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Physical Security Solutions in RetailPublished by: Frost & Sullivan Published: Sep. 2, 2008 - 125 Pages Table of Contents
AbstractIncreased Focus on Loss Prevention and Retail Shrinkage to Boost Security Investments by RetailersThe most important driver for the physical retail security market is the need of retailers to safeguard their property, staff and customers. Retailers also use physical security as a deterrent to prevent shoplifting and crime. Loss prevention and security issues have started gaining importance. Retailers also view loss prevention as an essential management tool. Even though retailers spend significant sums of money on physical security solutions, they have still not been able to control the rising trend in shrinkage. Retail shrinkage increases with increasing retail sales. There has also been a surge in the number of trade shows and loss prevention conferences. Trade shows specific to the retail vertical have been organised. These differ from normal security shows, as they focus on loss prevention techniques and solutions that are applicable to the retail vertical. Retailers are looking to hike investments in video surveillance and integrated systems. At the same time, the need for flexible, innovative solutions and excellent customer service drives the demand for security from the retail community. "Retailers prefer to work with security partners who can provide them with the complete package of installation, maintenance and training for their staff," notes the analyst of this research. "Due to the operating nature of the retail environment, they look to partner with companies that are able to provide immediate assistance in case of any problems with their security systems." Retailers prefer vendors who are able to grow with their needs and provide innovative and effective solutions. Since the type of products, size of stores, location and operating patterns vary, the preference is for flexible and unique solutions. The physical security market for the retail vertical is highly competitive. Retailers are restrained by their budgets and favour security vendors who offer cost-effective products, while being responsive to their needs. Integrated Systems and Remote Monitoring Generate Interest The security industry is already moving rapidly toward Internet protocol (IP) and integrated systems. Currently, the per cent between analog and IP-based video surveillance systems in the world follows a 75-25 per cent spilt. A similar trend is likely to be followed by the retail vertical, albeit at a slower pace. In the retail vertical, the percent spilt between analog and IP-based video surveillance is only 95-5. This is, likely, due to the huge installed base of analog systems and the lack of infrastructure for the latest systems in the retail environment. In terms of IP video surveillance, retailers are more likely to embrace the technology when they have existing networks for other types of data transmission. "Network video, POS integrated with video surveillance, integrated access control and solutions such as people counting will provide retailers with a wealth of information that will be crucial for their security needs and help deter employee and consumer theft," remarks the analyst. "Remote monitoring can enable retail headquarters to monitor the operations of different stores in various locations." Video footage of the store recording can be monitored by people sitting in different locations and can be useful in strategic planning. This will help loss prevention department and provide security managers with access to the type of data they require, without being dependent on individual stores to provide the same. Such IP-based systems offer several advantages over conventional video tapes. The $3114.5 million physical security solutions in retail market is estimated to grow at a compound annual growth rate (CAGR) of about 6.7 per cent from 2007 to 2014 to reach nearly $4192.3 million. Get Full Details About This Report >> |
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