SIA Projects U.S. Security Market Hit $10B in 2008
A new report from the Security Industry Association (SIA) calculates the electronic physical security market in the United States totaled nearly $10 billion in 2007.
In the same year, the industry’s commercial, institutional and government sectors produced 180,000 jobs nationwide and had a national economic impact of nearly $18 billion, according to the report.
The United States Security Market Report and Economic Impact Study analyzes the non-residential building security market as a whole and within geographic regions and product sectors.
The top market driver for the purchase of security in the U.S. in 2007 was the rapid development of technology, with most renovations including the replacement of legacy systems with newer technologies such as biometrics and RFID.
SIA projects the annual growth of the video surveillance market to reach 6.4 percent in 2008. Both access control and intrusion detection are projected to hit 6.4 percent each. According to the report, fire detection is expected to see a growth of 4.8 percent, while electronic article surveillance (EAS) will reach 5.5 percent.
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