This week in our Fire & Security industry news round-up we cover the growth of Video Surveillance market in Gulf countries, increased interest in Building Automation market, concerns and vulnerabilities of cybersecurity of industrial control systems and more…
Building Automation market growth
The latest report published by Marketsandmarkets predicts the overall market value will grow to $99.11 Billion by 2022 (from $53.66 Billion in 2016) at a CAGR of 10.73% between the 2017 and 2022. The main reason for such an impressive growth are the increase in demand for energy-efficient systems, the growing need for the automation of security systems in buildings, and the advancement of IoT in Building Automation Systems, or BAS. Security and access control systems sector is expected to hold the largest size of the BAS market during the forecast period.
(Security World Hotel, 15/03/2017)
The real cost of security revealed
“The (Real) Price of Security Solutions – a white paper on the challenges of buying and selling high-quality security solutions”, commissioned by the BSIA, has established the importance of making purchase decisions based on quality – rather than initial purchase price alone – for end users of security solutions. According to the document, are many advantages for security providers who offer high-quality solutions to their customers, rather than merely competing with each other on the basis of price. Security providers would be much better off collaborating with their customers and developing a good understanding of buyers’ needs in order to provide suitable solutions that meet those requirements and perform well over time.
(Security World Hotel, 14/03/2017)
The future of VSaaS & ACaaS
VSaaS (Video Surveillance as a Service) and ACaaS (Access Control as a Service) services realized substantial growth in 2016 and now look set to finally achieve the much-vaunted predictions made in previous years about their potential to become multi-billion markets. The global market size for VSaaS in 2013 was approximately $300m but since then it has grown quite rapidly to approximately $700m in 2015 and is projected to reach approximately $1000m in 2017, at a CAGR of 19%. Cloud-based VSaaS and ACaaS represent an opportunity to help alleviate the constant pressure on margins in the physical security business today. Memoori
Concerns and vulnerabilities of cybersecurity of industrial control systems
Industrial control systems play a critical role in the day-to-day operations of a diverse array of sites. Security specialist expresses his concerns over the fact that many industrial control systems (ICS) still running today were designed, manufactured, and implemented, well before the internet came along. In addition to being old, these systems can be highly fragile. “Thus, penetration testing or other security analytical testing has to be carried out in a highly sensitive way – it is not hard to crash a legacy programmable logic controller (PLC).”
(Security News Desk, 17/03/2017)
Growth of video surveillance market in Gulf countries
Though governments have mandated compulsory installation of video surveillance systems throughout various GCC countries, the market registered a decline in demand in last two years, caused mostly by falling oil prices which impacted overall government spending towards various infrastructure projects. However, the market is all set to bounce back majorly post 2017 with expected improvement in oil prices along with projected flow of investments primarily for upcoming international events such as World Expo 2020 in UAE and FIFA World Cup 2022 in Qatar. The GCC Video Surveillance Market is predicted to grow at a CAGR of about 10% between 2017-2023, according to the report published by 6wresearch.
(Security World Hotel, 15/03/2017)
Our weekly fire and security news round-up regularly feature supplier news, product launches, events, our own articles, and much more. Check back each week to catch up on the industry news affecting the fire & security sector collated by our team of fire & security recruiters.
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