Safety and security systems have witnessed phenomenal growth across the globe due to the increased risks related to physical security. With the expansion in technology-oriented systems, data management and cyber security checks have become essential even with physical security systems. CCTV cameras and other forms of electronic surveillance have become common thus reducing the dependence on physical security guards at sites.
Every industry depends on security services to ensure effective safety and security of work premises. Factory sites or office locations need to be a safe environment for employees to work peacefully. Physical security systems are directly correlated to the efficiency and effectiveness of employees, and the maintenance of assets and infrastructure systems of companies. As per physical security industry trends, the market is set to expand with a forecasted CAGR of 7.3% in the 2018-2023 period. This growth is derived from the expected rise in demand from users due to increased terrorist attacks, and the penetration of Internet-based and cloud computing security systems for buildings and public spaces.
Recent trends in the physical security industry-
Developed nations such as Europe and the United States have state of the art systems installed and working for public safety as well as private property surveillance. This includes other applications such as traffic violations surveillance and financial security infrastructure. Developing nations are still in the process of improving existing physical security systems and shifting base to more technology-based solutions for better results. Here are some of the latest trends that you must know about the physical security services industry:
Increased coverage: In the olden days, physical security meant the employment of guards to safeguard office or residential premises. However, the physical security systems have expanded to a variety of services ranging from specific user requirements. Different industries require different security systems, and the industry has widened to provide a more user-friendly and customized experience for the buyers. CRM (Customer Relationship Management) has become more important for service providers, and also a means of gaining traction over competition.
Internet-based systems: The security systems market has moved towards an increased usage of the internet. With network based platforms, artificial intelligence and cloud computing, security features and applications have been enhanced to provide for a wholesome consumer engagement experience. Biometric based systems have taken over for recording employee attendance and recognition at the workplace. This also provides for more safety and security at the premises. Surveillance cameras, physical and computerized access controls, and various locks and security systems are controlled centrally by preset programs and software that ensure enhanced security for users.
Analytics in Security: Due to the use of technology-based systems, there has also been a surge in the use of analytics in the physical security industry. Live tracking and real-time information relays bring huge amounts of data to the computer servers, for further analysis and study by security personnel. Data management and live image and video analysis is made possible due to advanced analytics software and systems installed and implemented by companies.
Segmentation types: The physical security systems market has widened to a great extent due to the need for stronger and more robust systems in today’s business and social environment. The market has also formed segments for more specialization and focused service delivery to the target market. Market segmentation is as per region (developing versus developed nation), or vertical of consuming entity (banking and finance, industry, government organization, residential or healthcare etc.).
The traditional lock and key security systems have grown to be more technical and efficient with computerization and enhanced feature-oriented services by security system providers. Users look for cost-efficient and feature-rich services, as security systems are a kind of fixed cost for users. Live imaging and voice recognition softwares, biometrics, advanced access controls, data analytics, and real-time communications softwares are some of the many innovations in the physical security systems industry.