Electronic and networked security is growing at 14.9 per cent and will be worth more than $US125 billion by 2019, according to a report by Transparency Market Research.
In 2012 Transparency, which describes electronic security hardware and software as ‘physical’ security, valued the market at more than $48 billion, according to the research firm.
According to the report, the global physical security market is divided into hardware and software. Key hardware segments are intrusion detection and prevention, access control and others. Among components, the video surveillance segment led the global physical security market with a market share of 72 per cent. Video surveillance is projected to expand at the highest CAGR during the forecast period. The VSaaS market is projected to expand at a marked CAGR of 18.1 per cent till 2020.
North America dominated the global physical security market in 2012 but Asia Pacific is projected to experience the highest growth at a CAGR of 17 per cent through to 2019. The growing support from police forces and the government sector to advance security and prevent the frequent incidents of crime and terror attacks will fuel this regional market.
According to Transparency, the global physical security market is driven by the growing security concerns around the world and the accelerating budget allocation for physical security by governments. Factors such as rising adoption of physical security systems in business organizations and growing demand for complex and effective security management products and solutions will also drive the global physical security market. ♦