Physical Security Market is Expected to be Valued USD 110.09
billion by 2020: Radiant Insights, Inc
The global physical security market is expected to reach USD 110.09 billion by 2020. Increasing budget
allocation for physical security on account of growing security concerns is expected to boost the physical
security market. Increased migration towards cloud-based security systems and convergence in
applications are expected to impact market dynamics. Smart devices, infinite storage devices, nextgeneration analytics, and ubiquitous sensors are among the emerging technologies in the physical security
market.
Cloud-based systems serve various kinds of services including Internet of Things (IoT), mobile internet
connections, electronic security and third-party security practices. Smart cities are expected to be
governed and managed by these smart facilities over the forecast period. Increased adoption of security
systems in business organizations is expected to favorably impact market growth. However, device
interoperability issues and privacy concerns against installation of physical security systems may restrain
the market. Security compliances issued by international bodies and stringent government regulations is
the key opportunity for the market.
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Further key findings from the study suggest:
Physical security hardware systems accounted for over 70% of the market in 2013; under these products,
access control has the dominant share due to sabotages on critical infrastructure zones and increasing
terrorist attacks. Intrusive detection & prevention sub-segment is expected to grow over the forecast
period.
Transportation was the dominant application segment in 2013; a trend that is expected to continue over
the forecast period. This can be attributed to effective transport management system and continued
investment in infrastructure. Government applications are expected to witness high growth over the next
six years.
North America accounted for over 30% of the global physical security market in 2013; Asia Pacific is
estimated to exhibit high growth through the forecast period. This can be attributed to shift towards
security integration in developing markets, favorable government initiatives and high growth verticals
generating demand for physical security.
Key participants operating in the market include Honeywell Security Group, Cisco Systems Inc., Genetec
Inc, Morpho SA, Bosch Security Systems Inc and Axis Communication AB. These manufacturers have
started developing products targeted at network-based technologies; additionally, geographical expansion
is expected to be a key growth strategy.