CLEVELAND, May 3, 2016 /PRNewswire/ -- Demand for security products and services in the education market is expected to rise 3.4 percent annually to $2.5 billion in 2020. Increases in education security spending will benefit from a rebound in educational building construction expenditures, as the most significant security upgrades tend to occur when new buildings are constructed or during large-scale remodeling. Growing competition and innovation among more technologically advanced products -- such as IP video surveillance cameras and access control devices -- will continue to lead to lower product prices, boosting market penetration rates. Advances will be supported by the extensive media coverage of school shootings and other major security breaches and the corresponding increase in perceived risk of crime. Nonetheless, gains will slow slightly from the 2010-2015 period as spending continues to moderate following the surge in demand that followed the December 2012 Sandy Hook elementary school shooting. These and other trends are presented in Education Security Market, a new study from The Freedonia Group, a Cleveland-based industry research firm.
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The rising use of highly sophisticated and interrelated security systems will support increased spending in a number of related security product and service segments. According to analyst Katherine Brink, "Such systems require greater attention throughout the planning, implementation, and maintenance stages, leading security consulting and systems integration and management services to see growth well above the market average through 2020." Furthermore, the expanding use of electronic access control systems will promote sales of higher value electrified mechanical locks and other door security hardware, booting value gains in both product segments through the forecast period.
Various types of educational facilities have different security needs. For instance, higher education institutions are large, multi-building campuses, often with dorms, labs and large assembly halls. Therefore, their security needs tend to be extensive and involve the use of costlier systems. Primary and secondary schools tend to be less intensive users of security products and services on a per facility basis. However, they lead total annual revenue due to the large number of existing facilities.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, market share information and profiles of the leading industry players. Reports can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group