Physical security market to reach US$119.4B by 2023

Physical security market to reach US$119.4B by 2023 | #TpromoCom #Security #Marketing #Business | According to the latest research from Marketsandmarkets, the physical security market is expected to grow from USD 84.1 billion in 2018 to USD 119.4 billion by 2023, at a CAGR of 7.3% during the forecast period, with the major drivers being the rise in incidents of terror attacks, technological advancements and deployment of wireless technology in security systems, increasing use of Internet Protocol (IP)-based cameras for video surveillance, implementation of mobile-based access control, and adoption of Internet of Things (IoT)-based security systems with cloud computing platforms.

Within the services segment of the market security systems integration is expected to lead the physical security market in 2018. Security systems integration is an important service in the implementation of a physical security strategy, as it involves the collective use of a variety of components or subsystems as one large system. System integrators provide solutions based on the size and complexity of the security to be provided. The demand for integrators of security systems is growing rapidly, owing to the deployment of diverse security strategies in organizations of all sizes across the globe.

The large enterprises segment is expected to hold the highest market share. These enterprises were the early adopters of physical security solutions and services, as they have a larger revenue pool to spend and a larger infrastructure to be protected. Large enterprises need complex and highly scalable security systems and services in comparison to small and medium-sized enterprises (SMEs). These customers operate across multiple locations in different geographies, hence they require a solution, which offers elevated integration capabilities and is capable of large-scale seamless integration of security operations. In addition to the complexity and requirements, large enterprises are at high risk for breaches and other cyber and physical crimes. The combination of the complexity and high risks require large systems that are fully integrated and can utilise the best and the most reliable technology.

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