• Covid-19 – click here for the latest updates from Forum Events & Media Group Ltd

Posts Tagged :

physical security

Global physical security market to hit $120.3bn by 2025

960 640 Stuart O'Brien

The global physical security market size is expected to grow from $84.2 billion in 2018 to $120.3 billion by 2025, equivalent to a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period.

A new report from ResearchandMarkets says rising incidents of terror attacks, technological advancements and deployment of wireless technology in security systems, and increasing use of Internet Protocol (IP)-based cameras for video surveillance are expected to drive the overall growth of the physical security market across the globe.

However, violation of privacy related to physical security systems and services is expected to restrict the growth of the market.

The Services segment is projected to lead the physical security market during the forecast period. The reports says Physical security services play a vital role in enhancing the existing video surveillance system by integrating digital video surveillance with network and IT systems.

This integration enhances property safety and reduces loss from thefts. Moreover, the service segment is being continuously affected by the introduction of the integrated Social, Mobile, Analytics, and Cloud (SMAC) solutions, which need proper monitoring.

Based on organization size, the Large Enterprises segment is expected to lead the physical security market in 2020. 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. High spending on security, followed by the high need for securing large assets is leading large enterprises to contribute to a higher market share in the physical security market.

Meanwhile, business and recreational travellers demand safe and secure hotel accommodation with responsive and friendly customer service. Hence, the Residential segment faces the challenge to manage security without violating the privacy of their guests, comfort, and travel experiences.

In residential premises, the implementation of access control and video surveillance security systems is growing. The residential properties are installing access control systems to prevent invasion and burglary. There is also an increasing demand for access control systems. Residential properties are increasingly adopting electronic lock-based access control systems. The demand for electronic products is growing with the increased home automation trend.

Overall, the APAC physical security market is projected to grow at the highest CAGR during the forecast period. This growth is primarily driven by the rising adoption of access control systems in Small and Medium-sized Enterprises (SMEs), hospitality businesses, airports, ATMs, banks, residential buildings, and religious places, among others are expected to drive the physical security market.

Security systems are expected to witness increasing adoption in APAC as the countries in the region are emerging economies with a growing number of manufacturing bases, and there is also a constant risk of terror threats in the region.

Physical security market worth $120.3 billion by 2025

960 640 Stuart O'Brien

The physical security market is expected to grow from $93.5 billion in 2020 to $120.3 billion by 2025, equivalent to a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period.

New analysis by MarketsandMarkets pinpoints the major drivers as the rising 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.

The reports says systems integration is becoming an increasingly important part 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. As such, it says the demand for integrators of security systems is growing rapidly, owing to the deployment of diverse security strategies in organisations of all sizes across the globe.

In general terms, the large enterprises segment is expected to hold the highest market share. The report asserts that these enterprises were the early adopters of physical security solutions and services, as they have larger revenue pool to spend and a larger infrastructure to be protected.

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 utilize the best and the most reliable technology.

In addition, MarketsandMarkets highlights that physical security systems and services play an important role in the retail vertical and that security is one of the top priorities for retailers globally. In retail, it is crucial to ensure workplace safety, prevent business interruption, and avoid financial loss. The number of retail stores and malls in urban areas has increased drastically over the last few years. Investing in access control systems as a solution for security needs provide numerous long-term benefits, such as reduced retail losses, maximized store profits, lowered insurance rates, and most importantly decrease in the number of theft cases.

Finally, in terms of geography, APAC is set to grow with the fastest CAGR during the forecast period as the countries in the region are emerging economies with a growing number of manufacturing bases, and there is also a constant risk of terror threats in the region.

The market in APAC has high growth potential, owing to the increased security concerns, especially in India and China, and governments in these countries have started investing heavily in security. Furthermore, emerging economies are working toward improving their infrastructure, which is further expected to lead to the high growth of the Physical Security Market.

The rising adoption of access control systems in SMEs, hospitality businesses, airports, ATMs, banks, residential buildings, and religious places, among others are expected to drive the Physical Security Market.

Physical security market to grow 7% by 2023

960 640 Stuart O'Brien

The Physical Security Market is projected to grow from $84.1 billion in 2018 to $119.4 billion in 2023, equivalent to a Compound Annual Growth Rate (CAGR) of 7.3% for the period.

That’s according to research from ReportsandReports, which says a combination of rising incidents of terror attacks, technological advancements and deployment of wireless technology in security systems is driving deployments across the globe.

Other factors cited include increasing use of 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.

The reports says the services segment is projected to lead the physical security market during the forecast period, playing a vital role in enhancing the existing video surveillance system by integrating digital video surveillance with network and IT systems.

The APAC Physical Security Market is projected to grow at the highest CAGR, primarily driven by the rising adoption of access control systems in Small and Medium-sized Enterprises (SMEs), hospitality businesses, airports, ATMs, banks, residential buildings, and religious sites.

It also lists the top key players in the Physical Security Market as:-

  • ADT Inc. (US)
  • Bosch Building Technologies (Germany)
  • Cisco Systems Inc. (US)
  • Honeywell International Inc. (US)
  • Johnson Controls International plc (US)
  • Anixter International Inc. (US)
  • Genetec (Canada)
  • Secom Co. Ltd (Japan)
  • G4S plc (UK)
  • Pelco by Schneider Electric (US)
  • Zhejiang Dahua Technology Co. Ltd. (US)
  • Kastle Systems (US)
  • Hikvision Digital Technology Co.Ltd. (China)
  • STANLEY Convergent Security Solutions Inc. (US)
  • Axis Communications (Sweden)

Smart building security tech providers attracted $3bn investment in 2019

960 640 Stuart O'Brien

Over $2.9 billion was invested in firms providing physical security solutions for residential, commercial and industrial facilities in 2019.

That’s according to data from Memoori that charts the extent of global investment in the physical security sector since 2017.

One transaction in 2019, the post-IPO equity for Motorola Solutions by private equity firm, Silver Lake Partners accounted for $1 billion. Even discounting that single transaction, Memoori says physical security technology still ranked as the highest funded category last year within smart buildings.

An analysis of the high value deals reveals a consistently higher level of funding provided in the Chinese market for smart home, smart building and physical security solutions, such as AI driven face recognition. For example, Megvii, the Chinese developer of Face++ face recognition software closed a Series D financing round in May 2019 amounting to $750 million.

New entrants addressing alternative ways to control access to buildings are using a range of technologies including AI, electronic locking, sensors and biometric authentication. Companies receiving funding in 2019 include Alcatraz AI, B-Secur, Comydo, Glue, HAVENLock, Igloohome, Latch, Level Home, Nexkey, Open App and Proxy.

Memoori asserts that AI Video Analytics will be a main game changer for security over the next 10 years – see The Physical Security Business 2019 to 2024 – and many new entrants are receiving funding as AI technology applied to video surveillance has convinced the market that it will become mainstream. New entrants in this space who have closed investments in 2019 include Actuate, Boulder AI, Calipsa, Athena Security, Umbo Computer Vision, Viisights and Vintra.

One emerging area the report picks out for attention is weapons and gunshot detection solution. Evolv Technology, a Boston area start-up founded in 2013, has developed weapons-screening systems to detect anyone attempting to carry a weapon or other threat into venues without slowing the flow of visitors or employees. By fusing the latest sensors and Cortex AI, Evolv delivers weapons detection smart enough to screen thousands of people without the need to stop and empty pockets or remove bags. Their $24 million preferred stock financing closed in October 2019 with investment partners including Bill Gates.

The gunshot detection industry, meanwhile, is still in its infancy with just a handful of solutions. One company is Active Guardian, who has attracted $2 million seed funding from Stanley Ventures, the VC unit of Stanley Black & Decker, a corporate investor with a physical security products business, in December 2019. The startup has developed a plug and play gunshot detection technology device intended to allow critical information to be sent to first responders during an active shooter situation.

Physical security market to hit $171bn by 2027

960 640 Stuart O'Brien

The global physical security market size is expected to reach $171bn by 2027, equivalent to a CAGR of 6.5% over the forecast period.

That’s according to a new report by Grand View Research, which says safeguarding the physical perimeter and individual assets, including expensive technological equipment, has gained importance and is driving the market growth.

The report adds that increasing awareness about securing the perimeter in developing economies has led to a rise in deployment of IP-based cameras in residential and commercial complexes and offices. Furthermore, increasing terror threats, border disputes, and refugee crises drive the adoption of stringent safety measures, thereby driving the physical security market growth.

Key report findings include:

  • Video surveillance dominated the physical security market with a value of $33.1 billion in 2019 as these systems enable real-time continuous monitoring and help lower chances of theft
  • System integration is anticipated to dominate the market through the forecast period owing to factors such as stringent regulations and demand for cost-effective systems
  • The residential segment is anticipated to register the highest CAGR of more than 7% over the forecast period owing to measures taken by consumers to protect their assets from potential threats
  • Key companies in the market include Hangzhou Hikvision Digital Technology Co., Ltd.; Honeywell International, Inc.; Johnson Controls; Robert Bosch GmbH; and ADT. These players focus on adopting strategies such as mergers and acquisitions to enhance their market presence

The report highlights that governments across different countries and regions are taking up smart city initiatives to enhance their infrastructure and are hence deploying improved security systems. Additionally, modernising the existing infrastructure with robust security measures and strengthening the security of government agencies have been some of the top priorities for governments across developed countries. Organizations are increasingly concerned about employee safety and are hence setting up systems to prevent unauthorized access, further driving the demand for physical security solutions.

China accounted for the largest share of the Asia Pacific market in 2019. The market in China has been strongly supported by the growth in new construction projects and smart city initiatives. Furthermore, the presence of technology giants such as Hangzhou Hikvision Digital Technology Co., Ltd and Dahua Technology Co., Ltd is another factor contributing to the market growth.

Companies in the market are focusing on strategic partnerships and acquisitions to enhance their product and service offerings. In August 2019, Dahua Technology Co., Ltd entered into a strategic alliance with Pepper to offer enhanced security to its video as well as non-video IoT services to protect against unauthorised access of data. The partnership would allow the incorporation of Pepper’s intelligent solutions into Dahua Technology Co., Ltd’s hardware.

Global Physical Security Equipment Market to grow 12.1% by 2022

960 640 Stuart O'Brien

The global physical security equipment market will hit revenue of $64bn by 2022-end, putting it on course for an impressive CAGR of 10% between 2017 and 2022.

That’s according to new research from Future Market Insights (FMI), which picks out the emergence of thermal cameras as a major driver of growth. As these cameras are water & heat resistant, and use infrared radiation for taking images, they have become an indispensable part of physical security equipment in monitoring unique/large-scale outdoor environments.

In addition, the report says several institutions and critical infrastructures are being offered grants by governments for purchasing efficient surveillance equipment. The requirement for sophisticated security systems that help in ensuring safety of data has led the organisations to adopt data analytics, along with cloud-based data storage.

FMI states that the nature of the global physical security equipment market is highly fragmented, with presence of various large- as well as small-scale vendors competing for gaining larger market share. These vendors are concentrating on providing innovative and highly-efficient security solutions coupled with customized security services for sustaining their presence in the market. In addition, they are also providing integrated security systems, which ensure optimum security. Global leaders in the market are adopting key strategies such as M&A, and are acquiring niche players, in a bid to enhance their product portfolio.

The report says it has become ‘pivotal’ for different institutions around the world to adopt physical security equipment on the back of surging threats related to physical damage and attacks. Various organisations from end-use sectors including transportation, commercial, utilities & energy retail, residential, government, manufacturing, education, healthcare and BFSI are adopting physical security equipment for safeguarding their property as well as personnel.

Moreover, the elevation in threats pertaining to terrorism across the globe has led the organisations and governments to spend more on latest and highly advanced security solutions, for ensuring safety of physical sites and people working there. Increasing incidences of espionage and thefts, particularly in banking sector and commercial buildings, are further driving adoption of physical security equipment worldwide.

Other key insights from FMI’s Report on Global Physical Security Equipment Market:

  • Asia-Pacific excluding Japan (APEJ) is anticipated to remain the fastest-growing market for physical security equipment. By the end of forecast period, APEJ will become the second most lucrative region for growth of the market. Government agencies in APEJ are increasingly deploying physical security equipment in public and transportation security, especially in China and India. In addition, soaring IT sector, coupled with rapid industrialisation in APEJ countries will further drive the market growth.
  • Sales of physical security equipment in government vertical segment are projected to register the highest CAGR through 2022. In addition, although healthcare vertical currently accounts for relatively lower revenue share of the market, it will exhibit an impressive expansion over the forecast period. BFSI is expected to remain the second largest vertical in the global physical security equipment market.

FMI’s report lists key players that are actively operating in the global physical security equipment market, which include Montaplast GmbH, Valeo SA, The Chamberlain Group, Inc., Siemens AG, Bosch Security Systems, Inc., United Technologies Corporation, Zhejiang Dahua Technology Co., Ltd., Hangzhou Hikvision Digital Technology Co., Ltd., Axis AB, Hanwha Techwin Co., Ltd., Johnson Controls International Plc, and Schneider Electric SE.

Global physical security market projected to reach $153bn by 2023

960 639 Stuart O'Brien

A new report by Allied Market Research asserts that global Physical Security Market, worth $78 billion in 2016, is projected to reach $153 billion by 2023, equivalent to a CAGR of 10.3% between 2017 and 2023.

The report says key factors driving the global market are rise in incidence of terror attacks, increased awareness, and technological advancements.

However, Allied adds that privacy issues and lack of physical & technological security integration are hampering market growth. Moreover, a rise in demand for physical security solutions from smart cities is expected to provide lucrative opportunities for the market growth.

The physical security systems segment is expected to witness the highest growth rate during the forecast period. The video surveillance segment accounts for more than half of the total systems revenue. Moreover, other industry verticals (education, healthcare, retail, energy & utilities, and manufacturing & industrial) among the physical security applications dominated the global physical security market in 2016. However, residential sector is expected to grow at the highest pace during the forecast period.

DRIVING FACTORS FOR THE MARKET 2019-2023

1. Surge in terror attacks

2. Widespread awareness

3. Technological advancements

MARKET RESTRAINTS AND OPPORTUNITIES:

  1. Privacy concerns
  2. Lack of physical and logical security integration
  3. 3.High demand in smart cities

Global physical security market to hit $404bn this decade

960 640 Stuart O'Brien

The global physical security market will be worth $404.14 billion by 2028 as factors such as increased corporate spending and rapid adoption of cloud-based data storage advanced analytics boost the market growth.

A new report from Research for Markets, which predicts a GAGR of 9.9% from 2020, also cites technological developments in access control and video surveillance as key growth drivers this decade, listing key market drivers and restraints as:

  • Rise in incidences of terror attacks
  • Increased usage of internet of things (IoT)
  • Need to protect business assets, employees, and customers
  • Limited use of advanced technologies
  • Lack of cooperation among security solutions

Research for Markets segments the global physical security market on the basis of type, into system and service. The system segment is further sub segmented into access control, video surveillance, physical security information management, perimeter intrusion detection & prevention, security scanning, imaging & metal detection, and fire & life safety.

On the basis of vertical, it segments into government, defence & public sector, transportation & logistics, telecom & IT, banking, financial services, and insurance, education, retail, oil, gas & energy, hospitality & residential and others.

The reports list the key global physical security players Anixter Inc., Cisco, Johnson Controls, Bosch Sicherheitssysteme GmbH., ADT LLC, Genetec Inc., Honeywell International Inc., Pelco, Stanley Security Solutions, Inc. and Senstar Corporation.

Physical security equipment market to hit $64bn

960 640 Stuart O'Brien

The global physical security equipment market will be worth nearly $64bn in revenue in 2022, equivalent to a staggering expansion at over 10% CAGR.

That’s according to a report from Future Market Insights (FMI), which pinpoints demand for surveillance equipment a sa key driver of the growth.

FMI says a major trend in the market is the emergence of thermal cameras, which it says are quickly becoming an indispensable part of physical security equipment in monitoring unique/large-scale outdoor environments.

The firm points out that several institutions and critical infrastructures are being offered grants by governments for purchasing efficient surveillance equipment.

In addition, the requirement for sophisticated security systems that help in ensuring safety of data has led the organisations to adopt data analytics, along with cloud-based data storages.

The report points out that the nature of the global physical security equipment market is highly fragmented, with presence of various large- as well as small-scale vendors competing for market share.

These vendors, it says, are concentrating on providing innovative and highly-efficient security solutions coupled with customised security services. In addition, they are also providing integrated systems – Global leaders in the market are adopting strategies such as M&A, and are acquiring niche players, in a bid to enhance their product portfolio.

Other key factors from the FMI report include:

  • Asia-Pacific excluding Japan (APEJ) is anticipated to remain the fastest-growing market for physical security equipment. By the end of forecast period, APEJ will become the second most lucrative region for growth of the market. Government agencies in APEJ are increasingly deploying physical security equipment in public and transportation security, especially in China and India. In addition, a soaring IT sector, coupled with rapid industrialisation in APEJ countries will further drive the market growth.
  • Sales of physical security equipment in the government vertical segment are projected to register the highest CAGR through 2022. In addition, although the healthcare vertical currently accounts for relatively lower revenue share of the market, it will exhibit an impressive expansion over the forecast period. BFSI is expected to remain the second largest vertical in the global physical security equipment market.
  • Consumer video surveillance will continue to be the most attractive physical security equipment, followed by thermal cameras and wireless infrastructure. Revenues from consumer video surveillance, thermal cameras and wireless infrastructure will collectively account for nearly two-thirds of the market throughout the forecast period.

Phishing attacks still a major concern for business

960 640 Stuart O'Brien

Phishing attacks remain a global concern for organisations, with physical security and FM professionals among the most at risk through lack of knowledge.

That’s the opinion gathered from the latest 2019 Beyond the Phish report by cybersecurity company Proofpoint.

Based on data from 130 million questions answered by end users across 16 industries, the fourth annual report revealed that respondents answered one in four questions incorrectly, demonstrating a knowledge gap and need for increased cyber education.

Other key findings going that: 

  • Customer Service, Facilities, and Security employees are the least savvy when it comes to phishing threat knowledge, incorrectly answering an average of 25 percent of cybersecurity questions asked. As these are respondent-defined department designations, the Security department could include both physical security and cybersecurity.
  • Hospitality employees scored the lowest in three categories, including “Physical Security Risks,” in which 22 percent of questions were answered incorrectly.
  • Communications teams are the most savvy when it comes to phishing threats, with end users correctly answering 84 percent of questions.
  • End users in the Education and Transportation industries have the weakest phishing knowledge, on average, answering 24 percent of questions incorrectly across all categories.
  • Finance was the best performing industrywith end users answering 80 percent of all questions correctly.
  • End users in the Insurance industry delivered the best performancein three of the 14 categories analysed, specifically excelling in the “Avoiding Ransomware Attacks” category.

“Cybercriminals are experts at gathering personal information to launch highly targeted and convincing attacks against individuals,” said Amy Baker, vice president of Security Awareness Training Strategy and Development for Proofpoint. 

“Implementing ongoing and effective security awareness training is a necessary foundational pillar when building a strong culture of security. Educating employees about cybersecurity best practices is the best way to empower users to understand how to protect theirs and their employer’s data, making end users a strong last line of defence against cyber attackers.”

To download the 2019 Beyond the Phish report, and see a full list of industry comparisons click here: https://www.proofpoint.com/us/resources/threat-reports/beyond-phish

Image by Robinraj Premchand from Pixabay

  • 1
  • 2