Physical Security Market: What are the main applications and challenges?

Global Market Insights, Inc. has recently added a report on Physical Security Market which provides a succinct analysis of the market size, revenue forecast, and the regional landscape of this industry. The report also highlights the major challenges and current growth strategies adopted by the prominent companies that are a part of the dynamic competitive spectrum of this business sphere.

On the basis of service type, the physical security market can be segmented into Public Safety Answering Point (PSAP), technical support, Video Surveillance as a Service (VSaaS), public alert & warning system, and remote management services. The VSaaS market is expected to grow at the highest rate owing to the increased government spending for safety monitoring at airports, railway stations, and streets.

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The physical security market is expected to witness technological innovations such as the transition from analog to built-in IP network system. Such technological advancements comprise ubiquitous sensors, video analytics & displays, power access systems, and smart devices with built-in distributed public-address environment. Increasing safety issues of personal network and hardware infrastructure will further have a positive impact on the physical security industry demand.

An increase in the growth of smart securities, digital systems, and smart cities and inflexible rules & regulations imposed by domestic governments & international bodies will provide tremendous growth opportunities for the physical security market. Trends, such as Ultra-high Definition (UHD), Video Surveillance, IP Networking, and Power over Ethernet (PoE) for security and surveillance, are supporting the increased adoption.

The growing threat of cyber-attacks and the need for safeguarding the resources in the cyber security area are predicted to increase the demand for physical securities in government segments. With the growing number of retail stores in various countries, the need for physical securities, such as IP surveillance, video analytics, and access control systems, is boosting the physical security industry growth. Based on software, the market can be categorized into management analysis & modeling software and Physical Security Information Management (PSIM).

The physical security market based on the component can be segmented into hardware, services, and software. The hardware segment is expected to grow at the highest rate and can be further divided into card-based access control systems, biometrics, intrusion detection & prevention systems, and video surveillance devices such as CCTVs. Growing investments in these devices are expected to fuel the market growth.

Based on application, the physical security industry can be segmented into logistics, retail, transportation, utilities, government, public, chemical, telecom & IT, defense & military, and banking sectors. The transportation & logistics sector is predicted to be the fastest growing segment over the forecast timeline owing to the increasing safety threats and technological advancements such as cloud-based data storage & data analytics.

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North America is predicted to grow at a significant CAGR over the forecast time frame owing to the growing demand for the use of access control systems in various verticals such as retail, government, and banking sectors. In addition, support and maintenance activities for the current systems are predicted to drive the physical security market growth in this region.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

  • EMC Corporation
  • McAfee, Inc.
  • Genetec, Inc.
  • NICE Systems Ltd.
  • Cisco Systems, Inc.
  • Honeywell Security Group
  • Morpho S.A.
  • Pelco, Inc.
  • Axis Communications
  • Bosch Security Systems
  • IBM Corporation
  • Siemens AG
  • Tyco International Ltd

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The industry players participating in the physical security market include EMC Corporation, McAfee, Inc., Genetec, Inc. NICE Systems Ltd., Cisco Systems, Inc., Honeywell Security Group, Morpho S.A., Pelco, Inc., Axis Communications, Bosch Security Systems, IBM Corporation, Siemens AG, and Tyco International Ltd.