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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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