Demand for Security Services to Drive Growth in Access Control Market

Rising crime rates and heightened security will drive an 8.3% annual growth rate in the world security services market, according to the Freedonia Group, Inc. The Cleveland-based industrial market research firm forecasts that the world market for private contractual security services could reach $120 billion by 2006. Contract guarding will account for more than 40% of total revenues due to increased outsourcing of guard operations. As closed-circuit television and access controls become more affordable, however, electronic security equipment could also grab a larger share of the market.