by Brianna Crandall — November 28, 2014—Educational facilities managers may be particularly interested in a new report from technology-focused research firm TechNavio on the school security market. The Global Security Market in Schools 2014-2018 report indicates that the market is expected to grow at a compound annual growth rate (CAGR) of 14.3 percent from 2014, topping $1,100 million by 2018.
As the number of attacks on schools has increased, so too has the need for technologically advanced security systems in schools and other educational institutions. Students have become the soft targets for criminals and terrorists, and it becomes the responsibility of school authorities to be equipped with proper security solutions to minimize the risk of such attacks, comments TechNavio.
The recent report from TechNavio highlights the availability of cost-effective security systems as a major driver for market growth. Although there is a need for security solutions in schools, budget constraints often compel end users to opt for cheaper alternatives, reminds the firm.
“Keeping in mind the revenue opportunities in the education sector, vendors are introducing cost-effective products for schools and colleges. These products include surveillance cameras and access control devices, which can be customized for use on school premises,” says Faisal Ghaus, vice president of TechNavio. “Since this equipment doesn’t require high accuracy as compared to other sectors, vendors are able to provide it at cheaper prices.”
