Access control systems and locks expected to see the greatest gains
According to a new report from the Freedonia Group, the U.S. market for security products and systems is expected to increase 6.3 percent annually to $19.9 billion in 2016. Rebounds in construction and capital investment spending are expected to be the primary growth drivers. A perceived high risk of crime and technological improvements to security technology will also play a role.
Among the different product categories, access control systems and locks are expected to see the fastest gains, growing at 9 percent annually to $5.6 billion in 2016. The research firm said that increasing consumer interest in automating security functions and a shift away from manned security will drive demand for access control.
Although card-based access control products will still make up the majority of the access market, biometric solutions are expected to see the higher increase in demand, growing at nearly 15 percent annually to $1.7 billion in 2016.