Global Physical Security Market in the Retail Sector 2016-2020
About Retail Market
The global retail market will grow significantly during the forecast period, driven by the discount, dollar store, food, and service retail concepts. Restaurants will be the strongest category in terms of overall unit growth among all retail concepts. The demand for physical security deployments will increase in line with the significant growth in the global retail industry. Retail stores face many challenges such as theft and inventory shrinkage, which lead to decreased profits. Retail surveillance using network video solutions such as IP cameras will help protect the business. By preventing crime, retailers can reduce losses and create a safer environment for staff and customers.
Technavio’s analysts forecast the global physical security market in retail sector to grow at a CAGR of 6.67% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global physical security market in retail sector for 2016-2020. This report provides a list of vendors that are active in providing physical security in the retail sector across the globe. Vendors are identified based on their product features, geographical presence, customer base, and product portfolio.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Physical Security Market in Retail Sector 2016-2020
Technavio recognizes the following companies as the key players in the global physical security market in retail sector: Axis Communications, Bosch Security Systems, Checkpoint Systems, Crossmatch, Honeywell Security, and Tyco Security
Other Prominent Vendors in the market are: ADT Security Systems, A2 Systems, ALL-TAG Security Americas, Anixter, ASSA ABLOY, AxxonSoft, Delphi, FLIR Systems, Gallagher, Genetec, Hikvision Digital, Intergraph, Ketec, Lenel Systems, Nedap, NetVersant, NortekSecurity (acquired by Melrose Industries and Nevada Corp in July 2016), Panasonic, S2 Security Corporation, Salient Systems, Samsung Techwin (named changed to Hanwha Techwin), Siemens, and videoNEXT
Commenting on the report, an analyst from Technavio’s team said that increasing integration of video with other physical security is one of the trends spurring growth for the market. Retail shop owners prefer integrated security solutions over stand-alone security solutions as stand-alone security solutions may lead to compatibility issues. Integrated security solutions provide better support and functionality to its customers. A growing trend in the retail industry, mainly in grocery stores, is the integration of video surveillance with other security systems, such as access control and fire detection. The integrated platform allows for the management of several facilities across different regions using one platform. It also provides real-time remote access that allows operators to troubleshoot and attend to situations from remote locations.
According to the report, decline in prices of security products is a key driver aiding to the growth of this market. The prices of security solutions, such as IP cameras, are quickly dropping, and with a new array of technologies, there is no need of an internal server to store the camera data, as it will be stored in the cloud. This will make it easier and cost-effective to install security solutions. Earlier, companies had to hire security guards to constantly monitor their premises. Now, several companies are cutting down on the number of such security guards and switching to security services, in which a third party is alerted whenever there is suspicious activity. This, in turn, cuts down on costs and false alarms. As vendors of security solutions come up with better surveillance technology and attract more customers, there will be further declines in the prices of security solutions. Thus, security products will also become an option for the common house owner, along with big companies.
Further, the report states that replacing analog cameras with IP cameras is challenge the market is facing. Many retail shop owners are still using analog surveillance cameras in their stores, in spite of the introduction of IP cameras, equipped with newer technologies such as higher resolution and analytics. However, replacing the older analog cameras with new IP cameras can be costly, and the extended business hours of retail shops can make it a challenge. There will be no time to implement a whole-scale installation of new video cameras and management systems in the shop. In addition, the old analog cameras may not integrate easily with the IP video system, and this can lead to high costs to the retail shop owners during the replacement process.
Axis Communications, Bosch Security Systems, Checkpoint Systems, Crossmatch, Honeywell Security, Tyco Security, ADT Security Systems, A2 Systems, ALL-TAG Security Americas, Anixter, ASSA ABLOY, AxxonSoft, Delphi, FLIR Systems, Gallagher, Genetec, Hikvision Digital, Intergraph, Ketec, Lenel Systems, Nedap, NetVersant, NortekSecurity (acquired by Melrose Industries and Nevada Corp in July 2016), Panasonic, S2 Security Corporation, Salient Systems, Samsung Techwin (named changed to Hanwha Techwin), Siemens, videoNEXT