The physical security and access control market is projected to generate upwards of $10.3 billion by 2023, growing at a CAGR of 6.48% between 2017 and 2023 according to research by Markets Insider. Much of this growth will result from the integration of cloud and IoT technologies with legacy physical security and access control architectures, which will drive new, powerful tools that simplify and accelerate the deployment and management of smart building applications. For example, IoT-enabled HVAC systems can deliver robust analytics to facilities managers who could simultaneously pinpoint and troubleshoot potential system failures. Once fully integrated with cloud and mobile devices, these systems can also monitor secure connections between peripherals as well as trigger firmware updates to address potential cyber threats.
While the benefits of cloud-enabled security systems are profound, the primary challenge faced by OEMs in this industry is the migration from existing solutions based on legacy architectures and PC-based management systems to cloud-based, API-driven solutions that can easily integrate with other components and software, plus support a centralized command and monitoring of geographically distributed infrastructure. Some pioneering OEMs have tried developing cloud-based applications from the ground up only to realize that they are resource, capital and time intensive and defocusses efforts from an OEM’s core competencies.