San Francisco, April 20, 2016 (GLOBE NEWSWIRE) --
The global physical security system market was valued at USD 51.94 billion in 2013. Rising security concerns and increasing budget allotment for physical security are expected to drive the market in the coming years. Technological advancement along with cost-effective security systems is projected to boost the demand for physical security over the forecasted period. The industry is likely to reach a value of USD 110.09 billion by 2020, growing at a CAGR of 11.3% from 2014 to 2020.
The physical security market is witnessing technological innovation from analog to incorporated IP networked system. These technological shifts include disseminated public address environment integrated with smart devices, ubiquitous sensors, video displays, video analytics and power access system. Rising security concerns from hardware, personnel, network and information infrastructure will also positively impact the market demand shortly.
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The increasing adoption of innovative technologies such as cloud, intelligent and analytics-based security systems is anticipated to enhance the safety process across several industry verticals. Rising investment in hybrid solutions for real-time monitoring is expected to bolster growth over the forecast period.
Increasing migration towards Cloud-based security systems is an upcoming trend and is expected to witness significant growth in the coming years owing to cost-effective expenditure and lower false alarms response. The cloud-based security system comprises of various services such as IoT (Internet of things), the third-party safety, electronic security and mobile internet security practices.
Hardware components accounted for 75.4% of the overall market share in 2013 and is likely to witness growth at 11.5% CAGR by 2020. Hardware includes biometrics, RFID, video surveillance and card-based access. Rising terrorist attacks coupled with damages of the necessary infrastructure is likely to drive the segment over the forecasted period.
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Transportation was the largest application segment valued at USD 10.77 billion in 2013. Rising expenditure on infrastructure development and efficient transport system are the key reasons for growth. Although the segment is likely to lose its market share to other applications, it is expected to remain as the dominating segment by 2020 accounting for 20.1% of the overall industry.
Utilization of physical security in government-related applications is projected to witness a substantial growth at 12.7% CAGR from 2014 to 2020. Increasing safety measures across numerous domains of the government to protect classified information is expected to drive growth. BFSI solutions are delivering to data centers, corporate buildings, ATMs, data centers and cash depots. Technological advancement in IT, as well as rising smart-security demand, has widened the growth prospects of system security practices.
North America market accounted for 35.0% of the overall market in 2013 and is expected to grow in the near future owing to rising technological shift towards physical security system, supportive government regulations and growing demand from high-growth business verticals in the region. North America market is expected to reach USD 35.17 billion by 2020, growing at a CAGR exceeding 9.5% from 2014 to 2020.
Asia Pacific market is anticipated to witness significant growth on account of increasing demand for physical security system due to rising criminal activities. Asia Pacific market is estimated to reach USD 39.07 billion, growing at a CAGR of 13.6% by 2020. Rapid improvement of the mobile banking, ATMs, online payments and mobile payments has increased the concern level for user information administration.
Major industry players include Genetec Inc., Axis Communication AB, Honeywell Security Group, Morpho SA, Cisco Systems Inc and Bosch Security Systems Inc. The competitive growth strategy for the participants comprises of geographical expansion and customized network-based technologies.
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Grand View Research has segmented the global physical security market on the basis of component, application and region:
Physical Security Component Outlook (Revenue, USD Billion, 2012 – 2020)
• Intrusion Detection & Prevention
• Access Control
• Management & modeling software
Physical Security Application Outlook (Revenue, USD Billion, 2012 – 2020)
• Control Centers
• Chemical Facilities
Physical Security Regional Outlook (Revenue, USD Billion, 2012 – 2020)
• North America
• Asia Pacific
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