The global physical security market is fueled by the accelerating budget allocation for physical security by governments owing to rising security concerns and terrorist attacks. According to a research report by Transparency Market Research (TMR), the global physical security market, which was valued at US$48 bn in 2012 is expected to reach US$125 bn by 2019 expanding at a 14.9% CAGR from 2013 to 2019.
TMR analysts answer key questions that companies operating in the global physical security market have:
Q. What are the factors increasing the demand for physical security systems?
The increasing adoption of physical security in business organizations is boosting the demand for these systems across the globe. The increasing safety concerns across the globe and thus, a rise in the demand for increased security level are boosting the demand for physical security systems. The rising number of government regulations demanding increased security levels and also the high budget allocation for physical security are enabling the growth of the market worldwide.
Continued investments in new infrastructure are leading to a rise in the purchase of physical security systems. The increasing complexity of vulnerabilities and risks that government sectors, chemical facilities, and business organizations face, are responsible for the rise in the demand for security management solutions and products.
Q. What are the opportunities for growth in the physical security market?
Convergence of physical security systems and IT is expected to open new doors of growth in the market. This will allow physical security systems such as CCTV and other security systems to be web-enabled, making them highly efficient and save significant costs. Physical security systems will benefit from IT as more systems join corporate networks in cyberspace.
Intelligent analytics embedded in physical security is an emerging trend that is expected to give manufacturers operating in the market a scope for growth. For instance, video analytics embedded in a network camera can help detect abnormal scenes and enable users to set particular object criteria and direction. The scene is then evaluated continuously and unusual activities are detected and marked for later review or annunciated.
Another trend that is budding and is expected to stay in the coming years, is the shift to cloud. The physical security market is evolving and have shifted to digital platforms, thus leveraging on cloud computing for security applications. This is enabling companies to run security applications such as virtual security guards, video surveillance, and activity tracking, at affordable prices and in a much more efficient manner.
Q. What are the recent developments in the product range by key players in the physical security market?
Honeywell has launched Pro-Watch Vindicator Edition, which delivers mission-critical solutions required by the military. The product enables economic continuity and decreases the risk of terrorism, vandalism, and intrusion.
SMARTair™ from Assa Abloy AB is an intelligent solution, stepping up from mechanical keys. It is a wireless, cost-effective solution to a high-security system. In case of a lost card SMARTair™ access control doors can simply be reprogrammed, thus negating the need to replace locks and cylinders.
Such inventions by key players are expected to ensure the physical security market’s growth.