Physical security services refer to the security measures put in place to protect personnel, property, and resources from damage and harm. Historically, security services mainly involved trained personnel serving as guards. However, in recent times the physical security services market has expanded to incorporate the use of technology and reduce the need for manpower.
The physical security systems to protect facilities can generally be classified based on the end-goal, namely, to deter potential intruders, detect and monitor intrusions and to trigger planned incident responses. There are layers of interdependent processes that achieve security goals, such as security guards, CCTV surveillance, locks, protective barriers, access control protocols, and programmed alarm systems. In order to set up an efficient security system, the needs of the specific market and the available budget are taken into account.
Physical Security Market Drivers
The global physical security market is currently estimated to be worth $227 billion and expected to reach $296 billion by 2020, growing at a CAGR of 6 percent. The developed regions of Europe and the U.S. contribute to nearly 50 percent of the global market, while the demand for security services is rapidly rising in emerging economies.
The market is primarily driven by an increase in crime, social unrest, and terrorism. The increase in demand for physical security systems has expanded to reach nearly all industries including transportation, residential, industrial, retail, commercial, hospitality, utility & energy, banking & finance, and government. While earlier the security risks were more prevalent in industries dealing directly with money, now the risk of terrorism has widened the ambit of possible targets, especially in places where there is a large concentration of people.
To meet the rising demands and challenges of the security services market, technology has become an important component of physical security services. Cloud-based data storage, incorporation of the Internet of Things, advanced video surveillance and high tech security features are growing in popularity. The physical security environment continues to evolve in the face of break-in attempts which serve to highlight the weaknesses in the deployed system.
The implementation of technology in the physical security market has reduced the need for manpower, however, the market is still manpower intensive, which requires skilled personnel to sustain the growth of the industry. The rapid increase in demand for security services has resulted in a surge in demand of trained personnel, especially in emerging nations that are new to implementing security services, putting a strain on the supply of knowledgeable persons.
The technology used in security services is required to be robust and updated periodically so that criminals and terrorists are not able to bypass the security setup. There is considerable monetary investment involved in implementing security technology, assuring the safety of the data collected and keeping up-to-date with the latest trends so as to stay effective.
Due to a lack of common procedures and standards for the security market at a global level, there are operational problems in different regions which hinder the growth of the overall market. The disparity between developed and developing nations in terms of physical security is considerable, due to lack of awareness, slower adoption of the latest technology and local regulations.
The global physical security services market is growing at a steady pace, incorporating technology to achieve sufficient security while reducing manpower demands. The rising crime rate and terrorism have led to a wider application of the security services market as any place with a large gathering of people becomes a potential target and needs to be secured. While the demand is evident in developed and developing countries, emerging nations face difficulty in terms of regulations and procurement of trained personnel.