September 3, 2013 -
New research suggests the physical security market, which has been valued at $55.59 billion in 2013, will grow to $85.51 billion in 2018, representing a CAGR of 9% from 2013 to 2018.
According to the report, Physical Security Market By Products (Video surveillance, Access Control, Biometrics, Intrusion Detection, Security Systems), Services (Remote Management, Technical Support, Security Consulting) Worldwide Market Forecasts and Analysis (2013 – 2018), government organizations and large enterprises are actively adopting new security technologies – which includes biometrics – in response to growing concerns for attacks and breaches. The market is also expected to see greater adoption and growth in developing economies.
The research also gives nod to biometric technology as a major driver for the growth of this market.
This report is now available in the MarketsandMarkets catalogue.
Across the board, biometrics is driving security and access control markets. Another marketsandmarkets research report – this one on the global homeland security market – anticipates the market to reach $544.02 billion by 2018.
MarketsandMarkets has also recently published a series of reports on the gesture and touchless biometric markets, which have indicated that the total market is expected to reach $15.02 billion by 2018, growing at a CAGR of 34.94% from 2013-2018.