Exhibiting the a largely fragmented, hence a highly competitive vendor landscape, the globalphysical security marketwitnesses companies increasingly focusing on the use of advanced technologies. These companies are introducing several advancements in their products and services to stay ahead of curve, finds Transparency Market Research (TMR) in a new study. As an increasing number of government offices, enterprises, and residential areas adopt advanced networking technologies and digital services, physical security products will gain incredible popularity. Therefore, the companies operating in the global physical security market are likely to plough in more funds and resources into expanding their product portfolio to cater to the dynamic consumer preferences.
According to TMR, companies are also expected to focus on the development and delivery of various cloud-based services. The rising awareness among consumers about the cost benefits and flexibility offered by these services is fuelling their demand worldwide. Some of the most prominent companies operating in the global physical security market are Honeywell Security Group, NICE Systems, IBM Corporation, EMC Corporation, Assa Abloy AB, Morpho SA, Siemens AG, and McAfee.
TMR forecasts the global physical security market to rise at a CAGR of 14.9% between 2013 and 2019. At this pace, the market is likely to reach US$125 bn by the end of 2019.
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Transportation and Logistics Industry Emerges as Key Application Segment
Among key application segments, the demand from transportation and logistics sector is expected to be considerably high. The segment is also likely to hold dominance in the global physical security market during the forecast period. Regionally, North America held the largest share in the global market and is forecast to continue leading the market through the forecast period. However, in the coming years, the physical security market in Asia Pacific is expected to grow at a higher pace.