Electronic Security Market Size

Electronic Security Market Size

Electronic Security Market size exceeded USD 40 billion in 2021 and is anticipated grow at a CAGR of over 10% between 2022 and 2028. The market growth is attributed to the rising incidents of property thefts, robberies, and home break-ins. Such growing instances of organized crimes are fueling the demand for electronic security systems in the market. The presence of surveillance and access monitoring equipment is assisting security agencies to reduce the occurrences of vandalism and homicides. The rising emphasis on technologically advanced radars, surveillance systems, and night vision equipment is driving the market expansion.

The market progression has witnessed rapid amplification during the ongoing COVID-19 pandemic. The popularity of monitoring and alarm systems is increasing owing to the rise in incidents of thefts, robberies, and others during the pandemic. Various private and public organizations across the globe are continuously investing in the electronic security technologies for enhancing the security of commercial and residential perimeters.