Global Physical Security Market to Reach $110B by 2020, Forecast Predicts
The market, which is expected to grow at a CAGR of 11.3%, was valued at $51.9 billion back in 2013.
SAN FRANCISCO — The global physical security market is forecasted to reach a value of $110.1 billion by 2020, growing at a CAGR of 11.3% from 2014 to 2020, according to a report published by Grand View.
Rising security concerns and increasing budget allotment for physical security are expected to drive the market in the coming years, the report states. In addition, technological advancement and cost-effective security systems are projected to boost the demand for physical security.
The physical security market is witnessing technological innovation from analog to incorporated IP networked systems. These technological shifts include disseminated public address environment integrated with smart devices, ubiquitous sensors, video displays, video analytics and power access systems. Rising security concerns from hardware, personnel, network and information infrastructure will also positively impact the market demand shortly, according to Grand View.
Back in 2013, the global physical security market was valued at $51.9 billion.
The increasing adoption of innovative technologies such as cloud, intelligent and analytics-based security systems is anticipated to enhance the safety process across several industry verticals. Rising investment in hybrid solutions for real-time monitoring is expected to bolster growth over the forecast period.
Transportation — the largest application segment back in 2013 — is expected to remain the dominant segment by 2020, accounting for 20.1% of the overall industry.
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