When we published our 2019 World Report on Physical Security at the end of last year, we forecasted an annual growth rate of 15% from 2020 to 2024 for both Access Control as a Service (ACaaS) and Video Surveillance as a Service (VSaaS). But by the middle of April 2020, the COVID-19 pandemic has caused over 160,000 deaths globally and taken a wrecking ball to the world economy. The International Monetary Fund (IMF) recently announced the recession will drag global GDP lower by 3% in 2020, but its managing director now thinks the gloomy outlook could be too positive. And should the pandemic last through 2020, the world economy would emerge with modest gains in 2021 in a sluggish rebound. This new cycle of recession will certainly reduce overall demand for physical security products in 2020. Our current best estimate is that the 1st quarter of 2020 will show a decline of 5%, caused by […]