Transparency Market Research’s (TMR) new report, titled “Physical Security Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2019”, offers key insights into the said market. According to this report, the global physical security market will expand at a healthy CAGR of 14.9% during the forecast period from 2013 to 2019. In 2012, the global physical security market was valued at more than US$48 bn and by 2019, the market’s value is projected to be more than US$125 bn.
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. Moreover, 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. On the other hand, the global physical security market will be restrained by device interoperability issues related to physical security systems.
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Players in the global physical security market will tap into market opportunities such as growing awareness regarding smart cities, utilizing smart security and emerging technologies such as cloud. The key players operating in the global physical security market are Morpho SA, Honeywell Security Group, NICE Systems, Siemens AG, Assa Abloy AB, BM Corporation, McAfee, and EMC Corporation.
Another prominent trend that will shape the global physical security market is convergence. In the future, almost all physical security systems will rely on IT systems and networking protocols to support their operations. This growing convergence will bring flexibility in deployment of physical security and drive the global physical security market in the years to come.