A report by Memoori, a Sweden-based business intelligence and research company, has found that the physical security demand will increase into 2025.
“Market drivers like the threat from terrorism and crime are unlikely to abate, whilst urbanization and smart infrastructure will further drive demand for more and better security systems,” the report noted.
Despite this, temporary supply chain issues and declining sales over the first three quarters due to COVID-19 has stopped 11 consecutive years of growth in the industry, with the total value of global physical security products at factory gate prices estimated at $31.7 billion, a decline of 7.5 percent compared to 2019.
The report also shows that the pandemic has created demand for new solutions to help with disease mitigation, like thermal cameras. The report also found that AI technology will make a “direct and massive contribution” to increasing the performance and value of video surveillance solutions.
The complete report can be purchased online.