Electronic Security Market size is set to surpass USD 90 billion by 2028, according to a new research report by Global Market Insights Inc.
The electronic security market growth is attributed to the growing instances of organized crimes, followed by large-scale terrorist attacks. The use of electronic security solutions helps companies and authorities in strengthening their security protocols. There has been a significant rise in spending to protect critical infrastructures such as airports, banks, trade centers, etc. Growing investments and demand across residential areas are expected to fuel the market expansion.
Increasing affinity of commercial complexes and enterprise offices toward smart access control solutions will accelerate the segment growth
The access and control system is projected to witness 10% growth rate through 2028 led by the growing emphasis on technically advanced access and control systems along with automated gates & barriers. There has been a significant proliferation of smart cards that use proximity technology. Innovations including voice-activated devices and integration with connectivity technologies, such as Bluetooth, are further enabling demand among customers.
Better data control and enhanced operational capabilities of on-premise deployment buoying the market progression
The on-premise deployment is estimated to hold 60% of the electronic security market share by 2028. The on-premise deployment of electronic security solutions facilitates an extended level of security. Diverse solutions including surveillance systems and inspection systems are deployed at an in-house infrastructure. This helps public agencies with an extended security framework to assure infrastructure & public safety. The operational capabilities along with cost benefits associated with on-premise deployment will drive the demand for electronic security solutions in the market.
Browse key industry insights spread across 320 pages with 435 market data tables and 35 figures & charts from the report, “Electronic Security Market Size By Component (Solution [Access & Control System, Surveillance & Alert System, Anti-Theft System, Antiterrorist & Inspection Equipment], Service [Professional Services, Managed Services]), By Deployment Model (On-premise, Cloud), By Connectivity (Ethernet, Wireless, Cellular), By Application (Environmental, Public Sector, Custom Service Sector, Postal, Telecommunications, Residential), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
Wireless connectivity segment is credited to lower latency and a spike in the deployment of IoT-enabled security solutions
The wireless connectivity segment is predicted to attain a CAGR of 10% till 2028. Modern electronic security solutions are available with wireless connectivity options. They feature an advanced control panel to operate over a wireless remote control. The security solutions can be operated remotely to monitor the remote locations. Additionally, the growing popularity and penetration of IoTs have provided unique operating environments for these systems, stimulating the industry growth.
Market size to be positively reshaped with the increasing demand for electronic security across environmental applications
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The electronic security market from environmental application accounted for 15% of revenue share in 2021. The need to mitigate the potential risks associated with environmental disasters including cyclones, floods, earthquakes, and fires, amongst others, is enabling the demand for electronic security solutions across industry verticals. Several agencies are also leveraging environmental surveillance systems, such as UAVs, to work collaboratively with security solutions. The growing emphasis on the development of preventive measures to reduce environment-related issues is anticipated to contribute to the industry expansion.
Growing infrastructure developments and investments across North America to support the market demand for electronic security solutions
North America electronic security market size is poised to reach USD 30 billion by 2028 owing to the increasing spending on security and safety. In 2020, as per the data released by the National Fire Protection Association, the U.S. encountered 3,500 civilian deaths and USD 21.9 billion worth of property loss due to fire, the highest since 2008. Considering the figures, the need for safeguarding digital & physical assets, human capital, etc., are slated to influence the demand for advanced electronic security solutions.
Focus on strategic mergers and acquisitions by key players to augment industry share
Some of the key leaders operating in the market are ADT Inc., ASSA Abloy, Autoclear LLC, AXIS Communications AB, AVA Group, BOSCH Security, Brivo, Inc., Fisher Research Laboratory, Frontier Pitts Ltd., G4S Limited, Honeywell International Inc., IDEMIA S.A., Johnson Controls, Inc., Napco Security Technologies, Inc., OSI Systems Inc., Scanna MSC Ltd., Siemens AG, Teledyne FLIR LLC, Vanderbilt LLC, Westminster Group PLC, and Zod Security. Companies are emphasizing on strategic acquisitions to serve customer demand.