A new report distributed by MarketsandMarkets.com is projecting the global market for physical security equipment and related services will be worth $87.95 billion by 2019.
Titled “Physical Security Market by System and Services,” the forecast analyzes such categories as access control, biometrics scanners, video management software (VMS), locks, perimeter intrusion detection, PSIM, system integration, support and maintenance, and designing and consulting.
The report also enumerates the key factors that are driving growth in the physical security market along with restraints and new opportunities for growth. For example, an increase in terrorist attacks and sabotages on critical infrastructure zones are projected to fuel increased spending in the coming years.
End users are not only looking for various devices, but are also increasingly interested in tailor-made solutions and integrated packages, according to the report. The current services, such as remote management, security consulting and technical support, are suitable for usage in almost every vertical. Some of the advanced products are next-generation analytics and infinite storage devices.
Innovation is also a factor in the growing marketplace, according to the report. Ubiquitous sensors, smarter devices and cloud technologies are some of the emerging technologies in the physical security market.