Physical Security Market: Rising Demands For Integrated Physical Security Solutions
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Companies are also expected to advance on the front of development and delivery of cloud-based services as consumers become aware of the vast cost and flexibility benefits that cloud solutions provide. Some of the leading companies in the market are NICE Systems, Assa Abloy AB, IBM Corporation, Honeywell Security Group, Morpho SA, Siemens AG, EMC Corporation, and McAfee.
According to the report, the global physical security market is expected to rise to a revenue opportunity of US$125 bn by 2019. If the numbers hold true, the market would have recorded an impressive CAGR of 14.9% from 2013 to 2019.
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Of the key applications of physical security solutions and services, the transportation and logistics segment accounted for the dominant share of the global revenues for a large part of the report’s forecast period. The industry is expected to continue to drive the demand for effective physical security solutions over the next few years as well, acquiring a large share of the overall revenue of the global market over the next few years.
From a geographical standpoint, the market in North America presently accounts for the dominant share of revenue and is expected to retain dominance over the forecast period as well. The market in Asia Pacific, however, is likely to outperform other regional markets in terms of growth pace as the government and police sectors present a steadily rising demand for physical security solutions and services.
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One of the key factors driving the global physical security market is the rising concerns pertaining to inland security across the globe owing to a massive rise in disruptive and terrorist acts in the recent years. As government across the globe invest more resources into ensuring the security of their populations, the uptake of effective physical security solutions is estimated to witness a steady rise as well. The market is also expected to benefit from the rising uptake of physical security solutions in the enterprise sector and the rising numbers of small and medium enterprises across emerging economies in regions such as Asia Pacific and Latin America.
Moreover, strict regulations imposed by several governments pertaining the security of areas such as educational institutes, historical monuments, and places of religious prominence and the rising investments in the field of infrastructure development are also expected to drive the market.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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