The physical security market is estimated to be around USD 110.2 billion by 2020. Physical security refers to the protection of personnel & property from thefts, espionage attacks, and other damages. It encompasses security guards, barriers, CCTV surveillance, access control protocols, and barriers.
The market should experience surge due to shift from analog to IT integrated environment. Some of the technologies associated with this shift are video analytics, video displays, and distributed public access systems. Market expansion could be attributed to safety concerns from personnel, hardware, information, and network infrastructure. Infrastructural investments coupled with applications across businesses will also drive the physical security market.
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The market is divided by components into software, hardware, and services. Software components combine video management & surveillance applications for safety, alongside incident management. Increased processor power and software expansion have led to greater adoption of physical security.
Hardware includes biometrics, RFID (radio frequency identification), card-based access control, and video surveillance. It occupied more than 70% shares in 2013. In this segment, card-based access control dominated the market. This was owing to terrorist attacks and critical zonal sabotages. Services comprise technical support, public alerts, security consulting, Public Safety Answering Point (PSAP), Video Surveillance as a Service (VSaaS), and remote management.
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Transportation, government, corporate, hospitality, energy, retail, industrial, control centers, and chemical facilities are applications of the physical security market. Transportation was the largest in 2013 and would continue its reign during the forecast period (2014 to 2020). Its growth can be credited to effective transport management and infrastructural investments. Government should experience high growth over the next six years.
On the basis of regions, North America occupied 30% of the market. Asia Pacific could witness high growth on account of favorable governmental initiatives, security integration in developing regions, and demand for physical security from different industries. ATMs, mobile banking solutions, mobile payments, and online payments have resulted in concerns regarding user information management.
Reputed participants in the global physical security market encompass McAfee Inc., Cisco Systems Inc., Honeywell Security Group, NICE Systems Ltd., and Axis Communications AB. They focus on bettering their components and distribution networks.
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