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. Important infrastructures, such as trade centers, data centers, 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.
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.
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. On the software basis, the market can be segmented into physical security information management (PSIM) and management, and analytics and modeling software. The hardware sector consists of intrusion detection and prevention, access control systems, and other products that also include visitor and fire management and, life safety among 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.
News Courtesy: P&S Market Research