A new report distributed by MarketsandMarkets.com projects the global market for security electronics equipment and services will reach $US87.95 billion by 2019.
The report segments the market as including access control, including locking devices, intrusion detection, video surveillance, and physical security information management software and security services such as system integration, support and maintenance, and designing and consulting.
MarketsandMarkets forecasts the physical security market to grow from $57.72 billion in 2014 to $87.95 billion by 2019. In terms of regions, North America (NA) and Europe are expected to be the biggest markets in terms of revenue contribution, while Asia-Pacific (APAC) is expected to surpass Europe during the forecast period. Middle East and Africa (MEA) and Latin America (LA) are also expected to experience increased market traction during the forecast period.
According to the report, the physical security market will witness a good growth trend in developing economies over the next 5 years. There will be a rise in the demand for physical security solutions and services in these regions. With an increase in terrorist attacks and sabotages on critical infrastructure zones, the spending on physical security solutions and services will increase in the coming years.
Recent trends in the industry shows that the physical security market is continually improving, and there is a huge demand for physical security solutions and services in almost every industry. The current services, such as remote management, security consulting, and technical support, are suitable for usage in almost every vertical.
Some of the advanced products are next-generation analytics and infinite storage devices. In recent times, there has been continuous innovation in this market. Ubiquitous sensors, smarter devices, and cloud technologies are some of the emerging technologies in the physical security market, according to the report.
The reports states that some important vendors in the market for physical security are Anixter, CSC, Cisco, EMC Corporation, HP, Honeywell International, IBM, Genetec, Lockheed Martin, and Schneider Electric. ♦
