Many factors driving security industry: experts
MEGA-PROJECTS, smart-city developments and tourism are major factors driving the physical-security market in Thailand, according to players in this industry.
Veronica Chen, group manager of Messe Frankfurt New Era Business Media (MFNE), a Germany-based trade fair organiser, said security technology came into play in the everyday lives of people around the world. It functions in their homes, vehicles and workplaces, as well as in both the public and private sectors, protecting life and property.
Furthermore, terrorist attacks around the world have led to higher security requirements.
Installation of closed-circuit television cameras alone may not be enough in daily life. Therefore, video-surveillance technology must be developed so that CCTV data can be viewed in real time to ensure maximum security.
Security systems are being installed in public utilities and large public transport projects, as well as solutions for business applications such as smart retail, smart buildings, intelligent communication systems and the increased use of IoT (Internet of Things).
Smart-city development coupled with safety standards to meet government policy is an important driver of this market, Chen said.
Meanwhile, MarketsandMarkets, a global market research company, reported that the Thai physical security market this year would be worth around Bt3.7 billion, with annual growth of around 12 per cent.
One of the factors driving this market growth is government infrastructure mega-projects such as the Eastern Economic Corridor. Meanwhile commercial developers are rolling out new projects such as condominiums, smart cities, and smart and safe tourist destinations.
A smart city must include efficient transportation and a good traffic-management system, applying advanced technology in the construction process to accommodate the growing population of the city.
Yet another factor is CCTV maintenance and updates required by the Defence Ministry.
Worldwide, the physical security market is expected to grow from US$69.63 billion in 2016 to $112.43 billion by 2021, at a compound annual growth rate (CAGR) of 10.1 per cent from 2015 to 2020. The factors that will drive the global physical security are smart cities, which is a major factor pushing security demand smart solutions such as security solutions that will become an integral part of smart city solutions.
Chen said MFNE would cooperate with its partners to conduct “Secutech Thailand”, an exhibition and conference for security, smart homes and fire and safety, from November 16-18 at the Bangkok International Trade and Exhibition Centre (Bitec) in Bang Na district, in an area of more than 5,000 square metres.
The exhibition will also showcase new security technologies in various areas such as smart cities, smart retail and smart transportation.
