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The global electronic security market reached a value of US$ 36.43 Billion in 2020. Looking forward, the market is expected to grow at a CAGR of 8.4% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use industries. These insights are included in the report as a major market contributor.
Electronic security refers to a system of integrated electronic circuits that are used to ensure the physical security of an enclosed space. It is designed to deny access to unauthorized individuals from physically entering a building or accessing stored information. It uses both power and mechanical components, such as access control, surveillance through close-circuit televisions (CCTVs), fire alarms and intrusion control systems. It provides users with elaborate surveillance that enables them to monitor entry points and minimize both property damages and inventory losses by taking timely action. Owing to this, it finds extensive applications across various sectors, including residential, government, transportation, banking, healthcare, hospitality and retail.
Rapid urbanization, along with the increasing automation across industries, is one of the key factors driving the growth of the market. Furthermore, rising instances of property thefts and break-ins are acting as another major factor contributing to the market growth. Both government and private organizations are employing electronic security solutions to monitor the occurrence of terrorist activities, such as contraband smuggling, shoot-outs and bombings in high risk and sensitive locations. In line with this, the rising inclination of the authorities toward securing public transportation and infrastructures, such as power grids, water plants and oil and gas facilities, is also providing a boost to the market growth. Additionally, widespread adoption of electronic security systems in shopping malls, residential apartments and commercial buildings, is acting as another growth-inducing factor. Individuals are using these systems for access control, surveillance, fire detection, maintenance of attendance records and internet monitoring.
IMARC Group provides an analysis of the key trends in each sub-segment of the global electronics security market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on product type, service type and end-use-sector.
Breakup by Product Type:
Breakup by Service Type:
Breakup by End-Use Sector:
Breakup by Region:
The report has also analysed the competitive landscape of the market with some of the key players being Axis Communications (Canon Inc.), ADT Security Services Inc. (Apollo Global Management Inc.), Bosch Security Systems Inc., FLIR Systems Inc., Hitachi Ltd., Honeywell International Inc., IBM Corporation, Tyco International (Johnson Controls), Lockheed Martin Corporation, OSI Systems, Siemens AG, Thales Group, etc.
|Base Year of the Analysis||2020|
|Segment Coverage||Product Type, Service Type, End-Use Sector, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||Axis Communications (Canon Inc.), ADT Security Services Inc. (Apollo Global Management Inc.), Bosch Security Systems Inc., FLIR Systems Inc., Hitachi Ltd., Honeywell International Inc., IBM Corporation, Tyco International (Johnson Controls), Lockheed Martin Corporation, OSI Systems, Siemens AG and Thales Group|
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The global electronic security market was valued at US$ 36.43 Billion in 2020.
We expect the global electronic security market to exhibit a CAGR of 8.4% during 2021-2026.
The rising installation of electronic security systems in shopping malls, residential apartments, and commercial buildings for access control, surveillance, fire detection, etc., represents one of the factors catalyzing the global electronic security market.
Sudden outbreak of the COVID-19 pandemic has led to the significant growth in the demand of electronic security devices for enhanced security, remote surveillance, and maintenance purposes due to the temporary shutdown of shopping malls, commercial buildings, offices, etc.
Based on the product type, the global electronic security market can be segregated into surveillance system, access control system, intrusion detection system, alarming system, and others. Currently, surveillance system represents the largest segment.
Based on the service type, the global electronic security market has been divided into installation services, managed services, and consulting services. Among these, managed services currently account for the majority of the total market share.
Based on the end-use sector, the global electronic security market can be bifurcated into government, residential, transportation, banking, hospitality, healthcare, retail, and others. Currently, the government sector exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global electronic security market include Axis Communications (Canon Inc.), ADT Security Services Inc. (Apollo Global Management Inc.), Bosch Security Systems Inc., FLIR Systems Inc., Hitachi Ltd., Honeywell International Inc., IBM Corporation, Tyco International (Johnson Controls), Lockheed Martin Corporation, OSI Systems, Siemens AG, Thales Group, etc.
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