The global stadium security market has been prophesied in a report by Transparency Market Research (TMR) to find leading players taking to the adoption of partnerships, collaborations, product development, and mergers and acquisitions to secure stronger shares in the coming years. For instance, a leader in seating system solutions, VDL has recently shaken hands with GP Smart Stadium in a business partnership. The partners would be working toward achieving the goal of successfully deploying modern systems in Iraq’s Basrah International Stadium. The market also includes other prominent names of the industry, viz. Avigilon, AxxonSoft, and Genetec.
By the completion of 2025, the global stadium security market has been projected by TMR to reach a valuation of US$20.20 bn while posting a 12.74% CAGR for the forecast tenure 2017-2025. In 2016, the market had been valued at a US$6.94 bn. By sales channel, it could witness the rise of channel partner collecting higher revenue of US$10.95 bn. On the basis of region, North America has been prognosticated to expand at a whopping CAGR of 13.65%
Fears of Terrorism Looming Over Public Events Necessitate Stadium Security
Worries about the possibility of reoccurrence of terrorist attacks on large gatherings, especially during sports events, have been anticipated to increase the demand for stadium security. In 2017, the Manchester Arena bombing injured over 500 people and killed 23, including the attacker. Currently, almost every large stadium around the globe has been well-equipped with advanced systems such as intrusion alarms, metal detectors, fire alarms, access control systems, and CCTV cameras.
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Stadium owners have been observed to shell out colossal amounts of funds on security systems. Managing misbehaviors of attendees or their sudden outburst due to certain reasons could be a gigantic task to see through. However, with proper stadium security solutions in place, authorities could maintain a positive environment within the arena.
Poor Investment Owing to Dearth of Funds Stunts Development of Some Stadiums
There are still a few stadium owners who lack sufficient funds to maintain security inside and outside the arena. This could also percolate to investments made by owners, causing them to run low as a result of it. Furthermore, indigenous infrastructure of stadiums has been foretold to cause problems to complement smart technologies.
However, increasing frequency of sports events organized in different parts of the world and crowds of enthusiasts attending them could continue to raise the demand for stadium security at a sharp rate. Prompt response promised by security agencies during emergencies or untoward events has been expected to further surge the demand in the near future. After all, providing one-of-a-kind experience and ascertaining the security of visitors are of prime importance in the eyes of stadium authorities.
This post was originally published on The Market Plan