The physical security market is projected to grow from USD 84.1 billion in 2018 to USD 119.4 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 7.3% as per a report by MarketsandMarkets.
Why rise in adoption of “as a service” model leading to more opportunities?
The emergence of “as a service” model enables the businesses to effectively manage the security of their people and assets. The traditional way of securing premises with an on-site access control and video surveillance system has been upgraded with the advent of the ACaaS and VSaaS.
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ACaaS is considered to be cost-effective and flexible compared with other expensive options, such as Virtual Private Network (VPN) and other types of traditional access controls. Many companies are introducing new technologies that can be integrated with access control systems and delivering it as a service. The application of access control is expected to grow owing to the following reasons: increasing requirement to monitor visitor access from a central location; integrate customized blast-proof, fireproof, and high-security doors with access control systems to restrict access to off-limit areas; and access control-integrated mechanical locks, electromechanical locking systems, and padlocks.
VSaaS refers to hosted cloud-based video surveillance and includes video recording, storage, remote viewing, management alerts, cybersecurity, and more. This service comes with an extremely low upfront capital expense and lowers monthly subscription cost, due to the economies of scale from the shared cloud infrastructure and support. The cost effectiveness, advancement in cloud technologies, greater bandwidth availability coupled with the ability to remotely access videos via multiple devices, such as laptops, tablets, and smartphones, are contributing toward the acceptance of VSaaS. There is a rising demand for VSaaS across small businesses, healthcare, banks, retail and restaurant chains, and the public sector.
The usage of Unmanned Aircraft Systems (UAS) or drones, is gaining traction over the last few years. Drones can help in securing the physical assets and efforts more efficiently, safely and cost-effectively. For instance, drones can monitor the perimeters, thereby providing remote monitoring and eliminating the need of any human element. In the coming time, drones will have a significant impact on strengthening the existing security environment.
The scope of this report covers the physical security market by component (systems and services), organization size, vertical, and region. The services segment is expected to grow at the highest CAGR during the forecast period owing to the rising adoption of cloud-based services, such as Access Control as a Service (ACaaS), and Video Surveillance as a Service (VSaaS). This is complemented with the much sought-after functionality of remotely monitoring the assets, thereby, rising the demand for the monitoring services.
The SMEs segment is expected to grow at the highest CAGR during the forecast period owing to the increased deployment of cloud-based physical security systems and services. The SMEs opt for cost-effective and robust security of their assets as they are cost-sensitive and tend to avoid complex deployments.
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