A new report from the Freedonia Group suggests that the U.S. market for security-related products and systems is expected to increase 6.3% year-over-year, reaching $19.9 billion in 2016.
The report posits that a resurgence in construction and capital investment spending will likely be the catalyst for movement. Part and parcel to the expected financial rebound is speculation of high crime — in which security technology will certainly play a role.
The report segments security solutions into categories, with electronic access control systems and locks expected to make the quickest advances at a suspected 9% annual growth— comprising $5.6 billion of the roughly $20 billion 2016 figure. Freedonia surmises that consumer interest in automating security functions coupled with a decrease in staffed security will bolster access control demand.
The report reveals that card-based access control solutions will remain a staple of the security market, while biometric solutions are likely to see a spike in demand, growing at roughly 15% annually— comprising $1.7 billion of the market in 2016.
Security is a universal demand, and the projected growth is expected to spread indiscriminately across all the major markets— consumer, government/federal, industrial, trade/distribution, finance, air transit, lodging and services.
See the full SecurityInfoWatch.com story here.