Asia-Pacific’s physical security market is expected to reach $57.9 billion by 2024, citing a CAGR of 14.3% during forecast period.
That’s according to P&S Intelligence, which says growing demand for physical security systems from the transportation sector, along with rising government spending, is augmenting the growth of the market.
The report says there’s an overall shifting trend toward IP-based video surveillance systems and away from analog systems.
Based on type, the reports divides the Asia-Pacific physical security market into hardware and software. The software category is subdivided into physical security information management, access control management, video management software (VMS), video analytics, and others, wherein others include motion detection software and intrusion prevention software.
VMS held the largest share among physical security software categories in 2018. VMS enables unification of camera views throughout the property, making it easier to monitor entry and exit of personnel. China is the leading country in the region in terms of VMS deployment.
Countries like China and India are expected to provide lucrative opportunities for the market players owing to growing number of smart city projects, construction of new airports and metro stations across the country.
In 2015, the Government of India launched smart city mission to develop 100 cities with all modern facilities across the country which is supporting the growth of video surveillance and video analytics market. Additionally, in 2018, India planned to construct 100 new airports with an investment of almost $60 billion in the coming 10 – 15 years.
Some of the key players highlighted in the Asia-Pacific physical security market are Johnson Controls International PLC, United Technologies Corporation, Siemens AG, Panasonic Corporation, Schneider Electric SE, Honeywell International Inc., Robert Bosch GmbH, Zhejiang Dahua Technology Co. Ltd, Hangzhou Hikvision Digital Technology Co., Ltd., CP PLUS GmbH & Co. KG.