Mar 02, 2023

English - UK

Pramod Pawar

Electronic Security Market Size (USD 14.54 billion by 2032) with 24.37% CAGR

The global electronic security market size is expected to be worth around USD 14.54 Bn by 2032 from USD 1.64  Bn in 2022, growing at a CAGR of 24.37% during the forecast period from 2022 to 2032.

The electronic security market encompasses the use of electronic devices and systems to provide protection for individuals, businesses, and other organizations. It encompasses products like surveillance cameras, access control systems, alarms, and monitoring services among others. Due to growing concerns about security threats as well as an increased need for more sophisticated security solutions, this sector has seen steady growth over recent years.

The electronic security market encompasses all electronic systems used to safeguard residential, commercial and industrial properties against threats such as theft, vandalism, terrorism and unauthorized access. These range from access control systems and video surveillance systems to intrusion detection systems and fire detection devices - just to name a few!

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Key Takeaways

  • The global electronic security market is projected to experience a compound annual growth rate (CAGR) of over 24.3% from 2022-2032, driven by increasing demand for advanced security solutions, particularly in emerging economies.
  • North America leads the electronic security market, followed by Europe and Asia-Pacific.
  • Video surveillance accounts for over 40% of total market revenue in this space.
  • Other key segments include access control systems, intrusion detection systems, and fire detection and alarm systems.
  • Key players in this market include Honeywell International, Bosch Security Systems, Tyco International, and Assa Abloy.

Regional Snapshot

North America leads the electronic security market, driven by high investments in security systems and infrastructure from governments and businesses alike. Europe follows closely behind, where demand for electronic security has been spurred on by growing fears of terrorist attacks and increasing crime rates. Looking ahead, Asia-Pacific is expected to experience the highest growth rate over the coming years due to increasing urbanization and an increasing need for advanced security solutions.

Drivers

  • Increased concerns about security threats such as terrorism, cybercrime and theft.
  • Technological advances in electronic security systems like artificial intelligence and machine learning.
  • Growing demand for advanced security solutions in emerging economies.
  • Adoption of cloud-based security solutions is increasing.

Restraints

  • High cost of electronic security systems, particularly for small businesses and individuals.
  • Privacy concerns and data security vulnerabilities.
  • Absence of skilled personnel to install and maintain electronic security systems.
  • The global economic impact of the COVID-19 pandemic could potentially cause a temporary reduction in investment in electronic security systems.

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Opportunities

  • Growing Security Concerns: Due to the rising number of security breaches and cyber-attacks, there is an escalating demand for electronic security solutions.
  • Technological Advancements: Recent technological breakthroughs such as artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT) offer unprecedented possibilities for electronic security systems.
  • Growth of Smart Cities: The rise of smart cities is driving demand for electronic security systems such as video surveillance, access control and intrusion detection devices.
  • Increased Adoption of Cloud-Based Security Systems: Cloud-based security systems have seen an uptick in adoption due to their scalability, cost effectiveness and ease of deployment.

Some of the major obstacles facing electronic security market include

  • Cybersecurity Risks: As more devices become connected to the internet, cyber attacks on electronic security systems become more likely. These incidents could cause data breaches, financial losses or even physical harm.
  • High Initial Costs: Electronic security systems require a considerable financial commitment for installation, upkeep and upgrades. This high cost can be an impediment to entry for some businesses and consumers.
  • Rapidly Evolving Technology: Electronic security systems are rapidly improving, making it increasingly challenging for businesses and consumers to stay abreast of the newest innovations.

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Recent Developments

  • Integration with Smart Home Technology: Electronic security systems can now be integrated with smart home technology, allowing homeowners to control and monitor their security systems remotely from their smartphones or other mobile devices.
  • Artificial Intelligence (AI) and Machine Learning: Electronic security systems are increasingly utilizing AI and machine learning algorithms to enhance their accuracy and responsiveness.
  • Cloud-Based Security Systems: Cloud-based security systems enable businesses and consumers to store their security data remotely, granting them flexibility and scalability on-the-go.
  • Video Analytics: Electronic security systems are increasingly using video analytics technology to analyze footage and detect potential security threats in real-time.
  • Overall, the electronic security market is expected to keep growing over the coming years due to technological developments and advancements. However, addressing cybersecurity and cost issues will be essential for its long-term success.

Key Market Segments

Type

  • Perimeter Security
  • Video Surveillance

Application

  • Security as a Service (SaaS)
  • Do-it-yourself (DIY) Security
  • Multiple-System Operators (MSO)
  • System Integration and Convergent Innovation: Order of the Day
  • Security Analytics Market: Highly Competitive
  • Product Launches
  • Strategic Corporate Developments
  • Select Key Players
  • Body-worn Cameras (BWCs)

Key Market Players included in the report

  • DT LLC (USA)
  • Allegion (Ireland)
  • ASSA ABLOY (Sweden)
  • HID Global (USA)
  • Axis Communications (Sweden)
  • BIO-key (USA)
  • Bosch Security Systems (Germany)
  • Changzhou Minking Electronics (China)
  • CP PLUS (Germany)
  • Dahua Technology (China)
  • Diebold Nixdorf (USA)
  • DoorKing (USA)
  • dormakaba Holding (Switzerland)
  • Fermax Electronica (Spain)
  • Gemalto (Netherlands)
  • 3M Cogent (USA)
  • Genetec (Canada)
  • Global Security Solutions (Canada)
  • Gunnebo (Sweden)
  • Hanwha Techwin (South Korea)

Report Scope

Report AttributeDetails
The market size value in 2022USD 1.64 Bn
Revenue forecast by 2032USD 14.54 Bn
Growth RateCAGR Of 24.37%
Regions CoveredNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World
Historical Years2017-2022
Base Year2022
Estimated Year2023
Short-Term Projection Year2028
Long-Term Projected Year2032

FAQ

Q: What is electronic security?

A: Electronic security refers to the use of electronic devices and systems for protecting people, property, and information. Examples include access control systems, video surveillance systems, and intrusion detection systems.

Q: What is the size of the electronic security market?

A: By 2032, analysts project that this sector will reach 14.54 billion dollars with a compound annual growth rate (CAGR) of 24.37% from 2022-2032.

Q: What are the advantages of electronic security systems?

A: Electronic security systems offer numerous advantages, such as improved safety and security, decreased risk of theft or damage, and enhanced peace of mind.

Q: Are electronic security systems expensive to install and maintain?

A: Installation and upkeep costs for electronic security systems can vary depending on the type and level of customization necessary.

Q: Do electronic security systems require professional installation to set up and utilize?

A: Installation of some electronic security systems may be complex, so professional assistance may be necessary. On the plus side, many are user-friendly with intuitive interfaces and straightforward instructions for users.

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Author

Prudour Private Limited



Email:

Pramod@market.biz

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