The Global Physical Security Market is expected to
reach USD 110.09 billion by 2020, according to a new study by Grand View
Research, Inc. 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, next-generation 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.
View
summary of this report @ http://www.grandviewresearch.com/industry-analysis/physical-security-market
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.
Browse All Reports of
this category @ http://www.grandviewresearch.com/industry/electronic-security-systems-and-devices
About Grand View
Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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