Overview and Scope
Electronic security refers to the use of electronic devices and systems to protect assets, individuals, and information from unauthorized access, theft, damage, or harm. It is used to enhance safety, prevent crime, and ensure the integrity and confidentiality of sensitive data through continuous monitoring, real-time alerts, and proactive security measures.
Sizing and Forecast
The electronic security market size has grown rapidly in recent years. It will grow from $47.62 billion in 2023 to $52.44 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to rising security needs, ongoing digitization, ascending trend of cyber threats, increasing awareness of safety and security, rising demand for internet monitoring system.
The electronic security market size is expected to see strong growth in the next few years. It will grow to $73.49 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to increased number of property thefts, increasing robberies and residential break-ins, increase in organized crime, increasing deployment of video surveillance systems, increasing usage of cloud-based access control solutions. Major trends in the forecast period include technological advancements, innovations in security, surveillance, and network offerings, increased instances of investment in startup firms, continuous innovations for rising security concerns, integration with the connectivity technologies such as bluetooth.
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Segmentation & Regional Insights
The electronic security market covered in this report is segmented –
1) By Product Type: Alarms, Video Surveillance Systems, Access Control Systems, Other Product Types
2) By Connectivity: Ethernet, Wireless, Cellular
3) By End-User: Defense, Manufacturing, IT, Automotive, Telecommunications, Residential, Public Sector, Other End-Users
North America was the largest region in the electronic security market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electronic security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increased number of property thefts is expected to propel the growth of the electronic security market going forward. Property theft refers to the unlawful taking of another person’s personal property with the intent of depriving that person of the use of their property. Several factors, including increasing organized criminal groups, increasing poverty, substance abuse, and social inequality, are contributing to the increase in property theft. Upon detecting a security breach, electronic security systems promptly notify property owners, authorities, or monitoring centers, enabling swift actions like contacting law enforcement or dispatching security personnel to the scene. For instance, in October 2023, according to a report published by the Federal Bureau of Investigation, a US-based law enforcement agency, there was a 7.1% rise in property crime offenses in 2022 compared to 2021, with the property crime rate reaching an estimated 1,954.4 incidents per 100,000 people, indicating a 6.7% increase from the previous year. Larceny theft constituted the majority (71.7%) of all property crimes in 2022, while burglary accounted for 13.8%. Therefore, the increased number of property thefts is driving the growth of the electronic security market.
Key Industry Players
Major companies operating in the electronic security market are Siemens AG, Panasonic System Networks Co. Ltd., IBM Corporation, Honeywell International Inc., Johnson Controls International Plc, Tyco International Plc, Hangzhou Hikvision Digital Technology Co. Ltd., ADT LLC, Dahua Technology Co. Ltd., Allegion Plc, dormakaba Holding AG, Assa Abloy AB, Axis Communications AB, Bosch Security Systems Inc., Chamberlain Group Inc., HID Global, Brinks Home Security, Avigilon Corporation, Genetec Inc., Milestone Systems A/S, G4S PLC, Fermax Electronica S.A.U., CP PLUS GmbH & Co. KG, Autoclear LLC, DoorKing Inc., BIO-key International Inc., ISONAS Security Systems Inc., FLIR Systems Inc., Mobotix AG
The electronic security market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
………..
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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