Country wise security has been a tough challenge for all governments worldwide. The growing competition in business and commerce, developments in technology-inventions of newest automated work methods and financial stability are factors which cause threats to developed as well as developing nations. National security today, does not only limit to the area wise scrutiny of a country, as dangers may make inroads through the virtual world. Therefore, building high-end firewall to safeguarding purpose from any sort of attack at any moment is of immense importance in this modern technological era.
Physical Security Market includes hardware, software and services which have become inevitable factors for any nation to ignore. There are unaccountable investments done by most of the governing bodies of respective countries; this is a serious activity as protecting public industries and private businesses from crimes and increasing terrorism activities. The global physical security market is believed to be of a worth of $ 125.3 billion (bn) by the close of 2019, this comes up to an overall CAGR growth of 14.9% for the periods from 2013 to 2019.
North America among all nations is the largest market accounting to 34% business of the industry, there is a growing demand of for these security products in APAC nations too such as China and India. This demand is so much so that, these Asian countries are set to surpass the present world leader in the coming years.
Segregated in components wise, these go as hardware, software and services. According to a market research, the physical security hardware market in 2012 was estimated at $36.48 bn and it is predicted to grow at a CAGR of 15.1% for the years 2013-2019. This segment includes intrusion, detection and prevention systems, fire and life safety, backup power and visitor management along with the access control systems.
Video surveillance is another technology which is vastly used worldwide, and rising installation of increasing IP cameras is a proof for its strong markets. The video surveillance is an inclusion of intrusion detection section which is estimated a CAGR growth of 18% for the years 2013-2019.
Under the access control systems, the biometric access control is the largest utilized system holding a share of 38%. RFID- Radio Frequency identification products have a good potential market in the future; it is forecasted to have a notable market size of $ 16.26 bn by 2019. Physical Security Information Management (PSIM), analytics and modeling software are growing segments with a CAGR rise of a whopping 25.8% for the period of 2013-2019. Constant rising awareness of the end users, declining price tags of PSIM products are reasons for positive trends in the industry.
The video surveillance segment is also used as a service known as (VsaaS) -video surveillance as a service. This market is estimated to grow at a CAGR of 28.8% and to a market size of $ 2.42 bn by the close of 2019.
The Physical security market is turning into a very competitive one with time, as per the sales record of 2012; Honeywell Security Group was the leader with an emerging share of 5.2%. Bosh Security systems, Axis Communication and Nice Systems Ltd are few other companies providing these constantly modernizing security products and services.