U.S. Electronic Security Expected to Reach $15.5 Billion in 2010
A recent study on electronic security by Freedonia Group
Inc., a Cleveland-based industry research firm, reveals
that the U.S. market for electronic security products and
systems is expected to increase 6.9 percent per year
to $15.5 billion in 2010. This advance is attributed to the
perception of an increasing risk of crime and a general
belief that public safety officials are overburdened, as
well as the sustained preoccupation with security matters
that followed the 9/11 terrorist attacks.
Technology developments that enhance the accuracy, ease of use and speed of operation of security systems will also bolster spending, particularly on upgrading existing security systems. The falling prices of many high-end electronic security components have also enabled security products to achieve greater market penetration. These and other trends, including market share and company profiles, are presented in Freedonia’s report.
Access controls are expected to post the strongest growth through 2010. According to Freedonia, this is due to technological innovations that allow them to employ an increasingly sophisticated array of clearance options, plus they can also effectively replace security guards, which represents cost savings to firms. Advances in this product group will be led by biometric access controls, which is expected to grow more than tenfold during the next decade, reaching $3.6 billion by 2015.
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