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Global fire protection systems market to hit $155bn

960 640 Stuart O'Brien

The global fire protection systems market size is expected to reach USD 155.03 billion by 2027, expanding at a CAGR of 7.5% over the forecast period.

That’s according to a study by Grand View Research, which says increasing adoption of wireless technology, growing human and property loss owing to fire breakouts, and stringent fire safety regulations are projected to fuel the market growth.

Increasing implementation of building safety codes and renovation projects is also anticipated to be a major factor positively influencing the market growth. The application and usage of the fire protection systems are anticipated to increase continuously with the developments of commercial entities and corporations.

Furthermore, technology enhancements such as extinguishing based on mist and products such as laser optical/infrared smoke detectors, alarms with embedded voice evacuation announcements, hypoxic air fire suppression systems, and wireless fire alarm systems are expected to gain traction in the market globally.

Moreover, in 2020, the market will be hampered due to the COVID-19 outbreak, which has interrupted production, impacted demand, and caused supply chain disruption.

Key findings from the report:

  • Fire detection is expected to dominate the product segment and the trend is expected to continue over the forecast period and is expected to reach $71.21 billion by 2027
  • The maintenance services market is anticipated to witness the fastest growth over the forecast period. The demand for these services is often driven by new building construction activities, modernization activities, and demand for system upgrades
  • The commercial application segment is expected to dominate over the forecast period. Increasing investment of companies for reducing the loss of property and life, and safeguarding the infrastructure across several applications is also estimated to further propel the demand. The segment is expected to reach $71.31 billion by 2027
  • North America is projected to account for the majority market share over the forecast period. The increasing demand for smart buildings and intelligent houses which deliver optimum safety and security is expected to drive the growth. The region is anticipated to reach $46.64 billion by 2027

The growing trend of integrating fire alarm and detection systems with building automation systems offers vast growth opportunities to market growth. Connectivity with building automation systems is increasingly becoming a major feature of fire protection systems in commercial, industrial, and residential applications.

This can be attributed to the fact that such integration allows for the development of systems that are capable of sharing and gathering data, which can help in alerting individuals about fire safety issues in the premises. A notable rise in investments in smart building automation technologies across several regions is expected to lead to new opportunities for building automation systems in the industrial and commercial sectors.

Consumers in developed regions such as Europe and North America have seen a steady rise in demand over the past few years, and the growth trend is also projected to continue over the next few years. However, a lack of stringent regulations and high cost of advanced fire protection systems has kept the markets in emerging countries largely untapped. Nevertheless, improving economic conditions in countries, including Brazil, and India, are anticipated to boost the demand.

Infrastructural development activities across the Asia Pacific region owing to the rising demand for new transport and utility infrastructure will drive demand. The high rate of urbanization is placing increased pressure on under-invested, weak city infrastructure. The consecutive rise in focus on new residential and infrastructural development projects is expected to propel the demand across this region; thus, such factors fueling market growth.

2020/21 physical security buying trends revealed

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Business Continuity, Disaster Recovery & Incident Management top the list of solutions the UK’s leading Security professionals are sourcing in 2020.

The findings have been revealed by the Total Security Summit and are based on delegate requirements this year’s recent event.

Delegates registering to attend the event were asked which areas they needed to invest in during 2020 and beyond.

A significant 60% are looking to invest in Business Continuity, 54.5% each for Disaster Recovery and Incident Management and 48.5% for Conflict Management and Risk Management.

Just behind were Alarms Systems (45.5%) and Smartcards/ID Cards (36.4%).

% of delegates at the Total Security Summit sourcing certain products & solutions (Top 10):

Business Continuity 60.6%
Disaster Recovery 54.5%
Incident Management 54.5%
Conflict Management 48.5%
Risk Management 48.5%
Alarms Systems 45.5%
Smartcards / ID Cards 36.4%
Visitor registration software 36.4%
Crisis Management 36.4%
Health and Saftey 36.4%

To find out more about the Total Security Summit, visit https://totalsecuritysummit.co.uk.

Security industry ‘will shift to service-based solutionS post-pandemic’

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The security industry has ‘tremendous’ investment opportunities despite the economic slowdown witnessed due to COVID-19 and under an ‘aspirational’ forecast scenario is likely to grow at a compound annual growth rate (CAGR) of 4.3% post-pandemic to hit revenue of $140.60 billion by 2025.

That’s according to respected research outfit Frost & Sullivan’s recent analysis, Post-Pandemic Growth Opportunity in the Global Security Industry, in which its slightly more cautious ‘conservative’ forecast scenario predicts that the industry will generate $131.01 billion between 2019 and 2025, at a CAGR of 3.1%.

In the pre-COVID-19 forecast, the industry was estimated to increase at a CAGR of 7.1%, generating revenue of $164.97 billion over the forecast period. 

“COVID-19 will cause a brief slowdown in the security market after almost a decade of uninhibited progress,” said Danielle VanZandt, Aerospace, Defense & Security Industry Analyst at Frost & Sullivan. “Additionally, while some security sectors may find themselves experiencing a slower recovery than others, much of the industry will witness a shift to more service-based solution offerings after years of hesitance by customers to adopt these solutions.”

“The key security markets such as disaster management, banking and finance, and airport security will recover at a different pace, and the time taken to return to pre-crisis spending levels will also vary significantly. Markets that will record higher-than-average CAGRs during the recovery period include ports (4.5%), disaster management (4.0%), first responders (4.0%), and mass transit (4.0%).”

Despite a marginal slowdown expected in 2020 and 2021, Forrester says strong demand-side trends will present immense development potential for security market participants, including:-

  • Digitalization priorities: Remote/cloud-connected access to security systems and monitoring tools will witness a drastic rise in demand as manned guarding will become extremely limited due to stay-at-home orders issued by state or federal governments, and likely not recover once those orders expire.
  • Emphasis on contactless technologies: In the post-pandemic period, contactless technologies such as biometrics, remote access and authentication, and multi-use analytics solutions will attract investments.
  • Plug-and-play surveillance: Customer willingness to deploy plug-and-play surveillance equipment over permanent system additions due to cost-effectiveness will offer vendors repeat business opportunities.   
  • Sensors-to-action: Vendors must prioritize the development/enhancement of data analytics and sensor networks’ capabilities to provide increased value to customers without having to purchase new solutions or equipment.

Post-Pandemic Growth Opportunity in the Global Security Industry is the latest addition to Frost & Sullivan’s Aerospace, Defense & Security research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.

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.

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.

Threat to corporate data from departing employees ‘underestimated by businesses’

960 640 Stuart O'Brien

More than half (51%) of knowledge workers believe the risk to corporate data from departing employees is being underestimated and bigger than organisations think, while (87%) report their former employer has never approached them to verify they hadn’t taken data when they’ve left a job.

That’s according to Code42’s new Data Exposure Report, which concludes workers believe their employers aren’t protecting themselves against the departing employee insider threat and that data theft is posing a real danger to both former and new employers.

Other key findings from Code42’s new Data Exposure Report on insider threat include:

  • Three-fourths (75%) of respondents say that their new employer did not ask them if they had brought data from their previous employer
  • One-third (32%) of respondents who had infiltrated data were encouraged by their new employers to share it with new colleagues
  • The most common forms of data taken from a previous to a new employer are examples of one’s work (38%), followed by colleagues work and financial records (both 19%)
  • 17% also took customer lists or records, just over one in ten knowledge workers (14%) also took customer’s data — which could lead to a serious violation of GDPR
  • Two-thirds (63%) of respondents who said they have taken data are repeat offenders
  • Staff have the ability to access and therefore exfiltrate: data they didn’t create (73%), data they didn’t contribute to (69%), and 59% can see data from other departments

Code42 surveyed nearly 5,000 knowledge workers at companies with more than 1,000 employees in the U.S., U.K. and Germany.

“When it comes to data loss, leak and theft, for too many companies, the inside is their blindside,” said Joe Payne, Code42’s president and CEO. “Insider threat programs are not keeping up with today’s collaborative work culture. People and data are on the move now more than ever. Workers are switching jobs, and company files are being uploaded to the web, emailed as attachments and synched to personal cloud accounts. Our new report is a wake-up call for security teams that have traditionally relied on prevention-based security strategies for blocking when the rest of their organization is busy sharing.”

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.

Global access control market to hit $14.43bn by 2025

960 640 Stuart O'Brien

The global access control market was valued at $8.23 billion in 2019 and is expected to reach $14.43 billion by 2025, representing a CAGR of 9.8% over the forecast period.

That’s according to a report from Mordor Intelligence, which says cloud-based access control and video management solutions are in trend. Each access card, fob controller, calendar permission, and technology upgrade is integrated via cloud security, so updating secure access changes are both mobile friendly and globally scalable. New doors, offices, and users can be added to the system at any time for greater convenience, with benefits provided, such as quicker installation time, automatic software updates, flexibility and mobility, and managed services with increased cyber security.

Deployment of wireless technology in security system is also a key driver for the market studied. Wireless access control sends data to system control panels via a wireless radio signal, where wireless sensors are easy to move, which keep track of all sorts of unique occurrences, with real-time alerts that keep aware of what is happening. Moreover, the report says wireless intrusion detection and prevention systems also enable protection of a wireless network by alerting the wireless network administrator in case of a security breach.

The report says that due to increasing crime rates globally, public security is a growing challenge. Access control systems play a major role in urban security, by enabling end users to exercise greater control over their domains. The most effective way of protecting personnel and assets from theft or harm is to limit physical and virtual access to only those individuals who can be identified and evaluated. Modern access control systems are automating this process with capabilities, like encrypted communications, which enable authentication by credentials, biometrics, and mobile devices.

However, due to less awareness among users about advanced security solutions and its usage in various applications, the growth of the market might be a challenge in the future.

In terms of the end-user industries, the healthcare sector is expected to drive technological transformation within the market. The United States accounts for a significant portion of the global demand for access control systems, mainly used to monitor employees who have administrative access to organisational systems.

Key players in the market are listed as 3M Cogent, Inc., Hanwha Techwin Co., Ltd., Honeywell Security Group, etc.

IT Security Technology Market to Reach $151.2bn by 2023

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The global information security market is expected to report a noticeable upward trend over the next three years, hitting revenue of $151.2 billion by 2023 as the growing range of security threats and requirements forces companies and organisations to intensify their investments in new solutions.

According to PreciseSecurity.com research, the information security technology market includes security-related software, hardware, and services. Its recent surveys show that the global market revenue reached $106.6 billion in 2019, which represents a 10.7% increase from the year before, with the entire information security technology market expected to grow at a CAGR of 9.4% by 2023. 

With more than $47 billion in spending in 2019, security services represent the most significant revenue stream. This segment of the market includes managed security services, integration services, consulting services, education, and training. It is expected to have the fastest spending growth with a five-year CAGR of 11.2%. Software was the second-largest revenue source, which generated almost $38 billion profit during the last year. With $21 billion in revenue in 2019, hardware spending was the third-largest revenue stream. 

Banking Market Controls the Largest Security Budget Globally

Compared by markets, the banking industry is expected to spend the most on the securitysolutions in the following years, followed by discrete manufacturing and the federal government. The 2019 data show that these markets account for almost 30% of total security spending globally, with managed security services as their highest cost. The state and local government, telecommunications and the resource industries are expected to experience the fastest spending growth in the years to come. 

With a $21 billion profit in 2019, managed security services were the most lucrative technology category globally, followed by network security hardware, integration services and endpoint security software. According to the statistics, the next three years will bring intensified investments in security analytics, intelligence, response, and orchestration software, expected to grow by CAGR of 10.5% by 2023.