According to a new report, the market for security control rooms is expected to grow from $7.2 billion this year to an even $10 billion by 2023. That’s an estimated compound annual growth rate (CAGR) of 6.8% in five years.
The market research report, titled Security Control Room Market by Offering (Display, KVM Switch, Software, Services), Application (Public, Corporate, Industrial Safety), Vertical (Transportation, Utilities & Telecom, Defense, Healthcare), and Region—Global Forecast to 2023 and published by MarketsandMarkets™, attributes this growth to government initiatives, modernized policies, and regulations to increase public security and safety worldwide, as well as the increasing need to keep an eye on criminal activities and forecast natural disasters to avoid huge losses.
A press release from MarketsandMarkets notes that control room technology has various service offerings including installation, managed services, and maintenance and support services. Efficient services are an integral part of a control room as well as being able to work effectively in a critical working environment. This is expected to drive the growth of services offering during the forecast period.
A primary driver of this growth is applications in industrial safety. Industrial safety applications are evolving at a high rate as these are chiefly used in manufacturing plants such as oil & gas and nuclear plants. Along with the growing industrialization worldwide, the need for industrial safety systems is increasing to protect human resources, industrial machinery, and manufacturing plants, in case any process goes beyond the allowed control margins. A control room in industrial safety plays a critical role as it has to deal with critical operations taking place in a controlled environment. The control room and industrial safety programs play a key role in the management of industrial plants.
Transportation is also a key driver. Transportation is a diverse segment that requires control room solutions specific to rail control, port control, traffic management, and fleet management. For most applications, an intelligent transportation system (ITS) minimizes congestion and improves safety, combining security and general surveillance with analysis of large transport network topologies. A typical transport control room operates 24/7 and is specifically designed to provide the best ergonomic solution for the safety and comfort of its operators.
You can purchase the full market research report here.