Asia-Pacific physical security market is expected to reach $57.9 billion by 2024, citing a CAGR of 14.3% during forecast period. Growing demand for physical security systems from transportation sector along with rising government spending is augmenting the growth of the market. Shifting trend toward IP based video surveillance system from analog system is further supporting the growth in physical security market in the region, according to P&S Intelligence.
Insights on market segments
Based on type, Asia-Pacific physical security market has been divided into hardware and software. Software category is subdivided into physical security information management, access control management, video management software (VMS), video analytics, and others, wherein others include motion detection software and intrusion prevention software. VMS held the largest share among physical security software categories in 2018. VMS enables unification of camera views throughout the property, making it easier to monitor entry and exit of personnel. China is the leading country in the region in terms of VMS deployment.
However, video analytics category is anticipated to register fastest growth during the forecast period, owing to growing demand for retail analytics for shoplifter identification, vehicle plate recognition, and IoT based traffic control. In addition, rise in demand for IP based security systems along with growing awareness of secure capital assets is expected to strengthen the video analytics market.
On the basis of vertical, Asia-Pacific physical security market is segmented into government and transportation, banking, financial services and insurance (BFSI), hospitality and healthcare, retail, industrial and manufacturing, commercial offices/buildings, education, residential and others, of which others include data centers and warehouses. In access control market, BFSI segment is anticipated to record fastest growth during the forecast period. Access control systems offer banks and financial institutions greater flexibility whilst maintaining the levels of security for bank vaults, and lockers which is essential to their business.
Countries like China and India is expected to provide lucrative opportunities for the market players owing to growing number of smart city projects, construction of new airports and metro stations across the country. In 2015, the Government of India launched smart city mission to develop 100 cities with all modern facilities across the country which is supporting the growth of video surveillance and video analytics market. Additionally, in 2018, India has planned to construct 100 new airports with an investment of almost $60 billion in the coming 10 – 15 years.
Increasing smart city projects to provide significant opportunities
Increasing smart cities within Asia-Pacific countries is posing an opportunity for physical security market in the region. In Asia-Pacific, presently, there are several infrastructural projects on pipeline. For instance, China has the highest number of smart cities pilot project, around 500 pilot projects as compared to other Asia-Pacific countries. China launched national smart city development in 2012 to build smart cities focusing on improved transportation, enhanced citizen and government engagement, and improved infrastructure. From 2016 to 2020, Chinese government aimed to nurture 100 new smart cities to lead their urban planning and development.
Apart from this, hospitality industry is expected to exhibit a huge demand in the coming years, owing to large number of projects pertaining to hotels, quick service restaurants (QSRs), pubs, bars, and dine-out places being underway in the region. This is attributed to increasing tourism, and upcoming various sports events in the region. Asian countries are one of the most preferable tourists’ destinations across the globe, which is primarily fueling the growth of hospitality industry in the region. For instance, in 2017, Asia-Pacific recorded around 325 million tourist arrivals, close to quarter of the world’s total.
Browse report overview with 310 tables and 177 figures spread through 397 pages and detailed TOC on "Asia-Pacific (APAC) Physical Security Market Research Report: By Type (Hardware, Software), Regional Insight (China, Japan, India, Australia, South Korea) – Industry Analysis and Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/apac-physical-security-market
The rivalry in Asia-Pacific physical security market is high due to the presence of large number of competitors in the region. However, the market has high barriers for new entrants owing to the established companies with high brand reputation. In recent years, the market has witnessed a large number of product launches majorly from the companies including Zhejiang Dahua Technology Co., Ltd, Axis Communications AB, and Hangzhou Hikvision Digital Technology Co., Ltd.
Some of the key players in the Asia-Pacific physical security market are Johnson Controls International PLC, United Technologies Corporation, Siemens AG, Panasonic Corporation, Schneider Electric SE, Honeywell International Inc., Robert Bosch GmbH, Zhejiang Dahua Technology Co. Ltd, Hangzhou Hikvision Digital Technology Co., Ltd., CP PLUS GmbH & Co. KG.
Market Segmentation by Type
Market Segmentation by Country