Northrook, IL -- (SBWIRE) -- 11/20/2019 -- 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.

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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.

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.

How integration of logical and physical components of security systems to pose a key challenge?

Security system integration refers to the merging of physical security applications, such as access control, with logical security applications, such as biometric identification programs into a single, comprehensive system. Organizations can significantly enhance the efficiency and comprehensiveness of their security infrastructure by this convergence. For instance, if the access control and intrusion alarm systems are linked, the access control system can be programmed to lock down a facility based on the type of alarm that sounds once the system determines an intruder.

Integration between video and access control is the most sought-after combination. This leads to integration issues as most manufacturers offer integrations with a variety of video and other security components but not with their fellow access control competitors. Additionally, vendors use their own unique application program interfaces and their own databases with reporting methods that make the integration process challenging.

The major vendors covered in the Physical Security Market include ADT Inc. (US), Bosch Building Technologies, (Germany), Cisco Systems, Inc. (US), Honeywell International Inc., (US), Johnson Controls International plc, (US), Anixter International Inc. (US), Genetec (Canada), Secom Co., Ltd (Japan), G4S plc (UK), Pelco by Schneider Electric (US), Zhejiang Dahua Technology Co., Ltd. (US), Kastle Systems (US), Hikvision Digital Technology Co.,Ltd. (China), STANLEY Convergent Security Solutions, Inc. (US), and Axis Communications (Sweden).

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