Electronic Security Market Size By Product (Access & Control System, Surveillance & Alert System, Anti-Theft System, Antiterrorist & Inspection Equipment), By Application (Environmental, Public Sector, Custom Service Sector, Postal, Telecommunications, Residential), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2017 - 2024
Published Date: Oct 2017 | Report ID: GMI2132 | Authors: Preeti Wadhwani, Saloni Gankar
Electronic Security Market size surpassed USD 27 billion in 2016 and is poised to grow at over 10% CAGR between 2017 and 2024. Increasing instances of property thefts and break-ins across the globe is a major factor contributing to the market growth.
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The occurrence of terrorist activities such as contraband smuggling, shoot-outs, and bombings in high risk locations such as government headquarters, trade centers, malls, and transit locations are leading to massive losses of human life and financial property. In addition, the rising inclination of the government of various economies towards safety of the public transportation systems and its smooth functioning will also offer impetus to the electronic security industry demand.
|Base Year:||2016||Market Size in 2016:||27 Billion (USD)|
|Historical Data for:||2013 to 2016||Forecast Period:||2017 to 2024|
|Forecast Period 2017 to 2024 CAGR:||10%||2024 Value Projection:||60 Billion (USD)|
|Pages:||290||Tables, Charts & Figures:||160|
|Geographies covered (16):||U.S., Canada, Germany, UK, France, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa|
|Segments covered:||Product, Application and Region|
|Companies covered (50):||Developer & Manufacturer Profiles, ADT LLC, ASSA ABLOY Group, Auto Clear LLC, Axis Communications, BOSCH Security Systems, Brivo Systems, LLC., Fisher Research Laboratory, FLIR Systems, Inc., Frontier Pitts, Ltd., Future Fibre Technologies, G4S PLC, Hitachi Ltd, Honeywell International Inc., Johnson Controls International Plc., L-3 Communications Security & Detection Systems, MilliVision Technologies, Napco Security Technologies, Inc., OSI Systems, Inc., OT-Morpho, RedXDefense LLC, Scanna MSC Ltd., Siemens AG, Schneider Electric, SDMS Security Products UK Ltd., Smiths Detection LLC, Thales Group, Vanderbilt Industries LLC, Victoria Alarm Services Ltd., Westminster Group PLC, Zod Security,|
|Pitfalls & Challenges:||
Market by Product
Antiterrorist & inspection equipment segment is anticipated to experience substantial growth through 2024 owing to increasing awareness among the governments and customers regarding security against attacks such as the Fort Lauderdale and Bishop International Airport attacks. The growth of cross-border illegal drug trade and violent acts of terrorism across the world is fueling the demand for the growth of anti-terrorist equipment such as baggage screeners and complete body scanners.
The demand for access and control systems in the electronic security market is projected to exhibit high revenues on account of growing use of automated gates & barriers and turnstiles on the roads and airports. Innovations such as voice activated devices and integration with the connectivity technologies such as Bluetooth is expected to increase adoption from the residential application of these systems.
Market by Application
Public sector applications account for the largest market revenue share. Public spaces such as roads, experiencing heavy traveler traffic, are highly susceptible to terror attacks. The presence of such equipment integrated with advanced software such as face, or license plate recognition software is instrumental in the identifying the criminals post-attack.
Proliferation of smart home devices and consumer demand to safeguard property and financial assets is predicted to drive the market demand in the residential sector. For instance, Kwikset launched a lock that can be activated through Siri voice commands and connects to Apple devices via Bluetooth. The rising trend of smart technologies and wireless systems is further influencing the market growth.
Market by Region
In the Asia Pacific region, real and perceived concerns about social unrest and economic growth is contributing to the market revenue. Industrialization boom has led to an increase in the disposable income of the middle-class population. Consumers are now able to afford luxury and high-priced goods that were previously unattainable.
The North America electronic security market size is expected to grow at an exponential rate during the forecast period impelled by increasing budget spending by the governments of U.S. and Canada. The trend of integrating biometrics, smart cards, and other non-contact technologies with the existing systems is expected to drive growth. Proliferation of wearable technology, advanced sensors, and voice-enabled devices is anticipated to positively impact the market size.
Competitive Market Share
Some of the vendors in the market include Auto Clear LLC, G4S PLC, Lockheed Martin Corporation, FLIR Systems, Inc., Bosch Security Systems, Axis Communications, Hitachi Ltd, IBM Corporation, Siemens AG, Thales Group, and OSI Systems, Inc. The industry is highly competitive with organizations undertaking business strategies such as product innovations, mergers and acquisitions, and high investment in marketing and advertising.
The market research report on electronic security includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2013 to 2024, for the following segments:
- Access and Control Systems
- Surveillance and alert system
- Anti-theft system
- Antiterrorist and inspection equipment
- Public sector
- Custom service sector
The above information has been provided on a regional basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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