Rising instances of property theft and break-ins in the U.S and growing penetration of home security solutions in the UK to magnify growth in the global Electronic Security Market
Covid-19 Impact & Market Status
The report offers an exhaustive overview of the business dynamics and new investment strategies that are being adopted by business leaders across countries and regions to overcome the acute challenges and financial instabilities that have emerged in the post pandemic times.
The report highlights some of the best industry strategies and practices that are adopted by the players across local and global markets. Ever since the Covid-19 broke out in 2019, it has spread aggressively, resulting in rapid declaration by the WHO affirming Covid-19 as a global pandemic and an emergency.
The impact of the pandemic is widespread and the aftermath is well pronounced, gravely affecting the global electronic security market. The sudden pandemic and its implications have posed significant challenges such as travel bans, quarantines, and lockdowns.
These developments are hampering operations resulting in supply chain breaches, stock market inefficiencies, and vendor chaos. These are constantly interfering with the normal functioning of industries.
Ever since the outbreak of the global crisis, impact on upstream, downstream, and midstream industries have been appalling. The report delivers a quick ready-to-deploy approach to counter such crisis and steer the global cloud professional serices market towards steady growth and systematic progression.
Amidst the pandemic, aligning with new dynamics, global electronic security market has been witnessing new dynamics which are further necessitating new business models and approaches to recoup growth and revenue streams.
In this report, inquisitive business players would be provided with sufficient guidelines regarding business transformation, integral to sustain stiffening competition in the pandemic and beyond pandemic era global electronic security market.
Access and Control Systems Services to Sustain the Highest Revenues
Access and control systems are estimated to witness the highest CAGR during the forecast period. The factors that can be attributed to the growing use of automated gates & barriers and turnstiles on the roads and airports coupled with innovations such as voice-activated devices and integration with the connectivity technologies such as Bluetooth, GPS, Wi-Fi are accelerating the demand for this segment.
Government Segment to be the Most Lucrative
The government segment holds the largest market share through the forecast years. Governments are financing hugely in tackling the soaring rate of crimes worldwide. The implementation of mass surveillance systems has assisted in tracking the suspects for crimes. this factor has increased the implementation in the government sector.
North America to Sweep the Largest Revenue Streams Followed by Asia Pacific
North America holds the largest market share. The steadily increasing number of retail stores and facilities in the US due to the entry of various international retailers and the awareness to combat retail shrinkage will boost the installation of electronic security devices such as video surveillance systems and alarms will boost the market in the North American region.
APAC is anticipated to exhibit significant growth rate during the forecast period due to infrastructure development at faster pace in countries such as Japan, India and China.
China is the major hub for production of electronic security systems. The rising number of global and local Chinese security system manufacturers is expected to propel the growth of electronic security market in the country.
Inclination of organizations toward cloud-based deployments to overcome on-premises limitations and increasing awareness levels to offer new opportunities in the global Electronic Security market
High risks associated with the terrorist attacks in U.S, India and Europe and growing trend of automation and smart technology in the Asia Pacific to drive business operations and improve efficiency. Also, the gglobalization has led to the emergence of a new dimension in the electronic security market. The presence of surveillance and access monitoring equipment can also reduce the occurrences of vandalism and homicides. The growing emphasis on technologically advanced radars, surveillance systems, and night vision equipment is driving the market expansion.
Despite a minor growth dip owing to Covid-19 implications, the global electronic security market is expected to recoup growth and register over USD XXX billion by 2028 ticking at a CAGR of X%.
Further, The electronic security market progression is credited to the increasing instances of property concerns and break-ins across geographies. A high-quality electronic security can reduce the number of security guards and armed patrols and increase the overall visibility to all areas of a commercial location.
Physical dimension comes with borders or perimeters, and cyber dimension is borderless and virtual. Infrastructures, such as grids, water plants, and oil and gas facilities, are the prime areas prone to natural hazards. These areas have high potential impact on the surrounding population. It has forced the government agencies to develop solutions to defend such infrastructures against these hazards. The world’s economy today has become more integrated by the use of advanced technologies and the ever changing market trends.
Forward-looking players in the global electronic security market are furthering investments towards developing advanced electronic security. The companies operating in the market are expected to develop an advanced electronic security system to cater to consumer demand.
Rapid urbanization, along with the increasing automation across industries, is one of the key factors driving the growth of the market. Also, the rising instances of property thefts and break-ins are acting as another major factor contributing to the market growth. Also,the rising inclination of the authorities toward securing public transportation and infrastructures, such as power grids, water plants and oil and gas facilities, is also providing a boost to the market growth.
Governments are investing in tackling the rising rate of crimes globally. The implementation of mass surveillance systems has helped in tracking the suspects for crimes. The use of a License Plate Reader (LRP) on the roads is rising in response to unsafe driving. According to the NHTSA 2018 report, for more than two decades, speeding has been the reason for approximately one -third of all motor vehicle fatalities. In February 2019, the US government released a strategy for surveillance and control of travel. This strategy includes the surveillance of all movements of a person by collecting as much information as possible, especially biometric and biographic. The deployment of this act will increase the demand for the electronic security market in the region.
The number of online or internet crimes is also rising resulting in the need for internet monitoring systems, IP based surveillance and access systems. Various government organisations have surged their spending on security systems. Wide variety of electronic security systems are available as per the requirement in different prices ranges, which is anticipated to drive the global electronic security market.
The major players of the global Electronic Security market are Lockheed Martin Corporation, G4S PLC, Bosch Security Systems, Auto Clear LLC, FLIR Systems, Inc., Hitachi Ltd, IBM Corporation, Siemens AG, Thales Group, and Axis Communications.
The electronic security market is a rapidly progressing industry and is characterized to have industrial frontliners as well as aspiring new players aiming to penetrate into the aggressive competitive landscape across global and local markets. Additionally, various new and aspiring players are improving their product lines and upgrading technological capabilities to improve revenue streams amidst Covid-19 impact.
Latest Innovations in the Global Electronic Security Market: a Snapshot
- A survey from Imperial Capital found that the number of US households with a security system is estimated at 32.7 million in 2018 and will reach 41.2 million by 2020 and 63.1 million by 2024. Further, between 2017 and 2022, the penetration of connected SMB (small and medium business) monitoring will increase from 22% to 27% of all SMB accounts in the US and the penetration of video will increase from 17% of connected SMB accounts in 2017 to 27% in 2022. This majorly holds a significant market growth trend in the region.
- In June 2019, Mouser Electronics Inc. announced that it is currently stocking a wide variety of security devices for medical disposables from Maxim Integrated. It includes DeepCover secure authenticators and 1-Wire memory devices, offering a layer of protection for medical devices, including single-use products, surgical tools, medication cartridges, and other pulse-oximetry probes.
In April 2020, Laing O'Rourke Australia Construction has gone to tender to seek electronic and physical security solutions for refurbished and newly constructed buildings at the AUD 535 million for Osborne Naval Shipbuilding Precinct in South Australia. This is the hub of Australia's Future Subs Program. This tender includes the supply and installation of permanent security systems in multiple buildings around the site.
Electronic Security Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD XXX billion|
|Growth Rate||CAGR of X% during 2021-2028|
|Segment Covered||Service Product, End-User, Region|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Lockheed Martin Corporation, G4S PLC, Bosch Security Systems, Auto Clear LLC, FLIR Systems, Inc., Hitachi Ltd, IBM Corporation, Siemens AG, Thales Group, and Axis Communications.|
Key Segments of the Global Electronic Security Market
Service Product Overview, 2018-2028 (USD Billion)
- Surveillance Security System
- Alarming System
- Access and Control System
End-User Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- South Korea
- Rest of APAC
Middle East and South Africa
- Saudi Arab
- Rest of MEA