Albany, New York (PRWEB) August 29, 2014
A market research report published by Transparency Market Research estimates that the global physical security market is expected to reach $125.03 billion by 2019, growing at a CAGR of 14.9% from 2013 to 2019. These findings are published in report titled “Physical Security Market (Hardware, Software and Services) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019”. The overall physical security services market is segmented into remote management services, video surveillance as a service (VSaaS), security consulting, public alert, customer information, technical support, public safety answering point (PSAP), and warning systems and others. However, the VSaaS market is estimated to rise at a CAGR of 28.8% during the forecast period and reach market size of $2.42 billion by 2019.
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Additionally, the physical security market is divided based on component types such as hardware, software, and services. The hardware sector consists of access control systems, intrusion detection and prevention, and other products that also include fire and visitor management and life safety among others. The intrusion detection and prevention category segment is further divided into intruder alarms and locks, intrusion detection systems, and video surveillance, whereas, access control segment constitutes card based access control, radio frequency identification (RFID), and biometrics products. The market for video surveillance is estimated to grow at a CAGR of 18.0% for the forecast 2013 to 2019. This market is leading in terms of growth due to the rising installations of IP cameras globally. The biometric access control and access control products segment held the largest market share with approximately 38% shares in the global market. In addition, the RFID products market is also estimated to grow and reach a market size of $16.26 billion by 2019.
According to this study report, the physical security hardware market was valued at $36.48 billion in 2012. It is augmented that during the overall forecast period the market would grow at a CAGR of 15.1% from 2013 to 2019. Considering the physical security on software basis, the market has been segmented into analytics and modeling software and physical security information management (PSIM) and management. Of all, the PSIM is an emerging segment growing at a CAGR of 25.8% in the given forecast. PSIM is high in demand due to the declining prices in this sector, increasing awareness and sophistication among end-users.
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Physical security is all about taking the proactive measures to alleviate the damage to assets or possibility of loss in a particular environment. It also refers to acquitting electronic and physical measures intended to control access and intrusion to property, data, or monitor people and objects. These are efficient tools used to investigate and prevent crimes when installed in public places such as airports, banks, casinos, automated teller machines (ATMs), multiplexes, shopping malls, and others. The adoption of sophisticated access control systems, Internet Protocol (IP) video network, and monitoring solutions such as PSIM will drive the market during the overall forecast period. Also, growing concerns about safety and incidences of terrorism and security are key factors driving the growth and demand for physical security systems across the globe. Such reasons have led to the growth of the global physical security market.
In terms of geographical regions, North America, Europe, Asia Pacific, and Rest of the World (RoW) are some of the most prominent regions in the global physical security market in terms of revenue generation. North America was the largest market in 2012 accounting around 34% total shares, followed by Asia Pacific. Owing to growing demands for physical security solutions in India, China, and Japan, Asia Pacific will surpass North America by 2015.
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