CLEVELAND, Aug. 3, 2017 — Demand for body cameras is forecast to reach $103 million in 2020. Sales in volume terms are expected to continue rising at a rapid pace over that period as the number of agencies issuing these products increases. Sales will be further supported by many agencies choosing to expand their existing stock of body cameras for use with a wider number of officers. The availability of grants and other funding opportunities will buoy the spreading adoption. Nonetheless, gains in value terms will represent a significant deceleration from the 2010-2015 period as prices for these products continue to fall. This price decline, with some options offering price points at a tenth of some of the more expensive cameras, will primarily be driven by a focus among manufacturers on providing more affordable options for the often tight budgets of law enforcement agencies. These and other trends are presented in Law Enforcement & Guarding Equipment, a new study from The Freedonia Group, a Cleveland-based industry research firm.
Although the price of the camera hardware is falling, another major cost consideration is the storage and management of these systems. The amount of data gathered by these cameras is enormous and must be stored for a certain period of time. According to analyst Katherine Brink, “Even faster gains will be limited by ongoing concerns regarding the large associated costs of storing and maintaining the data captured by these cameras, which can cost more than twice the price of the original hardware.” As a result, agencies that wish to implement these systems must consider numerous costs. Various agencies have used a wide range of options in order to fund these polices, including using federal funds earmarked for the expansion of body camera programs, raising money from the local community, and readjusting their spending in order to allocate enough funds to cover the associated costs.
More information about the study is available at
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About The Freedonia Group, a division of MarketResearch.com – The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. Since 1985, we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Additional Security studies can be purchased at www.freedoniagroup.com, www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group