Physical security market to reach $85.51 billion by 2018, study reports
The global Physical Security Market is expected to grow from $55.59 billion in 2013 to $85.51 billion (£54.9 billion) in 2018, at a CAGR of 9.0% from 2013 to 2018, a new market study has revealed.
The report “Physical Security Market By Products (Video surveillance, Access Control, Biometrics, Intrusion Detection, Security Systems), Services (Remote Management, Technical Support, Security Consulting) Worldwide Market Forecasts and Analysis (2013 – 2018)” was carried out by market research company MarketsandMarkets and analyzes the major market drivers, restraints, and opportunities in North America, Western Europe, Eastern Europe, Middle East and Africa, Asia Pacific (including Japan) and Latin America.
The Physical Security Market comprises a wide range of products and services, such as video surveillance, access control, biometrics, remote management, technical support, security consulting. The report estimates that this sector will witness a good growth trend in developing economies, as there will be a rise in demand for physical security solutions and services in these regions, given the increase in terrorist attacks and sabotages on critical infrastructure zones.
Additionally, an increase in market acceptance for such solutions and services will be fuelling its growth, as end users or consumers are not only looking for various devices, but they are increasingly interested in tailor made solutions and integrated packages.
The recent trends in the industry show that Physical Security Market is continually improving, and there is a huge demand for physical security solutions and services in almost every industry. The current services, such as remote management, security consulting, and technical support, are suitable for usage in almost every sector.
Tensor supplies an extensive range of physical security solutions, including reliable, yet quite affordable time and attendance systems, smart card-based access control systems and CCTV surveillance solutions.