American businesses and homeowners continue to combat burglary, fraud and other criminal activity by purchasing advanced security solutions. Ongoing advances have made many of these technologies more efficient, accurate and convenient, encouraging decision-makers to adopt the tools at a faster rate.
A new study by the Freedonia Group echoed this trend, forecasting the market for U.S. security products to expand at a compound annual growth rate of more than 7 percent through 2016, at which point it will generate approximately $21 billion in annual revenue.
There are many reasons for increased adoption of advanced security solutions, including the unstable economy, which is forcing service providers to drop their prices to remain competitive, allowing a wider range of customers to leverage the tools. While this allows decision-makers to pick from an array of offerings, most tend to lean toward access control systems.
The growing access control market
The Freedonia Group forecast access control systems to experience strong momentum in the future, as analysts predict the market to expand by roughly 11 percent annually through 2016. Technological innovations have made these solutions easier to use and more reliable than other locking mechanisms, making them an ideal choice for property owners looking to keep unauthorized individuals away from valuable possessions.
As more decision-makers make the move to adopt access control systems, an increasing number of vendors will flock to the market in an attempt to acquire new customers and generate more revenue. In doing so, however, service providers will be forced to drop their prices to remain competitive, allowing a wider range of users to leverage the solutions, the report said.
Another driver behind the growing access control market is the recovering housing sector. Since identity authentication technologies become less expensive, more homeowners will switch out existing locks for more advanced mechanisms that are able to keep intruders out, the Freedonia Group reported.
Developments in the ID card and authorization accessory industry are also fueling the adoption of access control. A separate report by EBN Online echoed this finding, noting that the evolution of smart cards will play a significant role in the changing access control market. Contactless solutions, such as near-field communications, will become a major player in access control in the coming years.
As decision-makers continue struggling to keep out unauthorized individuals, access control will become an important part of physical security investments.