Study Predicts $7.3 Billion Demand for Access Control by 2007
CLEVELAND
A market research study forecasts demand for access control in the U.S. will reach $7.3 billion by 2007. In its study, Biometric & Electronic Access Control Systems, The Freedonia Group Inc. also sees strong growth for biometric systems over the next four years, with demand reaching $550 million in that area by 2007.
The study says that fueling the growth in access control will be a “preoccupation with upgrading homeland security” and “sustained high crime rates.” The report states demand for access controls has grown from $2.4 billion in 1997 to $4.5 billion in 2002 and sees an annual 10-percent growth rate.
The study’s authors see demand for smart card-based access being limited to $100 million in 2007 because of competition from cost-effective alternatives. They see the highest demand coming for access control software. The study also notes that nonintrusive forms of biometric controls – such as facial and voice recognition – hold the potential to develop into sizable markets.
While the study says the industrial sector will register gains for electronic access control demand, it sees the best prospects for growth in lesser-developed markets like business/professional services, financial institutions and trade establishments.
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!
Related Content
Security Is Our Business, Too
For professionals who recommend, buy and install all types of electronic security equipment, a free subscription to Commercial Integrator + 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 to your bottom line.
A FREE subscription to the top resource for security and integration industry will prove to be invaluable.
