The Boston bombings could fuel a global increase in government spending on video surveillance equipment, according to the information and insight specialists IHS.
A current forecast from IMS Research, now part of IHS, projects that global revenue for video surveillance equipment will increase to $20.5 billion in 2016 – up 114 per cent on the figure from 2010.
According to the current global projection, revenues have grown from $9.6 billion in 2010 and will hit $13.5 billion in 2013. It is predicted to grow steadily over the following years, hitting $15.5 billion in 2014 and $17.8 billion in 2015 before reaching the projected figure for 2016.
The forecast is being updated; however IHS claims previous high-profile terrorism events have resulted in increased government spending on security and, as a result, worldwide sales of video surveillance equipment could further boom as a result of further growth fuelled by the tragic events in Boston.
Paul Everett, senior manager for video surveillance at IHS, said: “The growth outlook of the video surveillance industry is subject to significant variances.
“This is because the market is dependent upon the vagaries of several intertwined factors that are difficult or impossible to predict, including economic conditions, government spending and notorious terrorism incidents.
“While it’s too early to tell exactly what impact the Boston bombing will have, past events – like 9/11 and the London Underground bombings – have led to increased government spending on video surveillance for public spaces, particularly in the transport sector.”
Three people were killed – two women and an eight-year-old boy – and more than 170 others injured after two bomb blasts near the finish line of the Boston Marathon on Monday April 15.
Brothers Dzhokhar and Tamerlan Tsarnaev are suspected of being behind the bombings. Tamerlan, 26, died during a shootout with the police and his 19-year-old brother Dzhokhar was captured and is being held in a prison at Fort Devens US army base in Massachusetts.