The increasing focus on integrating technologically advanced surveillance systems to curb the rising incidents of crime, thefts, and provide other security solutions is driving the global electronic security market.
Covid-19 Impact & Market Status
Covid-19 led disruption has changed the approaches to software, hardware, and service security. The key trends that have influenced the growth of global electronic security market in 2021 and beyond are rising evolution of new age security solutions from analog to digital systems, growth of real estate, growing threat incidents due to rapid digitalization and interconnectedness, improving value proposition, emergence of subscription based security services, and many other factors. The key factors such as increase in data thefts, rising security breaches are the key drivers of global electronic security market. Also, increasing adoption of wireless technologies, growing penetration of Internet of Things are also influencing the growth of global access control market. Furthermore, technological advancements in blockchain technology, cloud computing are positively impacting the global electronic security market.
This report offers a comprehensive overview of the key elements of the market such as drivers, restraints, opportunities. Furthermore, current market size, growth rate estimates through the forecast span 2021-2028, individual sectors and sub-sectors, countries, and regions contributing majorly to the growth of global electronic security market are studied in the report. The report gives some recommendations and solutions that help market players take informed decisions in the global electronic security market.
Video Surveillance Systems Witnessed Strong Growth
The global electronic security market is classified into alarms, video surveillance systems, access control systems, other electronic security products on the basis of product type. Among these, the Video Surveillance Systems segment witnessed strong growth in 2021 and is expected to grow at highest CAGR in forthcoming years. The key growth factors are rising security breaches and increasing significance for securing important infrastructures such as airports, banks, and trade centres.
North America Likely to Rise With Impressive Growth Streak
North America dominated the electronic security market in terms of revenue share, and it is likely to continue to do so over the forecast period, followed by Europe and Asia Pacific. The key factors such as increasing number of retail stores and facilities in the United States as a result of the entry of several international retailers and the increased awareness of the need to combat retail shrinkage, electronic security devices such as video surveillance systems and alarms will be installed more frequently, boosting the market for electronic security systems in the North American region.
The growth of the surveillance systems market in the United States will be aided by the rising popularity of video surveillance and AI-infused remote monitoring. In public venues across the United States, such as malls, bus stops, and airports, surveillance and alert systems are becoming more common. Closed-circuit televisions come in a variety of configurations, including HD CCTV, analogue CCTV, ANPR systems, and video analytics, to meet the needs of a variety of applications. These electronic security systems' superior operational capabilities are expected to help the sector flourish.
The increasing need for safeguarding personal and business assets in the globally connected and digitally advancing world is improving the reliance on electronic security systems furthering the development of global electronic security market.
Owing to benefits such as protection to personal & business assets, improved workplace safety, instant conflict resolution, internal as well as external theft control, easy monitoring of high risk areas from remote locations, the electronic security is experiencing rapid adoption as opposed to traditional security approaches, thus fostering remarkable progress in global electronic security market.
The factors such as technology evolution, rising new business models in post-pandemic world, emerging government intervention, widening geographical spread, declining hardware cost is fueling the global electronic security market growth. Additionally, rise in organised crime followed by large-scale terrorist acts along with driving the electronic security business are boosting the global electronic security market expansion.
The advantages such as detailed organizational data, protection against unwanted visitors, prevention of systems from data breaches, safe work environment, reduction in theft and accidents, access to multiple buildings and locations, and regulatory compliance encourage further adoption of electronic security. The market value of Global Electronic Security Market is estimated to reach close to USD 70.57 billion CAGR of with annualized growth rate of 8.98 percent through the forecast span 2021 to 2028.
Electronic security is an electronic equipment that provides security solutions like surveillance, access control, alarm, intrusion detection, and performs other security operations. Electronic security solutions assist businesses and government agencies in upgrading their security measures. Spending to secure important infrastructures such as airports, banks, and trade centres has increased significantly. Integration of electronic security provides improved safety measures and protects human life and physical assets. The popular electronic security systems installed in work areas, manufacturing plants, and other areas are alarms, access control, and CCTVs. These systems provide intrusion detection, access control, alarming, and other security features.
Users can benefit from video surveillance thanks to the electronic security. Video surveillance can assist in the monitoring of entrance points into a home or business. They can supervise areas of the business where there are no employees.
Surveillance can also protect companies and their employees against a variety of undesirable situations and circumstances. It may even aid in the reduction of both harassment and violence. This can promote a more pleasant and productive work environment. Furthermore, businesses can benefit from video surveillance using electronic devices.
Electronic security systems prevent both property damage and inventory losses, this is the case. Video surveillance systems can deter crime and, as a result, can help reduce insurance and liability expenses. With the use of the internet, electronic security systems can provide customers with access to security monitoring 24 hours a day.
However, the factors such as lack of consumer awareness and technical capabilities are hampering the global electronic security market. Furthermore, e-SaaS business, real estate growth, increasing compliance rate and increased demand for safety systems, increasing competitive rivalry between electronics manufacturers and government interventions are anticipated to be growth opportunity to the Global Electronic Security Market.
The major players in Global Electronic Security Market are ASSA Abloy, Zod Security, Westminster, Vanderbilt, Teledyne FLIR, Siemens, Scanna MSC, OSI Systems, Napco Security Technologies, Johnson Controls, IDEMIA, G4S, Frontier Pitts, Fisher Research Laboratory, Brivo, BOSCH, AVA Group, AXIS Communications AB, Autoclear, and ADT among others.
Latest Innovations in the Electronic Security Market: a Snapshot
- April 2020 - Bosch introduced the INTEOX camera platform, which the company describes as "the first fully open platform of its kind." According to the Bosch release, the security industry must accept change in order to fully realise the benefits of harnessing the Internet of Things (IoT). With INTEOX, the business claims to be exhibiting the IoT's immense possibilities.
- January 2020 - Johnson Controls launched two new platforms, Tyco American Dynamics victor 5.4.1 and Tyco Software House C-CURE 9000 v2.8. These platforms are the first to be formally approved by Underwriters Laboratories as satisfying new third-party security standards for on-premise commercial security systems. The UL- 2610 standard, which governs Commercial Premises Security Alarm Units and Systems, has been updated to add new requirements for this technology.
Electronic Security Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 70.57 billion|
|Growth Rate||CAGR of 8.98 % during 2021-2028|
|Segment Covered||Service Product, End-User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||ASSA Abloy, Zod Security, Westminster, Vanderbilt, Teledyne FLIR, Siemens, Scanna MSC, OSI Systems, Napco Security Technologies, Johnson Controls, IDEMIA, G4S, Frontier Pitts, Fisher Research Laboratory, Brivo, BOSCH, AVA Group, AXIS Communications AB, Autoclear, and ADT among others.|
Key Segments of the Global Electronic Security Market
Service Product Overview, 2018-2028 (USD Billion)
- Video surveillance systems
- Access control systems
- Other electronic security products
End-User Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa