Is the Security Industry recession-proof?

The security industry has been booming over the last few years due to many reasons. First of all, there has been an increase in the electronics market which has resulted in more companies purchasing security products and services. Secondly, there is an upsurge of mobile applications where people can access their homes remotely using apps such as Amazon Alexa or Google Home. This means that people are becoming more aware about securing their homes digitally as well as physically and are making use of technology for their benefit instead of harm (Hackers).

In the last twenty years, there has been a huge transformation in the security industry.

In the last twenty years, there has been a huge transformation in the security industry. We can see this from the growth of electronic solutions to combat crime and terrorism, as well as the introduction of new technologies like drones and facial recognition systems. This trend is expected to continue over the next five years as many big companies are investing heavily in these types of solutions because they see them as being effective at preventing crime and saving lives.

The security industry has been growing steadily at 3% Compound Annual Growth Rate (CAGR) since 1997 with no signs of slowing down anytime soon. In fact, it’s estimated that in 2022, over 1 trillion dollars will be spent on global physical security alone! This makes it one of the fastest-growing industries out there!

The security industry is doing extremely well right now because of the rise of electronic solutions.

The security industry is doing extremely well right now because of the rise of electronic solutions. When it comes to physical security, there are many factors that can affect it. For example, if your building has been burglarized and someone steals all your equipment, you will be forced to replace it from scratch. However, with electronic solutions, this process can be simplified because most providers offer cloud storage that allows customers to access their data from anywhere in the world. Another thing that makes these services so popular today is their affordability compared with traditional options like vaults or safes.

The full recovery of GDP around 2022 will keep security companies on a high trajectory for the next decade.

The security industry is projected to grow at a CAGR of 5.6% between 2022-2030 and is recession-proof, so there should be no problem in getting enough new jobs or opportunities in this field. What this means is that we can see the annual average rate of revenue growth between two given years and it’s on the rise!

Fence has a 5.5% CAGR from 2022-2030. The overwhelming demand for fencing is due to industrial and residential construction nationwide. Product innovation also helps. New tools and installation products fill a need for the installer, allowing them to provide the best service for the consumer.

Gate operators have a 4.6% CAGR from 2022-2028. The pandemic created an upward-trending need for gate operators worldwide, and the supply chain disruptions did not slow the industry down. There remain solutions for the average homeowner to high-end industrial infrastructure.

Access control’s 9% CAGR is forecasted through 2030. The pandemics need to remain contactless has driven this industry. Temperature-controlled entry systems, cellular technology advances, and rising crime rates motivate the market.

CCTV (closed circuit television) will have 13.1% CAGR by 2030. Advanced analytics such as line crossing and facial recognition mixed with affordable options, makes this industry highly desirable. Whether you need a simple analog system or a highly scalable IP option with all the bells and whistles, just know CCTV will be around for a long time.

Conclusion

Is the security industry recession-proof? The answer is proving to be yes. The security industry is a booming sector, and it’s only going to get better. One thing we all learned when the Pandemic hit is that we are in an almost recession-proof industry. Fences still had to go up, gate operators still needed to open and close, access control systems still needed to keep people out and CCTV still needed to be monitored and recorded. All of these factors mean the Security industry is a great place to be working for years to come!

* All statistics were sourced by Market Research Future on Global News Wire