Video surveillance and access control companies suggest that these sectors would see a pick up in demand after COVID-19 threats ease.
As we near the end of 2020, there is much hope of a vaccine for COVID-19. With this, the security industry is looking ahead to a potential increase in demand across verticals. Naturally, some verticals are expected to see more demand than others at the initial stages. Here we present the verticals in which some of the largest security product manufacturers expect demand to a spike.
Logistics and warehousing
Joon Jun, President of the Global Business Division at IDIS
, said that his company sees a buoyancy in the logistics sector
, as eCommerce continues to grow, and COVID-19 has accelerated the shift to online buying.
"Distribution and logistics centers have had to keep up and upgrade their operations, and will likely continue to add measures to secure the supply chain, track goods in and out, and implement more solutions to ward off external threats such as being targeted by physical and cyber organized crime," Jun said.
Thomas Lausten, CEO of MOBOTIX
, pointed out that the education vertical offers a lot of potential. Making sure that educational institutions are safe and secure
is a highly sensitive issue. Whether at a kindergarten through high school or at a university or private learning institute, effective learning requires a calm and safe environment.
"High-end video technology can be instrumental in shielding students from disruption," Lausten said. "The key is an all-round solution: whether it is ensuring that no intruder enters the premises by using facial recognition, securing rooms and corridors, prevent vandalism or fires with the usage of thermal cameras – the demand is growing, and parents require more and more safety for their children and their data. A cyber-secure all-round solution is essential."
Cannabis sector in the US
According to Jun, the US's fast-growing cannabis sector is also likely to continue performing well, with analysts expecting a continued CAGR of up to 20 percent through to 2027, driven by the increasing legalization of cannabis for medical as well as adult recreational use.
Lausten sees a potential spike in demand in the health care vertical as the medical professionals continue to remain stretched beyond their limits.
"COVID-19 has shown the importance of the vertical more than ever before," Lausten said. "Medical staff is challenged every day even in normal times, and their responsibilities and daily tasks offer great opportunity to be supported by technology. For instance, it can support with automated notifications when patients fall and notify staff immediately. The medical staff can hence react promptly before the situation worsens. It eases their very stressful jobs, and allow them to trust that they do not miss out on their patient's well-being and safety."
The new norm of businesses to enable remote employment is bringing in new opportunities for the security industry. As more and more people work from home, there is a need for broader surveillance and protection.
"In the US and Europe, through our work with A/V integrators in the residential and small business sectors, IDIS sees a growth in demand not only for easy remote management of surveillance to increase security and safety, but also to provide convenience and efficiency, with smart automation solutions that integrate lighting, music streaming, HVAC, and a range of IoT devices that can be controlled remotely from mobile apps or by voice," Jun said.
Industries require high safety support at all areas in their premises – perimeter protection and access control are only a small part of it. More importantly, according to Lausten, solutions like smart fire protection could prove to be the key, as they not only protect staff but also prevent more significant damage to businesses.
"It shouldn't be necessary to react when a fire breaks out if we are able to prevent the fire from emerging at all," Lausten added. "This is crucial in returning the value of an investment as it avoids not only financial but also physical damage to people and workplaces."
COVID-19 solutions at a slower pace
Peter Chang, Director of Product Development Division, VIVOTEK
, had increased demand this year are those COVID-19 related solutions, like crowd control solution and temperature detection solutions. This trend could persist for next year.
"We expect that this demand will continue albeit at a slower rate into next year as many places and countries will use these COVID-related solutions as common practice," Chang said. "For infrastructure-based projects, we hope to see a comeback when the pandemic is under control, and these projects will be taken as the stimulant for economic recovery."
He concluded that the only exception would be the physical retail business because consumer behavior is forever changed. It would take longer for these related vertical markets to recover in the post-COVID era.