CLEVELAND, Ohio — Demand for electronic security products in the US is projected to rise 7.0 percent annually through 2019 to $16.2 billion.
Strengthening new construction expenditures following the recession-impacted 2009-14 period will drive gains. A heightened perceived risk of crime due to widespread media coverage will also support gains, even as the actual number of crimes has declined in recent years. Technological advances will promote sales gains in all segments, both by providing a boost to value demand via the incorporation of value-added features and by increasing market penetration.
These and other trends are presented in the new study Electronic Security Products. This study represents a unique combination of the research skills and resources of The Freedonia Group and the security industry insight of the Security Industry Association (SIA) and its members.
Demand for video surveillance products and systems designed for use in security-related settings will advance 8.2 percent annually, the fastest growth of the five primary electronic security product categories. In 2014, there were approximately 35 million total video surveillance security cameras installed and in use in the United States. That number will continue to expand for the foreseeable future as market penetration increases and as locations add more cameras to their existing surveillance systems.
Access control systems will see strong gains as smart card-based systems gain traction over less secure technologies such as proximity and magnetic stripe cards. Access control systems that integrate increasingly advanced layers of credentials, such as mobile phones and biometrics, will support further gains. Rising consumer familiarity with biometric systems, driven by the use of biometric technologies in identification applications, will help promote demand for the small but rapidly growing biometric access control segment. Improvements in reliability and efficiency of biometric devices, coupled with falling prices, will further aid adoption.
Interoperability, as well as innovations in mobile monitoring, will boost demand for alarms, which accounted for the largest share of sales in 2014. "The increasing array of plug-and-play electronic security devices that are self-monitored will expand the potential market base of consumers willing to purchase supplemental security measures," notes analyst Katherine Brink. "These smart products are controlled and accessed via mobile devices, aiding security equipment sales as interest in smart home automation systems also rises." The alarm segment will further benefit from innovations in personal emergency response service (PERS) alarms.
US ELECTRONIC SECURITY PRODUCT DEMAND
% Annual Growth
|Security Product Demand||9445||11550||16200||4.1||7.0|
|Electronic Article Surveillance||426||400||485||-1.3||3.9|
© 2015 by The Freedonia Group Inc.
A limited license to use or reprint information from this news release is granted to you provided attribution is given to The Freedonia Group Inc. (Cleveland, Ohio). We would also appreciate the courtesy of receiving a copy of the article or publication in which we appear.
About the Security Industry Association (SIA)
The Security Industry Association (SIA) (http://www.securityindustry.org) is the leading trade association for electronic and physical security solution providers, with more than 600 innovative member companies representing more than 350,000 security leaders and experts who shape the future of the security industry. SIA protects and advances its members’ interests by advocating pro-industry policies and legislation at the federal and state levels; creating open industry standards that enable integration; advancing industry professionalism through education and training; opening global market opportunities, and collaboration with other like-minded organizations. As a proud sponsor of ISC Events expos and conferences, and owner of the Securing New Ground® conference, SIA ensures its members have access to top-level buyers and influencers, as well as unparalleled learning and network opportunities.
The Freedonia Group
Electronic Security Products (published 10/2015, 424 pages) is available for $5,400 from The Freedonia Group Inc. For further details, please contact Corinne Gangloff by phone 440-684-9600 or e-mail email@example.com. http://www.freedoniagroup.com