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In March 2020, The World Health Organization declared COVID-19 a global pandemic. Within a few weeks, it was clear that the pandemic was highly likely to cause the world s worst recession in the last 100 years. In June 2020, the World Bank published a baseline forecast envisioning a 5.2% contraction in global GDP in 2020.
Against this backdrop, the report delivers the best estimate of the global market for physical security products going forward to 2025 based on two scenarios. At this time, COVID-19 has been having second spikes in Q3 / Q4 and several countries are experiencing rolling lockdowns. The publisher believes our 2nd scenario looks more feasible where global markets take around a year to return to some normality and mass global adoption of a vaccine is achieved within 18 months. The publisher believes this has a probability of 65%.