The increase in terror activities and crime incidences has resulted in accelerated demand for physical security resolutions. The substantial increase in incidence of terrorist attacks on enterprises, government organizations, and critical infrastructures in recent years have driven companies and governments to implement strong physical security policies.
The sophisticated access control systems, internet protocol (IP) video, and biometric solutions are anticipated to drive the demand for physical security solutions. Furthermore, the evolving trend of integrated physical security solutions, and increased demand for convergence of logical and physical security are expected to boost the growth of the global physical security market.
Important infrastructures, such as trade centres, data centres, banks, power and energy generation plants, enterprise facilities, airports, and railway stations have increased expenditure on physical security solutions and technologies. Physical security also safeguards proper working in manufacturing industries by avoiding accidents on premises and loss of work hours.
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The physical security market can be segmented on the basis of services, software, hardware and end-users. On the basis of services, the global physical security market can be divided into system integration, maintenance and support and designing and consulting.
The access control segment constitutes radio frequency identification (RFID), card based access control, and biometrics products, whereas, the intrusion detection and prevention category segment is further divided into intrusion detection systems, intruder alarms and locks, and video surveillance. On the basis of industry verticals, the global physical security market can be segmented into transportation and logistics, government and public sector, education, retail, banking, financial services and insurance (BFSI), telecom and IT, defense and security, and others.
Growth in smart cities, reduction in the use of analog cameras and rise in IP based cameras, and rise of digital systems provide increased opportunities to the physical security market. Increasing global security concerns and growing budget distributions for physical security by governments to prevent crime activities and terrorism are the major factors driving the demand for physical security.
In addition, rules and regulations imposed by governments of different countries demanding improved security levels is driving the implementation of physical security in certain end-user sectors including business and industrial organizations.
Rapid expansion of ATMs, mobile banking functionalities, mobile payments, and online payments has increased the concern for user information management. Asia-Pacific region is anticipated to emerge as a significant factor for the growth of physical security market in the coming years as a result of continued investments in infrastructure and increasing criminal activities.
North America is expected to experience a significant rise during the forecast period owing to favorable regulatory measures for the adoption of physical security solutions in the region. Lack of awareness and limited infrastructure are the major factors hindering the growth of the global physical security market.
Major competitors in the global physical security market include Anixter Inc., Computer Sciences Corp, EMC Corporation, Genetec Inc., Honeywell International Inc., Hewlett-Packard Development Company, L.P., International Business Machines Corp, Cisco Systems Inc. and Schneider Electric, McAfee, Inc., Axis Communications Inc., Tyco, Robert Bosch GmbH, and Morpho.
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