According to a new market research report published by Credence Research “Physical Security Equipment and Services Market (By Technology – Equipment: Video Surveillance, Access Control, Intruder Alarms, Entrance Controls, Network Infrastructure, and Others; Services: VSaaS, ACaaS, Remote Monitoring Services, and Integration Services) Market - Growth, Future Prospects, Competitive Analysis and Forecast 2016 - 2024”, the global physical security equipment and services market stood at US$ 143.5 Bn in 2015 and is estimated to expand with a CAGR of 10.7% from 2016 to 2024.
The complete report is available at http://www.credenceresearch.com/report/physical-security-equipment-and-srvices-market
Market Insights
The physical security equipment and services market has been majorly driven by rising terrorist threats across the world. With increasing instances of terror attacks in major cities across the world, it has become imperative for various organizations and government bodies to deploy advanced physical security solutions to ensure public safety. In addition, technological advancements in camera, storage and other networking technologies have enabled solution providers to design and deploy comprehensive security solutions offering innovative capabilities. Furthermore, the rise of IP-based systems has led to higher adoption of networked security due to its benefits such as ease of access and scalability.
Some of the factors driving the growth in the physical security equipment and services market include rise of terror activities across the world. With increasing threats and rising vulnerability of various buildings and facilities, there has been growing investment towards ensuring physical safety. In addition, it has become crucial to deploy advanced security solutions to strengthen public confidence and ensure social harmony. Thereby, the overall physical security equipment and services market is expected to grow due to increasing government budgets towards public safety during the forecast period.
Factors such as high initial costs and limited budgets have been restraining the growth in the overall physical security equipment and services market. Due to limited budgets, various institutes and organizations have not been able to deploy effective security solutions at their facilities.
Competitive Insights:
The global physical security equipment and services market is highly fragmented with numerous providers catering to various regions in the world. Some of the leading players which have prominent presence all across the world include Tyco International Ltd., Stanley Security Solutions, Honeywell International, Inc., United Technologies Corporation, Bosch Sicherheitssysteme GmbH, G4S Plc. and Siemens AG, among others. Apart from these global players, there are numerous companies operating in various regions and have dominant presence their local markets. Thereby, the physical security equipment and services market is highly competitive all across the world.
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Key Trends:
- High popularity of video surveillance as a service (VSaaS) in the Asia Pacific region
- Increasing demand from the public sector in order to provide better safety and security in various public places and offices.
- Providers seeking to design application based on video surveillance apart from security
- Increasing focus on analytics to capture behavioral traits and event predictions
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