Increasing awareness about securing the perimeter in developing economies has led to a rise in deployment of IP-based cameras in residential societies as well as commercial complexes and offices.

The increasing convergence of IT and OT technologies have potentially increased concern towards inbuilt security operations that are added into a network. As network video recorders (NVRs) and IP-based surveillance camera are network devices, they are vulnerable to becoming a target vector to get into a system. Furthermore, cameras and biometrics offer robust physical security benefits. However, in a growing threat ecosystem, these devices are expected to evolve in order to enable safety for deployment in a critical infrastructure asset’s network. Thus, securing the converged IT & OT network is emerging as one of the top priorities for several companies. 

Video analytics and machine learning are key market drivers

The technological advancement in physical security systems such as video analytics and machine learning are expected to drive the overall market. Moreover, the hardware is also gaining high traction which attributes to significant enhancement to the legacy surveillance camera system. 

Further, the cameras have been designed with technology that improves image quality and provides robust physical security around the surroundings. For example, some newly developed cameras that support machine learning and deep learning are enticing customers and enterprises to witness the advantages of multiple connected cameras for security operations, thereby fuelling the market growth.

Leveraging IoT technology to enhance physical security is anticipated to be a potential factor driving the market growth. The IoT offers several ways to improve physical security and access control system. The connected sensors and devices, and automated alert system enhance the effectiveness of the security products and provide robust abilities such as intelligence monitoring, tampering alert, perimeter protection, and automobile tracking among others.

Technological development

Thus, technological development and its exponential growth are anticipated to positively impact the market dynamics of the physical security market during the forecast period.   Automated IoT devices can now offer a management platform for managing, securing, and updating firmware, ensuring device password compliance, and providing IoT device certificates. These platforms enables organisations to identify and resolve security flaws on connected systems and secure these devices' safety and security. Such innovative solutions and their deployment in the region are propelling the growth of the physical security market forward.