LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global physical security market expects the market to grow at a CAGR of more than 17% during the period 2018-2022.
The report segments the global physical security market by end-user (commercial and residential), by type (hardware and software and service), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global physical security market, according to Technavio ICT researchers:
- Increase in domestic and international security threats: a major market driver
- Integration of IoT in physical security: emerging market trend
- The Americas dominated the global physical security market with approximately 44% share in 2017
- In 2017, the hardware and software sector held the largest share in the market
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Increase in domestic and international security threats: a major market driver
The increase in domestic and international security threats is one of the major factors driving the global physical security market. In the recent years, there has been an increase in the incidences of terrorist attacks and theft of data as well as shoplifting, which causes loss to retailers and organizations. The loss of data from organizations can be catastrophic as it includes the financial and strategic data. Surveillance devices assist in tracking the people involved in thefts and criminal activities. Therefore, the market is witnessing the increased adoption of monitoring solutions to prevent unauthorized intrusion of property and information. Therefore, an increase in security threats is a major driver for the physical security market during the forecast period.
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Integration of IoT in physical security: emerging market trend
IoT is a technology that assists in accessing physical objects via the internet. IoT connects a wide range of objects ranging from sensor-powered microcontrollers to devices powered by processors. These objects are interconnected in a way, which makes it suitable to collect and analyze data in real-time. Therefore, IoT connects objects or things that can be accessed anytime and from anywhere.
According to a senior analyst at Technavio for research on IT security, “IoT is used for wireless video surveillance for capturing videos and transmitting them to the devices over the wireless network. This aids in getting immediate responses for real-time decision-making. The rising demand for improving the efficiency of places such as waste management plants, energy plants, and water management plants will contribute to the increasing installation of IoT-based physical security devices.”
Global market opportunities
In terms of regional dominance, the Americas led the global physical security market with a share of approximately 44%. During the forecast period, the market share of the Americas is predicted to decrease due to the declining use of physical security in North America. This region was an early adopter of physical security because of which it has reached a saturation point. This has led to decreased spending on existing surveillance and security devices. However, the market share of Europe is anticipated to increase during the forecast period because of the increase in public-sector spending.
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