Physical Security Market Exceeds $120bn
The physical security equipment and services market grew by 10.8% in 2013, according to the latest study from IHS.
Over $120 billion was spent across the world in 2013 on a variety of equipment and services, including video surveillance, access control, intruder alarms, remote monitoring services and security systems integration – with Asia in particular seeing strong market growth in video surveillance and remote monitoring services. Any expectations that the security industry supply market would start to consolidate also appear premature, with the top 15 manufacturers and service providers accounting for only 22% of the overall market – a decrease of 3% on just 12 months ago.
The physical security market is highly fragmented. No single company can boast a market share above 5%, proving the fragmented nature of this growing industry and the high levels of competition.