According to the latest report by IMARC Group, titled "Electronic Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global electronic security market size reached US$ 53.5 Billion in 2021. Electronic safety is a system that utilizes embedded technology and electronic devices to improve safety measures and protect human life as well as physical assets. Some of the most common functions performed by the system include surveillance, access control and intrusion control. It comprises alarms and close-circuit televisions (CCTVs) that aid in monitoring entry points and denying access to unauthorized individuals from entering a certain area or accessing stored information. It is also employed in business operations for safeguarding confidential business data and tracking unauthorized access to business-related information and assets. As a result, it is extensively utilized across the manufacturing, transportation, banking, healthcare and government sectors.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Electronic Security Market Trends:
The market is primarily driven by the increasing incidences of property thefts and break-ins across the residential sector. This, along with the rapid expansion of smart cities on the global level, has facilitated the uptake of electronic security solutions for ensuring enhanced safety. Moreover, there has been a considerable rise in cybercrimes due to the increasing automation across numerous industries, which has led to the growing requirement for efficient services to secure crucial data and infrastructure. The market is further driven by the growing concerns regarding the rising number of terrorist activities, including shoot-outs, contraband smuggling and bombings in high risk and sensitive locations. This has impelled government and private organizations to invest in developing enhanced electronic security solutions and install these systems across various public and public infrastructures. Furthermore, significant growth in the transportation sector has led major companies to adopt advanced security systems to safeguard public transportation modes and provide accurate access control and surveillance. On account of the aforementioned factors, the market is expected to grow at a CAGR of 6.9% during 2022-2027.
- On the basis of the product type, the market has been divided into surveillance, access control, intrusion detection, alarming and other systems.
- Based on the service type, the market has been classified into installation, managed and consulting services.
- On the basis of the end use sector, the market has been categorized into government, residential, transportation, banking, hospitality, healthcare, retail and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied with the detailed profiles of the key players. Some of these players 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, Inc., Siemens AG, and Thales Group.
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