EMC Corporation, HP, Honeywell International, IBM, Genetec, Lockheed Martin, and Schneider Electric. The report provides an in-depth analysis of the key players in the tools and services ecosystem, with their profiles and recent developments, key issues and opportunities in the market, global adoption trends, and future growth potential.
Regions
In terms of regions, North America (NA) and Europe are expected to be the biggest markets in terms of revenue contribution, while Asia-Pacific (APAC) is expected to surpass Europe during the forecast period. The Middle East and Africa (MEA) and Latin America (LA) are also expected to experience increased market traction during the forecast period.
Physical Security Market by System and Services (Access Control, IP Video Surveillance Management Software, Locks, PSIM, Perimeter Intrusion Detection, System Integration, and Designing and Consulting)—Worldwide Forecast & Analysis (2014-2019) is available for purchase from the MarketsandMarkets Web site. Early buyers will receive 10% customization on reports.
