Physical Security Market Trends

Growth Drivers

• Increasing Focus on Smart Cities Projects
  Smart cities use different kinds of Internet of Things (IoT)-based sensors to collect data for the efficient management of assets, resources and services. IoT technology allows for advanced intelligence and mobility that will make cities more effective in using resources to improve everything including security and surveillance, air quality, water quality, transport, power and communication system. Security and surveillance is one of the main sectors of the smart cities projects which involves a significant amount of investment. There are several smart cities projects going on across the globe which is addressing the need for the installation of physical security solutions for enhancing the security and surveillance of the area. The increasing number of smart cities projects across the globe is one of the major driving factors for the growth of market.
• Increasing Adoption of Fire Safety Kits in Residential and Commercial Settings
  Backed by the increasing stringent regulations imposed by the government of nations around the world to safeguard human lives, several nations worldwide, such as the US and several European and Asian countries have implemented such laws mandating the installation of fire alarms and smoke detectors in residential and commercial settings. Such a factor is anticipated to drive the growth of the market in the coming years.

Challenges

• Fear of Product Exploitation Through Hacking
  There is a rising fear for the security of security products such as CCTVs, which work over the internet and are severely prone to hackers. Several number of incidences observed over the years for theft of data by hackers, coupled with factors such as the products being prone to single point of failure and concerns for data privacy are some of the factors anticipated to restrict the growth of the market.