Analysts expect the global security market to grow from $55.59 billion in 2013 to $85.51 billion in 2018, a 9% increase, according to a new report from Research and Markets.
Security concerns from personnel, information, hardware and network infrastructure have increased the demand for innovative physical security products, according to the report, “Physical Security Market By Products & Services Worldwide Market Forecasts and Analysis (2013 – 2018).”
The research firm forecasts that IP video, sophisticated access control system and monitoring solutions, such as physical security information management (PSIM) will drive the market. Additionally, the report notes that demand is very strong in emerging markets like Asia Pacific (APAC) compared with the developed markets.
The report divides the product sector into several groups, including video surveillance, access control, biometrics, RFID, intrusion detection, analysis, integration and modeling, situational awareness platforms and security systems. The study also classifies services such as video surveillance as a service (VSaaS), technical support, remote management services, security consulting, public safety and answering point (PSAP), and public alert and warning system.
The main vertical markets in the physical security space include public sector and utilities, transportation and logistics, financial services, IT, consumer goods and retail, defense and security, energy and power, healthcare and education.
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