The global market for electronic security system has the capacity to touch a valuation of USD 59 billion by the end of 2022, believes Market Research Future (MRFR). The market can achieve a stunning CAGR of 30% during the forecast period (2016-2022).
Top Drivers and Key Barriers
Electronic security systems find widespread use across numerous fields of operations, including a business operation to safeguard sensitive business data and to monitor unauthorized access to the systems that hold confidential information. Electronic security systems have the ability to conduct security operations such as alarming, surveillance, intrusion control, or access control to a facility or a location. To fulfill the varying demands of the end-users like financial budgets and property size, market players strive to offer an array of equipment.
Electronic security system offers the users with a host of benefits like video surveillance, which helps track all the entry points at home or businesses. The system helps the businesses lower down the cost and also helps prevent both inventory losses as well as property damages. Some of the significant factors stimulating the demand for Electronic Security Systems Market can be the surging number of property thefts as well as break-ins across the globe. The market also benefits from the mounting demand for electronic security systems across government agencies, manufacturing industries, and commercial establishments.
Rising occurrences of terrorist activities like bombings, contraband smuggling along with shoot-outs occurring at high-risk locations such as trade centers, government’s headquarters, transit locations, and malls have induced substantial losses of human life as well as financial property. These infelicitous events have given rise to the demand for electronic security systems over the years. Additionally, surge in the number of infrastructure development projects like IT hubs and smart cities has fostered the adoption of electronic security systems, given their ability to offer quicker, real-time and improved security and safety.
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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.
Electronic Security System Global Market – Segmentation
The worldwide market for electronic security systems has been segmented in the report based on the type and end-users.
The market types covered in the report are intrusion detection, access control, video surveillance and vehicle security. Video surveillance systems holds the most significant share in the market, since it enjoys massive demand owing to its ability enhance the customer’s business by offering effective solutions to prevent loss as well as merchandising among others.
Some of the prominent end-users in the electronic security system market are BFSI, healthcare, residential and others. The healthcare, along with the banking & finance segment form the largest market, since electronic security system helps offer a number of security solutions to administer the organizational premises and also prevent unauthorized access.
Electronic Security System Global Market – Regional Analysis
The market for electronic security system has been geographically split into North America, Europe, Asia Pacific (APAC) and Rest of the world (RoW).
The largest share in the global electronic security system market is controlled by North America, with major support coming from factors like mounting safety awareness among industrial and residential sectors. A number of countries in the region, significantly the United States (U.S.) happen to lead the regional market for electronic security system, thanks to the increasing deployment of the security technology by the government and commercial end-users, surging focus on crucial infrastructure protection, rigid government regulations and technological upgradations in products within the region.
APAC is all set to achieve the fastest growth rate in the global electronic security system market, considering the fast-paced infrastructure development across nations like India, Japan and China. China leads the regional market, in view of the fact that the country is essentially a manufacturing hub for the electronic security systems combined with the growing number of construction activities.
Given the rising number of IT and manufacturing industries, Europe has become one of the highly established markets for electronic security system. On the other hand, the MEA market is expected to perform decently in the coming years, on account of the surge in the security awareness as well as the infrastructure development in recent years.
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- Electronic security system Manufacturers
- Research firms
- Consultancy firms
- Semiconductor Manufacturers
- Technology Investors
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