STOCKHOLM--(BUSINESS WIRE)--A new report from Memoori shows that total value of world production of Physical Security products at factory gate prices in 2019 was $34.3Bn, an increase of 8.5%.
Of the 3 product categories covered in the report, video surveillance had the highest rate of growth at 9.7% over the last 3 years and accounts for 56% of world sales. Western manufacturers have competed better against Chinese competition this year, but they still have little possibility of penetrating the Chinese public sector business. China is by far the largest single market probably accounting for 35 to 40% of world demand for video surveillance.
Access control was expected to deliver slightly higher growth than the 8.2% Memoori has estimated in 2019. It now accounts for 24% of word sales. It continues to expand the IP network business, advancing deeper into biometric, identity management, wireless locking systems and ACaaS. This would have been the 3rd consecutive year that it turned in the highest rate of growth of the 3 businesses, but price pressures are starting to bite, partially through consolidation and weaknesses in the supply chain. This has reduced growth when measured by value.
Demand structure in the video surveillance business is unbalanced because of the Chinese market. At its core this issue is a geopolitical challenge not about technology or performance. The report discusses this problem in detail.
About the Report
At 350 pages with 29 charts & tables & ONLY $1,995 USD for a single user license, ‘The Physical Security Business 2019 to 2024’ filters out all the key facts and draws important conclusions on the global markets for access control, video surveillance and intruder alarm systems. For more information, visit; https://memoori.com/portfolio/the-physical-security-business-2019-to-2024/
About Memoori
Memoori is an independent research organization offering advice on technology in smart buildings to companies across the value chain. For more information, visit https://www.memoori.com
