The global security market is in an interesting growth phase on the backdrop of renewed interest on existing security and surveillance measures across the countries. Today, we are moving from security in closed spaces to security and surveillance of public places. The market is also evolving presently and one can witness various shifting trends.
The global security market is in an interesting growth phase on the backdrop of renewed interest on existing security and surveillance measures across the countries. Today, we are moving from security in closed spaces to security and surveillance of public places. The market is also evolving presently and one can witness various shifting trends.
The Global security industry is poised for stupendous growth. Any growing economy requires new infrastructure leading to demand for surveillance and security solutions. A lot of projects have been held up in 2014 because of the struggling economy and hostile political environment across the globe. With the growing awareness for security and surveillance, we expect the roll out of new projects in government and corporate sectors. We expect a large proportion of this will be from sectors like, City Surveillance, Banking, Oil and Gas, travel, transport, infrastructure and tourism, Hospitality and so on.
The governing bodies or public sector companies, in general, are the biggest segment in terms of volume demand. The private sector, enterprises as well as SMBs, shows huge potential as well. You can get an idea of this by examining some of the main market segments for security solutions.
Infrastructure/Smart Cities
With a resolve to secure public lives in cities, the global agenda is now focused on the creation of “Smart Cities” in industrial corridors. The vision for advanced and smart cities that benefit from the latest technology has finally begun to take shape with the various countries identifying the locations where they will implement the security projects.
A smart city must have three of the five infrastructure requirements - energy management, water management, transport and traffic, safety and security and solid waste management. At the same time, it must have three of the five application domains - healthcare, education, inclusive, participative governance and community services.
Transport and Retail
Video surveillance systems is widely used in the transportation sector to manage traffic flow and enhance highways safety, and they continue to play a significant role in retail sector for valuable management information. The retail sector is one of the fastest growing segment across the world. The video surveillance not only promises to secure and monitor retail various activities, but also provides various intelligent data inputs for business like footfalls patterns and customer preferences.
Banking
Banking industry requires extreme precision and maintenance in smooth operations. Security is a part of every aspect of the retail-banking environment including vaults, retail transaction counters, ATMs, night deposit boxes, etc. Banks have to comply with regulations and mitigate the risk at the same time.
For financial institutions, administering and managing video across geographically divergent sites is critical to operational efficiency. Banks are aiming at getting more value out of the security investment. The video surveillance fits their bills perfectly. As video offers them one of the broadest opportunities to positively impact other areas of branch operations. It can help the financial institution do things like increase branch efficiency, improve guard service productivity, and enhance customer satisfaction.
With strong economy fundamentals and positive outlook, banking sector is well poised for a higher growth this year. This will be a major boost to the security surveillance sector.
The other important industry segments, which promise a healthy positive growth in future are hospitality, healthcare, education, community services, railways and airports. With foreign countries issuing advisories before visiting other countries to their nationals, hotels are strengthening their video surveillance with foolproof features. Railways and airports are introducing and upgrading their existing surveillance systems to capture high definition images, which can lead to identification of culprits or the vehicles used by them. Healthcare is facing new security challenges too. Many hospitals are getting aware of the potential dangers to their staff and people.
Future Trends: Summary
Cloud-based video surveillance, also known as video surveillance as a service (VSaaS) is the coming generation of video surveillance. As per the current market trends, high definition and megapixel cameras are fast penetrating the market, and gigapixel cameras are the next big things. Also, the cloud offers cost advantage as it reduces the cost of overall system.
The future of electronic security equipment market is drifting towards integrated security solutions, created by integrating multiple systems, including video, intrusion, video analytics, fire, access control, HVAC, chemical and biological sensors, etc. Such systems would offer actionable intelligence and decision support to the organization.
“The video surveillance industry is going to emerge as a huge market in the next few years in wake of rising demands from sectors like infrastructure, airports, railway, housing, hospitality, services, healthcare, retail and transportation”, said Yogesh Dutta, CP PLUS.