Intrusion Prevention Systems Market to Reach $20.4B by 2019, Report Says
The access control systems market is expected to have the biggest growth during that time period.
The access control systems market is expected to jump to roughly $9 billion in revenue by 2019.
The global perimeter intrusion prevention systems market is projected to reach $20.4 billion by 2019 at a CAGR of 8.54%, according to market research conducted by Technavio.
The report was broken into three major product segments: access control systems, surveillance systems and alarms and notification systems.
The market by access control systems is expected to record $9 billion in revenue by 2019, quite the jump from $5.6 billion in 2014. Access control systems include electronic locks, card readers and biometric readers.
“Access control systems are used to restrict unauthorized access,” said Amrita Choudhury, a lead analyst at Technavio. “With the emergence of smart homes, the use of access control systems has increased. They also help in the automation of electronic locks and lighting in residences.”
The market by video surveillance systems was valued at $3.3 billion in 2014 and is predicted to reach $4.6 billion by 2019 at a CAGR of over 7%.
Enterprises and government organizations adopt surveillance systems, including surveillance cameras, to capture and store footage to control theft, maintain security and monitor intrusions. With the emergence of smart homes, the residential sector is increasingly opting for surveillance systems, leading to an increase in the number of installations of surveillance cameras in residences.
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The report recorded that in 2014, surveillance systems were being used by a number of enterprises and government organizations. However, the market share of this segment will decrease during the forecast period because of the adoption of a number of new technologies such as cloud-based services.
Meanwhile, the market by alarms and notification systems was valued at $4.6 billion in 2014 and is expected to reach $6.7 billion by 2018 at a CAGR of nearly 8%.
Development of smart homes is expected to positively affect the adoption of alarms and notification systems. Intruder alarms are connected to sensors installed in smart homes, and warn owners in case of intrusions.
“Consumers can have remote access to their homes at all times from their smartphones, laptops and tablets,” Choudhury said. “Hence, response time to an emergency is reduced, lowering the chances of theft. Alarms and notification systems are also used in retail stores and commercial buildings to prevent unauthorized access during non-working hours.”
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