Source: Securityinfowatch.com - Feb 15, 2013
The Freedonia Group is reporting the U.S. market for security products and systems to increase 6.3% annually to $19.9 billion in 2016. Rebounds in construction and capital investment are expected to be the primary growth drivers, along with the high risk of crime and technological improvements to security technology.
Electronic access control systems and locks are expected to have the highest growth reaching $5.6 billion in 2016. Biometrics are expected to see higher growth rates, but card access products will continue to make up the majority of the access market.
Vertical markets are also expected to see strong increases as well for security products. Offices and lodging should make up about 7.9%, with government and institutional coming in next at about 7.3%.
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