Electronic Security Market: Global Industry Analysis And Forecast (2023-2029)

Electronic Security Market size was valued at US$ 44.41 Bn. in 2022 and the total Electronic Security revenue is expected to grow at 10.2 % through 2022 to 2029, reaching nearly US$ 87.65 Bn.
Electronic Security Market Overview:
Electronic security refers to electronic equipment that provides security solutions such as surveillance, access control, alarm, intrusion detection, and other security measures. Businesses and government agencies can benefit from electronic security solutions to improve their security measures. Electronic security improves safety measures and protects people and property. The increased number of property thefts, robberies, and residential break-ins is attributed to market growth. increase in organized crime is also boosting the demand for electronic security solutions. Thus, the Rising security needs will force entrepreneurs to develop solutions to meet the country's need for safe environments. Furthermore, the technical advances in products and services such as IoT, SaaS, and Machine-to-Machine will impact consumer choices and will increase the need for the electronic security market globally throughout the forecast period. To know about the Research Methodology:-Request Free Sample Report

The Electronic Security market development has increased during the ongoing COVID-19 outbreak owing to the increases in thefts, robberies, and other crimes during the outbreak. In particular, theft is on the rise. Therefore, the need for Monitoring and alarm systems is becoming more popular. Various corporate and governmental organizations throughout the world are continuously investing in electronic security technology to improve the security of business and residential perimeters.

In this report, the Electronic Security market's growth reasons, as well as the market's many segments (Product Type, End-User, Connectivity, and Region), are discussed. Data has been given by market players, regions, and specific requirements. This market report includes a comprehensive overview of all the significant improvements that are presently prevailing in all market segments. Key data analysis is presented in the form of statistics, infographics, and presentations. The study discusses the Electronic Security market's Drivers, Restraints, Opportunities, and Challenges. The report helps to assess the market growth drivers and determines how to use these drivers as a tool. The report also helps to rectify and resolve issues related to the global Electronic Security market situation.
Electronic Security Market Dynamics:
Electronic Security protects assets and provides a safe workplace

The growing need to protect personal and company assets in a globally connected and technologically advancing world is increasing demand for the electronic security market during the forecast period. Electronic security is rapidly gaining traction in the global electronic security market because of benefits such as asset protection for personal and business assets, improved workplace safety, instant conflict resolution, internal and external theft control, and easy monitoring of high-risk areas from remote locations. Electronic security allows users to benefit from video surveillance. Video surveillance may help with the monitoring of entrance points into a home or company. Surveillance may also safeguard companies and their employees from unfavorable circumstances and conditions. It may even help in the reduction of both harassment and violence. This can contribute to a more pleasant and productive work atmosphere. Furthermore, organizations may profit from video surveillance using electronic devices.

Immediate security updates

The trend of using mobile devices to remotely access and manage electronic security systems is becoming more popular. Users can go for longer distances without any worry thanks to technological innovations in electronic security systems. By using various electronic devices including computers, tablets, and smartphones, users can access present electronic security systems. Whether at home, on vacation, or commuting, users can stay informed about the situation thanks to cutting-edge technology and cloud-based services. Users may learn about a security breach in just a few seconds with quick security notifications on the phone. Electronic security systems can provide critical evidence If an issue happens in the business or at home whether it is an internal or external robbery/break-in.

Additionally, open IT technology would be chosen over previous ways because it offers better functionality, greater scalability, and flexibility for particular applications. The shift from traditional video surveillance to IP video is inevitable because IP cameras are simple to set up, simple to operate, and cost-effective.

Electronic Security used by various sectors

Companies all across the world are investing more to protect infrastructure and prevent casualties. Equipment like sensors, detectors, fire alarm systems, control panels, interfaces, and communications devices are used by businesses to establish security on their property. The growth of the electronic security market is being driven by an increase in SME and company numbers worldwide. Asia-Pacific, Europe, and North America are the three regions where the most money is being spent on electronic security.

Furthermore, Electronic security systems are essential because they are widely used in corporate offices, public spaces, retail stores, and other locations. Additionally, these devices are utilized in public spaces such as railway stations. The market for electronic security systems is also being driven by a growing need for cutting-edge security systems for smart city projects throughout the world.

Electronic security is hampered by high maintenance costs and privacy concerns.

The electronic security system's installation and maintenance costs are high since it needs routine maintenance and is connected to a centralized system. Companies are investing to maintain their security networks. Any data breach or exposure of private information can do serious harm to the end-brand user's reputation. Financial and legal problems may also result from it. However, the factors such as lack of consumer awareness and technical capabilities are hindering the global electronic security market over the forecast period.
Electronic Security Market Segment Analysis:
By product type, the video surveillance segment is expected to grow at a CAGR of 10 % over the forecast period led by the increasing investments in the adoption of surveillance camera technology. In Us, public spaces including malls, bus stops, and airports are increasingly using surveillance and alarm systems. Closed-circuit TVs come in several forms to meet the needs of various applications such as HD CCTV, analog CCTV, ANPR systems, and video analytics. These electronic security systems' sophisticated operating capabilities are expected to promote market growth.

The access control system segment offers quick and efficient real-time reactions during terrorist attacks and other criminal activity. Commercial, government, industrial, and residential sectors may all benefit from increased security and safety thanks to the usage of smart cards, biometric devices, and electronic devices for greater security and authentication. Access control systems are also installed in highly restricted regions, nuclear power plants, and other institutions to improve the security of employees and assets.

By Connectivity, the ethernet connectivity segment is predicted to account for 40% of the market share throughout the forecast period. Ethernet connection is used by modern electronic security systems including security cameras to send digital data to host computers. Additionally, a number of businesses in the industry have created electronic security systems that utilize Power-over-Ethernet (PoE) technology to control both power flow and data transfer.By End-User, the residential segment is driven by factors such as growing awareness regarding home security systems and the emergence of the Internet of Things (IoT) and wireless technologies over the forecast period.

Defense electronics-based systems offer reliable, high-performance electronic attack, defense, and detection capabilities to support operations and reduce casualties.
Electronic Security Market Regional Insights
The Asia Pacific electronic security segment is expected to grow at a CAGR of 11.2% during the forecast period. One of the key factors driving the market demand for electronic security solutions is the rising requirement to protect the nation's security from terrorist attacks. The increasing costs for safeguarding key infrastructures such as airports, banks, trade centers, government offices, and business facilities are another factor driving this demand.

The industry value is further supported by the fact that ongoing globalization and rising urbanization have boosted the demand for superior security solutions across all industrial verticals. It is expected that China's cloud deployment market will be worth USD 4.6 million by 2025. The adoption rate of cloud-powered CCTV cameras and extensive digitalization is expected to support business growth. According to information, Taiyuan, a Chinese city was thought to be the most-surveilled city in the world with an estimated 117 CCTV cameras per thousand people.

North America dominated the electronic security market during the forecast period followed by Europe and the Asia Pacific. As more foreign retailers enter the American market and consumers become more aware of the need to reduce retail shrinkage, there will be an increase in the installation of electronic security devices like video surveillance systems and alarms which will drive the market for electronic security systems in the North American region.The objective of the report is to present a comprehensive analysis of the Electronic Security market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Electronic Security market dynamics, and structure by analyzing the market segments and projecting the Electronic Security market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Electronic Security market make the report investor’s guide.
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Global Electronic Security Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 44.41 Bn.


Forecast Period 2023 to 2029 CAGR:
10.2 %
Market Size in 2029:
US $ 87.65 Bn.


 Segments Covered:
by Product Type
Alarms
Video surveillance systems
Access control systems
Other electronic security products


by End-User
Defense
Manufacturing
IT
Automotive
Telecommunications
Residential
Public Secor
Other


by Connectivity
Ethernet
Wireless
Cellular



Electronic Security Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players
1. ADT LLC
2. Allegion plc
3. ISONAS
4. ASSA ABLOY AB
5. HID Global
6. Axis Communications AB
7. BIO-key, International, Inc.
8. Bosch Security Systems
9. Brinks Home Security
10.Chamberlain Group, Inc.
11.CP PLUS GmbH & Co. KG
12.Dahua Technology Co., Ltd.
13.DoorKing, Inc.
14.dormakaba Holding AG
15.Fermax Electronica S.A.U.

FAQs:

1. Which is the potential market for Electronic Security in terms of the region?
Ans. In the Asia Pacific region, the rising requirement to protect the nation's security from terrorist attacks is expected to drive the market.

2. What is expected to drive the growth of the Electronic Security market in the forecast period?
Ans. The growing need to protect personal and company assets in a globally connected and technologically advancing world is increasing demand for the electronic security market during the forecast period.

3. What is the projected market size & growth rate of the Electronic Security Market?
Ans. The Electronic Security Market size was valued at US$ 44.41 Bn. in 2022 and the total Electronic Security revenue is expected to grow at 10.2 % through 2022 to 2029, reaching nearly US$ 87.65 Bn.

4. What segments are covered in the Electronic Security Market report?
Ans. The segments covered are Product Type, End-User, Connectivity, and Region.