by Brianna Crandall — August 19, 2015—With rising security concerns in facilities around the world, market research and consulting company MarketsandMarkets has released a report on the global physical security market that shows strong growth to come.
For the report, the global physical security market was segmented on the basis of systems, services, verticals, and regions. Access control, video surveillance, physical security information management, perimeter intrusion detection, screening and scanning, and safety and security are considered the key systems of physical security.
The global physical security market is expected to grow from USD 65.41 billion in 2015 to $105.26 Billion by 2020, at a compound annual growth rate (CAGR) of 9.98% from 2015 to 2020. The video surveillance segment is expected to be dominating the physical security market, and is projected to grow at the highest CAGR during the forecast period of 2015 to 2020.
With the rise of global security concerns, including the increasing incidence of terrorist attacks, governments have increased budget allocation for implementing physical security systems and solutions in order to ensure security of their premises, assets, and people. These factors are expected to drive the growth of the physical security market in the coming years.
Among the services, the system integration segment holds the largest share of the physical security market, while the maintenance and support segment is expected to grow at the highest CAGR during the forecast period.
According to the report, these solutions help enterprises worldwide to maintain user identities and their related access permissions. A few systems, such as surveillance through traditional CCTV, are being replaced with Internet protocol (IP) video surveillance because of the various benefits offered by IP networks.
The shift from analog to IP has led organizations to spend on technologies that are scalable and add security services in order to improve their business, according to the report. This will enable the right individuals to access the right resources at the right time. Asia-Pacific is one of the emerging markets for physical security solutions and services.
Market segments and services
The global physical security market report primarily focuses on the various systems and services offered for implementing and maintaining suitable security solutions. The market has been segmented in terms of security systems, which include access control, video surveillance, perimeter intrusion detection, physical security information management, screening and scanning, and safety and security devices.
The major services covered in the report are system integration, designing and consulting, and support and maintenance. Presently, system integrators are in demand because of the customized needs of end users. Furthermore, the increasing crime and terrorism rate has posed a need for physical security solutions across different verticals.
End-user verticals, key drivers
This report also covers key end-user verticals, such as BFSI, government and public sector, telecom and information technology (IT), among others. Furthermore, this report enumerates the key factors that are driving growth in this market, restraints and new opportunities in future.
Trends, leading players
The physical security market report further provides global adoption trends, future growth potential, and competitive benchmarking of leading players in this industry. These players include Anixter International, Cisco, Hewlett-Packard, IBM, EMC Corporation, Lockheed Martin, Schneider Electric, and CSC, who are profiled in the report in terms of their product offering, key strategies, and operational parameters.
The report, Physical Security Market by System (Access Control, IP Video Surveillance Software, Locks, PSIM, PID), Services (System Integration, Maintenance & Support, and Designing & Consulting), Vertical, and Region – Global Forecast to 2020, is available for purchase from the MarketsandMarkets Web site. Early buyers will receive 10% customization on reports.
