In the next few years, technological forecasting organizations predict a boom in the sale of security and surveillance equipment. According to Technavio findings, the surveillance and security equipment market should see a compound annual growth rate of more than 13 percent before the end of the decade. Video alone would have a CAGR of more than 24 percent. Other research by The Freedonia Group stated worldwide demand for security equipment will reach upwards of $126 billion by 2018.
What type of products will dominate the surveillance market?
Though electronic security products like cloud-based security services and software accounted for two-thirds of market demand in 2013, mechanical surveillance equipment still has its place in any business.
"Analog surveillance techniques will still play an important role in on-site risk prevention."
These predictions have also shined a light on what sort of technology business will be investing in. Traditional analog surveillance techniques like security cameras will still play an important role in on-site risk prevention. Panoramic lenses will be able to keep an eye out for suspicious behavior, allowing retailers to retain their highest volume of products. Instead of purchasing extra cameras to account for every nook and cranny, these devices offer the widest range of view so each one sees as much as possible.
Additionally, with more cameras comes the need for more storage. While the cloud might be scalable, it doesn't guarantee organization. As companies accrue more and more customer and market data, they'll need a system by which to categorize it, treat it and dispose of what is unnecessary. Fortunately, IP surveillance solutions are a two-in-one package in the world of electronic surveillance systems. A video library with a billion hours of footage could be the best source of information for a casino looking to monitor the actions of particular patrons, but without organization, it's just a jumble of video that will be of no use to anyone.
Why is this all happening in the first place?
The reasons behind this incredible overall growth can be attributed to some initial problems with cloud computing and its fast adoption into the business marketplace. Cloud computing offers many different options for not just storing data, but accessing it as well. While many industries saw the cloud as an inexpensive way to update in a uniform manner, they might not have been ready for certain adverse side effects.
For one, the struggle for general data security and compliance is an ongoing battle against threats from the dark corners of the Internet. A company may not need to run as many servers to accommodate the influx of customer data, but it will mean certain electronic measures will need to be taken. But just because a business has moved into cyberspace doesn't mean brick and mortar retailers should abandon security initiatives. After all, research from the International Council of Shopping Centers said customers spend more time in a store than shopping on a company's website, but more than 70 percent of purchasers require physical interaction with an item before buying.
Security equipment and surveillance industry piece brought to you by Marlin Equipment Finance, leaders in security equipment financing. Marlin is a nationwide provider of equipment financing solutions supporting equipment suppliers and manufacturers in the security, food services, healthcare, information technology, office technology and telecommunications sectors.