Asia-Pacific Physical Security Market Set to Reach $90,954 Million by 2032, Growing at a CAGR of 15.3%

According to a recent report published by Allied Market Research, the Asia Pacific physical security market size was valued at $28,809 million in 2019, and is projected to reach $90,954 million by 2027, registering a CAGR of 15.3% from 2020 to 2027.

Demand for video surveillance products has increased, especially in the COVID-19 pandemic scenario, where remote monitoring and surveillance measures have a great importance for patient tracking and preventing spread of the disease. Asia-Pacific dominated the video surveillance market, with China holding a significantly higher share. China mobilized its mass surveillance tools, from drones to CCTV cameras, to monitor quarantined people and track spread of the coronavirus.

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As per the data released by CNBC, there are estimated 770 million surveillance cameras installed around the world, with more than 50% installed only in China. In addition, China is home to some of the world's largest makers of video surveillance products, such as Division, Huawei, and Dahua. Furthermore, governments of countries such as China and South Korea are adopting surveillance technologies to keep a track of the coronavirus spread.

For instance, in China, government-installed CCTV cameras point at apartment doors of those who are under a 14-day quarantine to ensure that they do not leave their premises. Thus, there is a constant demand for effective surveillance solutions, which is set to boost demand of physical security solutions during the forecast period.

In 2019, the Asia-Pacific physical security market share was dominated by the services segment, and is expected to maintain its dominance in the upcoming years, owing to rise in awareness of automated security solutions such as door locking, intrusion detection, and fire detection systems by households as well as organizations has a huge positive impact on growth of the physical security services market.

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Growth in demand from smart cities as well as emergence of logical and physical security system integration technologies are anticipated to boost the market growth during the forecast period. However, system segment is estimated to achieve a fastest growth rate, as both private and public sectors are intensely focusing on implementing 'fever detection' devices and other new sensors without necessarily having time to consider privacy implications. This sensitivity has led the Asia-Pacific physical security industry to address privacy related issues and find appropriate solutions.

By service type, the video surveillance-as-a-service segment dominated the market in 2019, and is expected to maintain its dominance in the upcoming years. Rise in awareness regarding benefits of video surveillance software, such as enhanced system health management, improved video content analysis, and easy retrieval of video information, and is expected to drive the VSaaS market. Storage capacity of cloud-based solutions in current surveillance systems is comparatively high on account of video management and video analytics software. COVID-19 has bought up a new transition within business models of enterprises that has caused a heavy reliance on cloud-based systems and remote monitoring services, which propels the overall market growth.

The current estimation of 2027 is projected to be higher than pre-COVID-19 estimates. The COVID-19 outbreak has high impact on growth of the market. With emergence of the COVID-19 pandemic, surveillance technology has seen a positive spike, with people willing to give up on privacy issues and integrate surveillance technology to ensure good health. With majority of workplaces considering the option of resuming work, coupled with stringent government regulations regarding social distancing has raised demand for effective surveillance and monitoring solutions, which creates a strong demand for physical security solutions.

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This rise in demand has led various companies to introduce innovative product series within physical security solutions, which propels growth of the market. For instance, in July 2020, Vidooly launched AI based surveillance technology that allows organizations, campuses, and other institutions to detect and track any COVID-19 violations as a preventive measure. It also provides a contact free surveillance by automatically extracting meaningful actionable information from digital videos captured through CCTV cameras based on a rich set of video analytics.

Key Findings Of The Study

1. By component, in 2019, the services segment dominated the Asia-Pacific physical security market size. However, the system segment is expected to exhibit significant growth during the forecast period.

2. Depending on service type, the video surveillance-as-a-service segment generated the highest revenue in 2019. However, the access control-as-a-service segment is expected to witness highest growth rate in the future.

3. On the basis of industry vertical, the IT and Telecom sector accounted for the highest revenue in 2019, however, the BFSI segment is expected to witness highest growth rate during the forecast period.

4. Country wise, the Asia-Pacific physical security market was dominated by China. However, India is expected to witness significant growth in the upcoming years.

Some of the key players profiled in the report include Cisco Systems, Honeywell international, Huawei, NEC Corporation, and Johnson Controls, Anixter, Genetec, ADT Corporation, Axis Communication AB and Bosch Security and others. This study includes market trends, Asia-Pacific physical security market analysis, and future estimations to determine imminent investment pockets.

Access the full summary at: https://www.alliedmarketresearch.com/asia-pacific-physical-security-market-A10376

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