Demand for Electronic Security Products to Rise Through 2019, Report Predicts
Technology advances and perceived risk of crime will support gains, according to Report Buyer.
Demand for electronic security products in the United States is projected to rise 7% annually through 2019 to $16.2 billion, according to a Report Buyer report.
Strengthening new construction expenditures following the recession-impacted 2009-2014 period will stimulates gains, the report predicts, as electronic security products are often installed during initial construction. A heightened perceived risk of crime due to widespread media coverage of high profile crimes and tragedies 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. Rising interest in networked, IP connected systems that provide interoperability between various electronic security systems and building automation systems will continue to promote growth of higher value devices, such as digital systems from analog. In addition to interoperability, digital video components benefit from the incorporation of video analytics software at the original equipment manufacturers’ level, as well as the ability to use mobile and other offsite monitoring and Cloud-based storage. Based on this transition to IP systems, the video surveillance product segment is projected to experience the fastest gains through 2019.
Interoperability as well as innovations in mobile monitoring will boost demand for alarms. 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. These products are appealing to those who believe their risk of crime does not require more sophisticated monitored alarm systems that have high ongoing monitoring fees. Furthermore, 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, particularly for types that integrate mobile technology and expand the potential market beyond those who are home-bound.
RELATED: 7 Access Control Products to Watch
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 (e.g., the rising incorporation of smart cards that store biometric data), coupled with falling prices, will further aid adoption.
The full report can be downloaded here.
If you enjoyed this article and want to receive more valuable industry content like this, click here to sign up for our FREE digital newsletters!
Security Is Our Business, Too
For professionals who recommend, buy and install all types of electronic security equipment, a free subscription to Security Sales & Integration is like having a consultant on call. You’ll find an ideal balance of technology and business coverage, with installation tips and techniques for products and updates on how to add sales to your bottom line.
A free subscription to the #1 resource for the residential and commercial security industry will prove to be invaluable. Subscribe today!