Albany, New York, USA (PRWEB) January 23, 2014
According to a new market report published by Transparency Market Research "Physical Security (Hardware, Software and Services) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," the global physical security market is expected to reach a value of USD 125.03 billion by 2019, growing at a CAGR of 14.9% from 2013 to 2019.
The growing threats from terrorism and crime have resulted in increasing budget allocations for physical security by governments across the world. Moreover, government regulations demanding increased security levels is driving the adoption of physical security across several end-user sectors including industrial and business organizations.
North America was the largest market in 2012 and accounted for around 34% share of the total physical security market followed by Asia Pacific. However, Asia Pacific is expected to surpass North America by 2015, owing to strong demand for physical security solutions in China, India, and Japan. Growth of physical security in the region is mainly spurred by increasing demand from India and China. Increase in incidences of crime and terror along with continued investments in infrastructure in the region is expected to be the significant factor for future growth of the market.
Browse the full report with complete TOC at http://www.transparencymarketresearch.com/physical-security-market.html
On the basis of components, the physical security market has been segmented into hardware, software and services. The physical security hardware market was valued at USD 36.48 billion in 2012 and is estimated that over the forecast period it would grow at a CAGR of 15.1% from 2013 to 2019. The hardware segment includes intrusion detection and prevention systems, access control systems and others (fire and life safety, visitor management and backup power). Intrusion detection and prevention has been further segmented into video surveillance, intrusion detection and alarms and locks. It is estimated that over the forecast period video surveillance market would grow at a CAGR of 18.0% from 2013 to 2019. Rising installations of IP cameras is leading to the growth of video surveillance market, globally.
Among the access control products, biometric access control held largest market share of around 38%. Global market for RFID products is estimated to grow to the market size of USD 16.26 billion by 2019. The physical security software market has been segmented into physical security information management (PSIM) and management, analytics and modeling software. PSIM is an emerging segment and is estimated to grow at a CAGR of 25.8% from 2013 to 2019. The growth in demand for PSIM is being fuelled by declining price of PSIM, increased sophistication and increasing awareness among end-users.
The physical security services market has been segmented into video surveillance as a service (VSaaS), remote management services, technical support, public safety answering point (PSAP), security consulting, public alert, customer information and warning systems and others. During the forecast period, the VSaaS market is estimated to grow at a CAGR 28.8% from 2013 to 2019 and reach market size of USD 2.42 billion by 2019.
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Transportation and logistics segment which includes aviation, rail, ports, road and city traffic and new starts projects (light rail, rapid rail, metro rail, commuter rail, bus rapid transit, and ferries) was the largest segment among the end user application areas for physical security which accounted for around 21% share of the total physical security market in 2012. Other important application areas for physical security include government and public sector, control centers, utilities/energy markets, fossil generation facilities, oil and gas facilities, chemical facilities, industrial (manufacturing sector excluding chemical facilities), retail, business organizations, hospitality and casinos and others (stadiums, educational and religious infrastructure, healthcare organizations).
Honeywell Security Group with a market share of 5.2% emerged as the market leader in the highly competitive and fragmented physical security market in 2012. It was followed by Bosch Security Systems Inc, Morpho SA (Safran), Hikvision Digital Technology, Assa Abloy AB, Axis Communication AB, Pelco Inc, Tyco International Ltd, NICE Systems Ltd, and others.