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physical security

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

Video surveillance system market to hit $96bn by 2024

960 640 Stuart O'Brien

The global video surveillance system market has been valued at $40.37bn in 2018, and is expected to reach a value of $95.98 billion by 2024, equivalent to a CAGR of 15.53% over the forecast period.

A new report by ResearchandMarkets says use of video surveillance in business is growing significantly, owing to the increasing need for physical security, coupled with the use of cloud-based services for centralised data.

The firm says video surveillance is primarily adopted in manufacturing, banking & financial services, and transportation and retail industries.

This incorporation is higher in countries, such as the United States, the United Kingdom, China, and Brazil, owing to the large size of the concerned industries and higher awareness among consumers.

Globally, the drive to enhance the safety and security across different industries is adding to the market growth. With rapid developments in cloud computing and video surveillance software, the surveillance market has transformed, in comparison to the previous decade.

VSaaS has been increasing over the recent years, owing to the market penetration of IP camera sales. Significant factors, such as IT cost containment by major IT organizations, the emergence of data centers, and improving functionalities associated with centralized data, are aiding the VSaaS segment.

ResearchandMarkets say the growth of the video surveillance market is expected to be fueled by the introduction of new IP-based digital technologies, to detect and prevent undesirable behaviours, such as shoplifting, thefts, vandalism, and terror attacks.

Image by Peggy und Marco Lachmann-Anke from Pixabay 

Global physical security market to hit $136bn by 2024

960 640 Stuart O'Brien

The global physical security market is projected to grow from $ 83 billion in 2018 to $ 136 billion by 2024 on account of increasing incidents of terror attacks.

That’s equivalent to a CAGR of over 8% during the forecast period, according to a new report from Reportlinker, which which defines the market as any measures designed for the protection or prevention of unauthorised access to equipment, facilities or resources and other properties from damage and unauthorised physical access.

The forecast includes video surveillance and access control, with the authors asserting that technological advancements, increasing implementation of mobile based access control and growing deployment of wireless technology in security systems are expected to drive the global market.

Hardware segment accounted for the largest market share in 2018, on the back of growing deployment of security systems across various end users. Video surveillance is the leading segment in the hardware component and the segment is poised to grow at a high rate during the forecast period, owing to rising implementation of video surveillance systems such as camera, monitor and storage devices in various verticals.

North America dominated global physical security market in 2018 and the region is expected to maintain its leading position during the forecast period as well, on account of a growing need for safety against increasing criminal activities and technological developments, in addition to preventing illegal immigration. Moreover, presence of leading players in the region is likely to positively impact the market.

Over the coming years, physical security market in Asia-Pacific is anticipated to register strong growth, owing to increasing development activities in economies such as China and India.

The report identifies major players operating in global physical security market as Hikvision Digital Technology Co., Ltd., Johnson Controls International plc, Robert Bosch GmbH, ADT LLC, and Honeywell International Inc.

Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments.

In the end of 2018, Johnson Controls introduced the next generation of INTEVO integrated security platform. The COMPACT and INTEVO integrated security platforms were upgraded with better processors, improved graphics and additional IP camera licenses.

Image by Free-Photos from Pixabay 

Physical security demand to hit $119bn by 2023

960 640 Stuart O'Brien

It’s been predicted that the global physical security market will to grow in value from $84.1 billion last year to $119.4 billion by 2023.

That’s equivalent to a Compound Annual Growth Rate (CAGR) of 7.3%, according to analysis from ResearchandMarkets.

Its report, The ‘Physical Security Market by Component and Services, Organisation Size, Vertical and Region – Global Forecast to 2023’ found that (deep breath) rising incidents of terror attacks, technological advancements and deployment of wireless technology in security systems, 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 are projected to drive the growth of the market across the globe.

However, violation of privacy related to physical security systems and services is expected to restrict the growth of the market across the globe in some instances.

The Services segment is projected to lead the physical security market during the forecast period. The report 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) solution, which need proper monitoring.

The Large Enterprises segment is expected to lead the physical security market in 2018. 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.

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.

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. Residential properties are increasingly adopting electronic lock-based access control systems. The demand for electronic products is growing with the increased home automation trend.

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.