Electronic Security Market worth over $60bn by 2024
Published Date: October 16, 2017 Authors: Preeti Wadhwani, Saloni Gankar
Electronic Security Market size is set to exceed USD 60 billion by 2024, according to a new research report by Global Market Insights, Inc.
The state and central governments of various countries are placing high focus on the development and adoption of advanced systems in high-traffic locations such as public roads, transit stations, and malls, contributing to the growth of the market.
Crime rates across the world are heavily impacted with the rising penetration of these systems in residential and commercial settings and is anticipated to drive the electronic security market revenue.
End-users across the world are replacing conventional security systems such as guards and physical body checks with high-tech solutions. Physical body checks in malls and airports can be cumbersome and increase customer discomfort, primarily among women. X-ray body scanners, on the contrary, requires the person to pass through an electronic frame.
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The rising trend of the development of smart cities in the developing countries is contributing to the market demand. For instance, the Chinese government has undertaken large construction projects for the development of smart cities imbued with advanced security solutions in cities such as Dalian, Hangzhou, Nanjing, and Tianjin. The rise in traveler population across the world is also leading to the growth of the market size.
Browse key industry insights spread across 290 pages with 120 market data tables & 40 figures & charts from the report, “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” in detail along with the table of contents:
The surveillance and alert system market will exhibit substantial gains during the forecast timeframe. The reduction in component and raw material costs is contributing to the decline in the market price trend. Remote monitoring systems are increasingly finding application in developed regions such as U.S and Western Europe. Installing a home security solution with remote monitoring capabilities allows the homeowner to access security cameras and video units situated inside the residential location in real-time.
Public-sector applications are the largest revenue-generating segment in the market. Various government bodies are making use of advanced solutions for surveillance and criminal detection applications. For instance, in September 2017, a police department in Arkansas was reported to be using drones for highly specialized missions such as the tracking of a suspect or obtaining an inside view and additional information in a hostage situation.
Players operating in the global electronic security market include Axis Communications, BOSCH Security Systems, Hitachi Ltd, OSI Systems, Inc., SDMS Security Products UK Ltd., Siemens AG, MilliVision Technologies, ASSA ABLOY, Scanna MSC Ltd., Thales Group, RedXDefense LLC, etc. Industry players conduct strategic moves such as mergers and acquisitions to sustain growth.