Rising crime rates and new product development will drive gains in the world security market, according to the Freedonia Group.
Rising crime rates and new product development will drive gains in the world security market, according to the Freedonia Group. The Cleveland-based industrial market research firm forecasts a 9% annual increase through 2006 to $65 billion. Less penetrated markets and dropping prices will lead to growth in higher-end electronic systems like color cameras, digital recording devices, wireless systems, access control cards, biometric identification systems, and automated explosive detection devices. An upswing in construction spending could also increase the demand for mechanical and structural security products, such as burglar alarms.
The report titled “World Security Products” identified Asia, Latin America, Eastern Europe, Africa, and the Middle East as having the most potential for growth in security products due to their rising crime rates, expanding economies, and increased foreign investment. As shown in the Table above, China is slated to experience the most market growth.