Featuring a largely fragmented, dynamic, and a highly competitive vendor landscape, the global market for physical security sees an increased focus of companies on the use of advanced technologies in their products and services so as to stay ahead of peers, observes Transparency Market Research in a recent report. As enterprises, government offices, and residential and commercial areas across the globe increasingly adopt digital devices and networking technologies in their infrastructures, technologically advanced physical security products are expected to gain incredible popularity in the near future. Thus companies operating in the physical security market are expected to plough in increased funds and resources into the refinement of their products and services to suit the new trends.
Companies are also expected to advance on the front of development and delivery of cloud-based services as consumers become aware of the vast cost and flexibility benefits that cloud solutions provide. Some of the leading companies in the market are NICE Systems, Assa Abloy AB, IBM Corporation, Honeywell Security Group, Morpho SA, Siemens AG, EMC Corporation, and McAfee.
Of the key applications of physical security solutions and services, the transportation and logistics segment accounted for the dominant share of the global revenues for a large part of the report’s forecast period. The industry is expected to continue to drive the demand for effective physical security solutions over the next few years as well, acquiring a large share of the overall revenue of the global market over the next few years.
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From a geographical standpoint, the market in North America presently accounts for the dominant share of revenue and is expected to retain dominance over the forecast period as well. The market in Asia Pacific, however, is likely to outperform other regional markets in terms of growth pace as the government and police sectors present a steadily rising demand for physical security solutions and services.
One of the key factors driving the global physical security market is the rising concerns pertaining to inland security across the globe owing to a massive rise in disruptive and terrorist acts in the recent years. As government across the globe invest more resources into ensuring the security of their populations, the uptake of effective physical security solutions is estimated to witness a steady rise as well. The market is also expected to benefit from the rising uptake of physical security solutions in the enterprise sector and the rising numbers of small and medium enterprises across emerging economies in regions such as Asia Pacific and Latin America.