Industry Insight:
According to the latest report presented by Market Research Future amid COVID 19 situation has revealed that 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).
Top Impacting Factors:
The worldwide school and campus security market is mainly driven by the result of the increasing number of attacks on the school. Schools have been soft targets by terrorists for mass shootings and other fatal incidents in the past decade. 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.
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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.
- Apollo Video Technology
The preface of cost-effective security systems is also propelling the growth of the market. The augmented investments in infrastructure have been fuelling the growth of the school and campus security market. Other factors such as thefts, vandalism and intrusion are also likely to motivate the demand for school and campus security in the forecast period. Government regulations to enhance the security levels are mainly impacting the school and campus security market positively in today’s time. These factors collectively are likely to impact the growth of the school and campus security market positively during the forecast period.
Further, in research, MRFR finds that most schools in the US and Europe have implemented some level of security measures, but most are high-tech security solutions. 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. At this point, Homeland Security Research Corp. predicts that the Global School Campus Security Market will grow at a high stroke in the coming time, mainly after the impact of Coronavirus pandemic. This might take the market to the next level of valuation.
Furthermore, the implementation of diverse access control solutions such as tracker, biometric and card-based authentication within the premises are also supposed to propel the growth of the market. On the contrary, the factor of privacy concerns is what hindering the growth of the school and campus security system market in the future.
Leading Segments:
Global level analysis of the global school campus security market is done for segment by type, hardware software.
The type segment has included access control, fire protection, video surveillance and others.
The hardware segment has included a camera, monitor, recorder and encoder.
The software segment has included video analytics, service management, video management and others.
Leading Regions:
As per current trends, it has been observed that there has been mounting focus towards the installation of high definition (HD) video surveillance cameras. The school and campus security vendors are continually introducing products in a cost effective way. All these developments are witnessed in the Asia-Pacific region. This region is expected to offer one of the fastest-growing markets for the school and campus security market as a result of the increasing security concerns in the region owing to rising criminal attacks.
North-America grabbed the largest market share in the global school and security market, owing to surged adoption of new technological solutions, escalating demand for security concerns and rising investment in infrastructure in schools and universities. The U.S. and Canada contribute mostly to school and campus security market, mainly owing to surge in education security expenditure which benefits the escalating security up gradation and grows competition in creating innovative products such as IP video surveillance camera and the falling product prices.
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School and Campus Security Industry Developments:
January (2023): The U.S. Department of Education releases new guidance on school safety, emphasizing the importance of threat assessment and mental health support.
February (2023): A new report by the National Center for Education Statistics finds that school shootings are on the rise, with 11 shootings occurring in 2022, up from 8 in 2021.
March (2023): The Biden administration announces a new $300 million investment in school safety, including funding for school resource officers, mental health services, and violence prevention programs.
April (2023): A new study by the RAND Corporation finds that video surveillance can be an effective way to deter crime on school campuses.
May (2023): The U.S. Department of Homeland Security launches a new initiative to help schools improve their security posture.
June (2023): A new report by the National School Boards Association finds that school boards are facing increasing threats of violence and intimidation.
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