Electronic security system is electronic equipment which performs security operations such as surveillance, access control, alarming or an intrusion control to a facility or an area enabled with a power backup. It serves many application fields such as home automation, commercial, industrial, medical, and transportation.
The key drivers contributing to the growth of the global Electronic Security System Market are raising incidents of security concerns, improvement in network infrastructure & broadband services and rising demand for technologically advanced security products by end-users among others. Further, the increasing investments towards the development of the smart cities around the world are increasing the demand for advanced electronic security services as it provides faster, real-time data for improved safety and security solutions to the consumers. Other factors driving the growth of the market are strong demand for CCTV & video surveillance system and rising government investments in security projects. However, the restraining factors towards the growth of the global electronic security system market are privacy issues, lack of consumer awareness and high cost of electronic security systems. .
Among its various end user sectors, BFSI and healthcare is the major contributors to the market majorly to prevent violation in the hospitals to provide safe and secure healthcare environment and also to provide physical protection of assets
The global Electronic Security System Market is expected to reach USD ~59 billion by the end of 2022 growing with ~30% CAGR during forecast period 2016-2022.
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The key players of global electronic security system market report include 3D Datacom (U.S.) (Sweden), Bosch Security Systems (Germany), 3VR Security, Inc. (U.S.). (U.S.), Honeywell international Inc. (U.S.), A&B Security Group (U.S.) , Panasonic System Networks Co. Ltd (Japan), Sony Corporation (Japan), Schneider Electric (France), Cisco Systems, Inc. (U.S.) , A-TEC security system, Inc. (U.S.) and others.
Market Research Future Analysis
The global electronic security system market is expected to grow significantly. The market is highly application basis. Commercial and government segment of electronic security systems globally drives the market due to high investments and security awareness. The market is expected to have higher growth rate as compared to the previous years.
North-America is the largest region for the electronic security systems market. However, Asia countries, especially China, India and Japan are expected to grow over the forecast periods. China is one of the leading manufacturer of electronic security systems thereby contributing in generating high revenue for electronic security system market. Also, growing civil infrastructure in this region boosting the overall growth of the market.
The electronic security systems market can be segmented into its type, end-users and regions. The market has various types such as access control, intrusion detection, vehicle security and video surveillance. Video surveillance systems accounted for the largest market share to help in improving the customer’s business by providing effective solutions for loss prevention, and merchandising among others. Various end-users of electronic security system comprises of healthcare, BFSI, residential and others. The healthcare, and banking & finance segment accounted for the largest market share, since it provides security solutions to monitor organizational premises and prevent unauthorized access.
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- Electronic security system Manufacturers
- Research firms
- Consultancy firms
- Semiconductor Manufacturers
- Technology Investors
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