Electronics

Smart Physical Safety Market Industry Outlook, Growth Prospects and Key Opportunities

Smart Physical Safety Market – Introduction

  • Smart physical safety systems are the safeguards of life & property. These systems include video surveillance software, IP cameras, and access control systems that provide greater convenience and flexibility to consumers. These systems have specific security advantages such as monitoring activities in residential or commercial areas, keeping records for information, and empowering countries against external threats & terrorism at different locations.
  • Smart physical safety systems are deployed in various applications including transportation, healthcare, energy & utility, defense, government, telecommunication, BFSI, and the industrial, residential, and commercial sector.

Growing demand for system integration services driving the smart physical safety market

  • System integration services play a very significant role in enabling allied organizations & public safety agencies to adopt novel technologies to make the environment secure and safe. System integrated services help to empower public organizations to integrate their operational management with the help of smart surveillance systems and access control systems. These services offer a secure & transparent public safety environment to protect people from natural and physical emergencies. Additionally, integrated service providers help organizations to advance a connected environment with the help of integrated IoT devices and solutions coupled with their prevailing IT infrastructure. Therefore, rapid adoption of system integration services is positively impacting the overall growth of the smart physical safety market worldwide.

High cost of smart security solutions restraining the growth of the market

  • Cost of smart physical safety systems is still high despite the increasing installation of these systems across the globe. These smart security systems require more frequent maintenance along with a monitoring subscription fee, consequently leading to the higher cost of these devices. As a result, high cost of smart physical safety systems is significantly hampering the market growth. However, manufacturers are focusing on providing integrated smart security solutions with novel technologies that is likely to overcome these problems in future.

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North America to hold major share of global smart physical safety market

  • In terms of region, the global smart physical safety market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa
  • North America is expected to hold a major share of the global smart physical safety market during the forecast period, as the region is witnessing the emergence of IoT and wireless technologies
  • On the other hand, the market in Asia Pacific is expected to expand at a rapid pace, due to increasing “Smart City” initiatives by governments, specifically in China and India, in the region

Smart Physical Safety Market – Competitive Landscape

  • In February 2017, Ericsson introduced its new security solution “Ericsson Security Manager,” that helped to enable security orchestration for the entire ICT domain. The new security manager easily supports enterprises, telco cloud operations, physical & virtual networks, and digital support solutions. Additionally, the smart security manager can detect vulnerabilities, threats, and leverage real-time security analytics.
  • In September 2016, Hitachi introduced video management platform (VMP) models which has supported physical security application as well as supporting workplace safety. This video management platform comprises virtualized compute & storage that are fully integrated. Additionally, these new video management platform models are specifically optimized for enterprise video security & monitoring environments and also support video analytics.

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