Physical security is a large market overall, encompassing a range of diverse vertical markets, each with its own set of challenges and opportunities. The success of the security industry overall depends on the ability of companies and technologies to meet the specific needs of each vertical market. Some markets offer more lucrative opportunities than others. We asked this week’s Expert Panel Roundtable:
Which vertical markets have the greatest potential for growth for physical security systems?
The retail vertical has the greatest growth potential for physical security systems in the next 10-20 years. There will be a transformation for retailers to ensure the safety of their associates and their customers by changing the way Americans think about the retail experience. Instead of open access to retail locations, airport-type security will be the norm to access our shopping malls or a future shopping collective with different types of retailers in a common location. Much like Amazon or Walmart charges for the convenience of home delivery or setting up appointed pickups, retailers will be able to provide a safe shopping experience for their customers and know that their merchandise is safe from theft or vandalism. The cameras and access control systems already there will provide video data that can be used with machine learning, allowing retailers in these environments to use big data to understand shopper behavior and trends.
According to our Expert Panelists, the vertical markets that offer good growth potential include healthcare, critical infrastructure, retail, education, and banking.
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