As we embark on a new decade, so comes the opportunity to set new business objectives and goals. It’s a time to consider how your security business can evolve not just over the next 6 months to a year, but also the next 5 to 10 years.
It’s estimated that the global physical security market will reach USD 292.40 billion in size by 2025, growing at a CAGR of 9.4%. When planning for the future, security businesses need to look outside of their micro environment and consider the macro trends that are shaping the growth of the industry as a whole, with an aim to grow their business amongst strong existing and emerging competition.
From more intelligent video analytics software to virtual guarding, and cloud technology to machine learning, there are a number of physical security and technology trends shaping the future of the industry. Here, we share our top six physical security trends to watch in 2020.
1. 5G connectivity
The introduction of 5G networks will have a huge impact on the speed at which the security industry can operate. 5G aims to speed up data communication by up to three times, compared to 4G. 5G latency is extremely quick, so as 4G fades out and 5G grows, not only can security companies benefit from quicker data transfer, but the speed of remote work will also be improved. As a result, there’s an opportunity to receive and respond to security risks at an even faster rate, particularly for remote areas such as construction sites.
2. Cloud technology solutions
The migration from on-premise storage to cloud technology has picked up pace. Of those that have already migrated, 87 percent of businesses said they experienced some business acceleration from their use of cloud services. The move to the cloud will allow security companies to scale their business much more efficiently and cost effectively. It also allows the security industry to benefit more from technologies such as machine learning, while providing greater connectivity to other areas of the business. For those who have concerns over the security and privacy of cloud technology, it’s reassuring to hear that the most reliable cloud providers have all invested heavily in the security of their offering.
3. The rise of visual verification
As False Alarm Ordinances sweep across the United States, verified response is providing a solution to false alarm challenges. Verified response shifts alarm signal verification to alarm companies by requiring someone like a guard or a CCTV operator to visually verify that a crime has or is occurring prior to police dispatch. Companies that specialise in video monitoring are therefore ideally set-up to win new business in the era of visual verification. But the CCTV market is growing; expected to witness a growth of 12.3% to reach US$ 24 billion by 2026. Monitoring companies that don't currently support visual verification should act fast and invest in CCTV and video to ensure they aren’t left behind.
4. From manned to virtual guarding
By combining new technologies with traditional manned guarding techniques, security companies have an opportunity to explore the world of virtual guarding and the benefits that come with it. Remote guarding combines things like motion alarms and CCTV with random site patrols to provide a high level of security. Using techniques such as video analytics software for true alarm detection, drones for perimeter protection and mobile monitoring are all ways of providing your security personnel with added tools to help them cover more ground, make decisions and take appropriate action.
5. Machine learning and artificial intelligence
Machine learning and artificial intelligence are fundamentally changing the way that companies are doing business today - both in security and other industries. Whether we realise it or not, artificial intelligence plays a very active role in our daily lives. Every time we open Facebook, do a Google search, or get a product recommendation from Amazon, AI is lurking in the background. And the security industry is catching up. Artificial intelligence in the security market is estimated to grow at a CAGR of about 18.64% from 2019-2024. AI-powered technology has a range of use cases including proactive monitoring, video analytics, false alarm filtering, improving operator efficiency, detecting anomalies and more.
6. Advanced video analytics software
Video analytics software is evolving. Used to help make surveillance operations more efficient, they come in a variety of different formats and can be used to detect motion, read licence plates, count people and more. In the case of physical security and video monitoring, video analytics software is primarily used to detect crime. Traditional solutions involve built-in camera analytics, or often require an additional piece of hardware on site. In 2020, the adoption of cloud-based video analytics software will rise, allowing security companies to capitalise on all the benefits of video analytics completely remotely. Companies that adopt this form of software are opening their doors to a cost effective solution which will benefit from constant updates and improvements via the cloud.
So there you have it, our top 6 physical security trends to watch in 2020 and beyond. What’s clear is that technology is going to become increasingly important in physical security. By using the tools available to you, such as machine learning, video analytics, the cloud and 5G, you have the opportunity to transform the level of security service you offer your customers. In a growing industry, make sure you stay ahead of the trends to ensure consistent growth for your business.
Learn more about Calipsa's cloud-based False Alarm Filtering Platform, a unique video analytics solution that uses deep learning technology to filter out CCTV alarms.
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