Demand for Security Services to Drive Growth in Access Control Market

Demand for Security Services to Drive Growth in Access Control Market

Rising crime rates and heightened security will drive an 8.3% annual growth rate in the world security services market, according to the Freedonia Group, Inc. The Cleveland-based industrial market research firm forecasts that the world market for private contractual security services could reach $120 billion by 2006. Contract guarding will account for more than 40% of total revenues due to increased outsourcing of guard operations. As closed-circuit television and access controls become more affordable, however, electronic security equipment could also grab a larger share of the market.