Due to rising security concerns and increasing budgets, the physical security systems market is expected to jump to $110.1 billion by 2020 at a CAGR of 11.3% from 2014 to 2020. The research report was conducted by Grand View Research, which previously valued the market at $51.9 billion in 2013.
According to the report, adoption of innovative technologies such as cloud, intelligent and analytics-based security systems is expected to enhance the safety process across several verticals. In addition, a rising investment in hybrid solutions for real-time monitoring is also expected to drive growth.
Here is an excerpt from the report:
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.
Transportation was the dominant application segment in the market back in 2013 at $10.8 billion and despite an anticipated loss of its market share, it is still projected to be the dominant segment in the physical security systems market at 20.1% of the industry.
For the full report, click here.
