Physical Security Market Reaches $87.95 Billion by 2019 – New Report by MarketsandMarkets
(PRWEB) March 27, 2015 -- This MarketsandMarkets report forecasts that physical security market will reach $87.95 billion by 2019 with an estimated Compound Annual Growth Rate (CAGR) of 8.8% during foretasted period.
Explore Physical Security Market with 148 market data tables and 21 figures spread through 232 pages along with in-depth TOC.
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Rapid advancement in technologies and reduction in cost of production has increased the market size of physical security devices and solutions. Biometrics is an important segment of physical security. It is a method of identification using personal characteristics of a person such as finger prints, iris recognition, and facial recognitions. Such security mechanisms cannot be duplicated, and hence their applications are growing in various aspects of commercial activities where authentication is required.
The adoption of biometrics technologies is projected to experience rapid rise in government, defense, and BFSI verticals. Similarly, another such technology is video surveillance. Video surveillance was earlier done using analog cameras which produced low quality videos and had limited storage and transmission capabilities. The current trend in the market is to use IP cameras which have the capacity to transmit video using the Internet network. This technology is being used to provide security to various types of buildings and commercial areas. The use of infrared and high definition technology has further increased the capacity of these cameras, and now they can be used to record high quality videos even during night.
This report on the global physical security market majorly focuses on such types of technologies and services used to provide physical security. The market for physical security has been segmented by security systems such as access controls, biometric scanners, locks, surveillance cameras, and security management software and security services such as system integration, support, and maintenance.
North America (NA), Europe and Asia-Pacific (APAC) are expected to be the highest revenue generating regional market segments. These regional markets are also expected to exhibit high growth rates. Also considerable market growths will be seen in the physical security markets of Middle East and Africa (MEA) and Latin America (LA). The major physical security system and solution vendors have shifted their focus to the emerging markets which are growing at a rapid speed.
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