With the sharp rise in terrorism and security concerns, the demand for physical security solutions is growing rapidly in the Asia-Pacific (APAC) region. Moreover, the increasing security concerns are making various regional countries such as China, India, Vietnam, Indonesia, and Singapore deploy physical security devices and equipment, especially video surveillance systems. There were over 300 terrorist attacks in APAC between 2012 and 2018, with Afghanistan and Pakistan reporting the highest number of terrorist attacks in the region during that period.
Besides the increasing threat of terrorist attacks, the rising prevalence of crimes is also propelling the demand for physical security systems in the APAC region. For example, in China, there were 39,230 robberies, 3,459,742 thefts, and 7,990 homicide cases reported in 2017. Similarly, Malaysia witnessed 379 homicide cases, 42,160 vehicle thefts, 16,200 house break-ins and thefts, and 14,128 robberies in 2017. On the other hand, in Australia, there were 679 homicides, 41,669 thefts, and 3,796 robberies reported in 2018.
Apart from the aforementioned factors, the rapid launch of several smart city development projects is also propelling the sales of physical security systems in APAC. In APAC, there are various infrastructural development projects in the pipeline currently. For example, nearly 500 smart city pilot projects are currently in the pipeline in China. Moreover, the country launched the national smart city development plan in 2012 for building smart cities equipped with well-developed infrastructure and transportation systems.
Due to the above-mentioned factors, the sales of physical security systems are surging sharply in the Asia-Pacific (APAC) region. This is, in turn, driving the advancement of the APAC physical security market. As a result, the valuation of the market is predicted to grow from $26.3 billion in 2018 to $57.9 billion by 2024. Furthermore, the market is predicted to advance at a CAGR of 14.3% between 2019 and 2024.
Depending on type, the APAC physical security market is classified into software and hardware. The software category is further divided into access control management, video analytics, physical security information management, video management software (VMS), and others that include intrusion prevention software and motion detection software. Out of these, the VMS category had the highest market share during the past few years. VMS allows the unification of camera views all over the property.
This makes the monitoring of the exit and entry of people very easy. According to the forecast of P&S Intelligence, a market research company based in India, the APAC physical security market will register huge expansion in India and China in the coming years. This will be because of the increasing number of smart city projects, the launch of several infrastructural development projects, and the rapid construction of metro stations and airports in these countries.
Therefore, it is safe to say that the sales of physical security systems will surge in the APAC region in the forthcoming years, mainly because of the rising security concerns and the increasing prevalence of terrorist attacks in the region.