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School and Campus Security Market Overview:
The School and Campus Security market industry is projected to grow from USD 2.5 Billion in 2023 to USD 10.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 19.60% during the forecast period (2023 - 2032).
Recent campus shootings at elementary, junior high, and high schools across America have highlighted the need for better security on school campuses. This is one of the key factors that’s driving the extremely high growth rates in the school and campus security market.
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Key Players:
Key Companies in the School and Campus Security market include,
- Cisco Systems Inc
- Honeywell Security Group
- Pelco Products Inc
- Plustek Inc
- Axis Communications.
- Genetec Inc. TM.
Most K-12 and college campuses throughout the world use three different types of security systems:
- Video surveillance
- Fire protection
- Access control
Many school officials across America will pay a premium for effective security devices that can and will do a wonderful job in terms of protecting their students from either on or off-campus violence or other mishaps.
All schools implement these types of security systems because they want to create an environment where students feel completely safe both on and off-campus.
Segment overview:
By type
This segment can be further grouped into:
- Video surveillance
- Fire protection
- Access control
- Others
By hardware
This segment can be further grouped into:
- Camera
- Monitor
- Recorder
- Encoder
The security camera sub-segment is expected to enjoy the largest market share for the time period that this report covers. The reason is that these cameras show undisputed evidence as to who the perpetrators of violence on school campuses are. It makes it easier for authorities to bring these people to justice.
Also, the footage caught on security cameras can be made permanent if it’s backed up regularly. Therefore, it’s possible to create a database of the people who have been on school campuses over a certain period of time. Believe it or not, this makes it easier for authorities to tell who’s been instigating violence on school campuses and when they’ve been doing this. Authorities are better able to keep school campuses safe and secure when they know this crucial information.
By software
This segment can be further grouped into:
- Service management
- Video analytics
- Video management
- Others
Regional analysis
The global school and campus security market can be grouped into the following geographic regions:
- North America
- The European Union
- Asia-Pacific
- The Rest of the World
The North American region currently enjoys the highest regional market share. It’s also expected to enjoy the highest CAGR for the time period that this report covers. The reasons for this are the increased incidence of violence on public school campuses and the perceived need to create a safe and secure learning environment for students.
The Asia-Pacific region, unfortunately, is expected to see respectable CAGR for the time period that this report covers. The reason is that terrorists have become much more technologically sophisticated in recent years. They also have a tendency to target school campuses throughout the region with zeal.
The European Union is also expected to see a respectable CAGR in this market. Unfortunately. The reason for this is that attacks on schools and school children have been on the rise in recent years.
Many European governments have taken notice and they have enacted and implemented stricter rules and regulations that govern the security of schools. The intent was to make schools and campuses safer for students, their parents, and all involved stakeholders and it worked!
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Industry news:
Many companies have entered into strategic partnerships to develop and market the latest in school and campus security technologies.
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Industry InsightAccording to the latest report presented by Market Research Future amid COVID 19 situation has revealed that School and Campus Security Market might bolster with a valuation of USD 2.54 billion by the end of 2023.
This could be gained if the market grows at a pace of 19.7% CAGR.
The growth period has been calculated from 2017-2023.Top Impacting FactorsThe worldwide school and campus security market is mainly driven by the result of the increasing number of attacks on the school.
This has led to the fixing of technologically advanced security systems in schools and campuses to curtail the risk of such attacks and also provide suitable security solutions.
These factors have been mostly affected by the market’s growth across the world.The preface of cost-effective security systems is also propelling the growth of the market.
As the U.S. market is already relatively mature and constitutes the largest share of the world market, the global School & Campus Security market might grow at a sensible rate.
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