How is Rising Number of Crimes Driving the Growth of APAC Physical Security Market?
Valuing $26.3 billion in 2018, the market is expected to grow to $57.9 billion by 2024 at a 14.3% CAGR during the forecast period (2019-2024).
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Physical security includes keeping built structures, tangible property, and personnel safe from intruders and physical harm.
On segmenting by type, the physical security market in APAC is bifurcated into software and hardware, of which hardware was the larger bifurcation during the historical period (2014-2018) in terms of revenue generation.
This is attributed to the rapid deployment of access control, video surveillance, and metal, weapon, and perimeter intrusion detection systems to secure buildings, housing and office complexes, individual homes, manufacturing plants, and other facilities.
There are two types of video surveillance systems available -- IP/network and analog -- of which the latter type was more popular throughout the historical period. The demand for IP/network variants would grow faster, owing to which such systems will generate higher revenue by 2024.
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This shift in the APAC physical security market would be because these devices provide users with increased safety and convenience at less costs.
Consumers also benefit from their remote access, high-definition (HD) picture quality, built-in wireless connections, and high scalability and durability.
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