The global security equipment market is anticipated to witness growth over the forecast period. Increasing domestic, as well as foreign threats, are predicted to be the key factors expected to drive the market growth. The primary objective of providing safety and security to people and their property is estimated to significantly drive the market growth. Major areas contributing to market growth include airports, retail stores, banks, seaports, railway stations, educational institutions, and other such enterprises. For instance, in banks, a safety vault gives access authorization to specific personnel only. This market proves beneficial in reducing the need and preventing loss of life of security agents.
The global security equipment market is expected to witness significant growth owing to the increasing demand for enhanced security coupled with easy installation with wireless technology. In addition, reduction in the cost of human-assisted security paired with a rise in investments by government as well as private firms may favorably impact market growth. The market is poised for growth owing to the rising need for security equipment such as vaults, surveillance cameras, and biometric access devices in various applications. However, high installation costs of security equipment may restrain market growth over the next few years. Furthermore, lack of standardization and awareness pertaining to the use of such equipment may pose challenges to the market growth over the next few years.
The rising need for security equipment, such as electronic safety vaults, coupled with biometrics and smartphone apps is expected to provide growth opportunities for security equipment market growth. Moreover, intelligent video surveillance with integrated thermal imaging and recording capabilities in areas such as retail stores, banks, museums, casinos, and military data centers are expected to provide significant market growth opportunities.
Technological advancements in the security equipment field with cloud video surveillance capabilities may favorably impact market growth over the coming years. Internet Protocol (IP)-based Electronic Access Control Systems (EACS) are further anticipated to offer new avenues for market growth. The security equipment market can be classified on the basis of technology implemented in the devices, such as biometrics, card-based, touch screens & keypads, and door contacts. Biometric technology is expected to account for a significant share in the market owing to several choices available to the consumer such as fingerprint verification, face recognition, palm-print recognition, iris recognition, voice recognition, retinal scanner, signature recognition, and keystroke recognition.
The security equipment market may witness substantial growth through the implementation of alarm systems using motion detectors and door/window sensors and along with perimeter security systems. The security equipment market contributes to a significant market share in the government sector, homeland security, commercial, industrial, and residential sectors. Amongst these, homeland security is expected to dominate the market owing to the rising implementation of security systems in central intelligence buildings and defense sectors. The commercial sector is also estimated to exhibit potential market growth owing to a rise in the adoption of security equipment in airports, hotels, banks & financial institutions, healthcare, stadiums, and corporate firms.
North America and Europe are expected to account for a significant market share owing to the increasing awareness regarding security equipment along with the presence of a large number of organizations opting for security systems in these regions. Asia Pacific may also witness high growth in the market owing to the rising crime rate and increasing precautionary measures against domestic and international threats. Major companies in the security equipment market include Bosch Security Systems, Honeywell Security, Cisco Systems, Tyco International, NICE Systems, Arecont Vision, Axis Communications, Schneider Electric Inc., Siemens Technologies Inc., Micro Technologies, Zicom Inc., Exacq Technologies Inc., Hikvision Digital Inc., Kaba Holdings Ltd. Future Fibre Technologies Inc., and Napco Security Systems Inc.
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To address the surge of COVID-19, governments all over the world are developing stringent surveillance mechanisms to ensure that people in high-risk zones, or those instructed to be under strict home quarantine. Smartphone apps integrated with geotagging features have been rolled out by various governments to ensure adherence to social distancing. Health surveillance in the wake of this pandemic has essentially become a mic of technology and human intelligence. The updated report will account for Covid19 as a key market contributor.