Anna Forrester
A new TechNavio report forecasts that the global market for surveillance and security equipment will grow in revenue through 2019 at a compound annual growth rate of 13.58 percent.
The market research firm said Wednesday the forecast is based on sales of electronic article surveillance systems, electronic access control systems, perimeter intrusion prevention systems and surveillance systems.
These systems and equipment are used in airports, railway stations, banks and retail stores to monitor activities and mitigate potential terrorist attacks, data theft and other security threats.
These threats also drive the growth of the surveillance and security equipment market, while the high cost and technology limitations of the equipment present a challenge for further market growth, the report stated.
TechNavio said the report covers analysis of the market across the government, retail, education, transportation and banking, financial services and insurance sectors, as well as the regions of Asia Pacific, Europe, Latin America, the Middle East and Africa and North America.
The report listed Bosch Security Systems, Cisco, Honeywell Security, NICE Systems and Tyco International as key surveillance and security equipment vendors.
