NEW YORK, Aug. 27, 2019 (GLOBE NEWSWIRE) -- 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.
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.
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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.
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.
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