Predicted Growth in Security Industry
It is predicted that the global security market will expand to reach over $167 Billion by the year 2025. During the next 6 years the market’s Compund Annual Growth Rate is expected to be around 10.3% according to a recently published report by Grand View Research. This growth will be largely driven by new technology as well as the adoption of current technology in developing nations.
Markets such as India and China rely on high quantity, low-cost headcounts to supply their industry as the cost of labour is low, and in many cases, vastly lower than the price of technology.
A significant portion of this growth will in the area of surveillance. Facial Recognition, real-time monitoring and AI behavior analysis systems are being adopted by both developed and developing economies.
The Electronic Security maintenance and support market is expected to grow in-line with the hardware and software areas. The effect of this can already be seen in the UK, where well-known manned guarding businesses are increasingly investing in this area.