Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The Electronic Security System market is influenced by a myriad of factors that collectively shape its dynamics. One crucial market factor is the rising awareness and concern about security across various sectors. With an increasing number of security threats and incidents, both individuals and organizations are recognizing the need for robust electronic security systems to safeguard their assets and premises. This heightened awareness is driving the demand for advanced security solutions, propelling the growth of the electronic security system market.
Another significant market factor is technological advancements. The continuous evolution of technology has led to the development of more sophisticated and efficient electronic security systems. Innovations such as artificial intelligence, biometrics, and advanced video analytics have enhanced the capabilities of security systems, making them more effective in detecting and preventing security breaches. As a result, businesses and residential users are inclined to invest in state-of-the-art electronic security solutions, contributing to the expansion of the market.
Government regulations and compliance standards also play a pivotal role in shaping the electronic security system market. Governments worldwide are implementing stringent regulations to ensure the security and privacy of individuals and organizations. Compliance with these regulations is driving the adoption of electronic security systems that meet the specified standards. Companies operating in the market must align their products with these regulations to remain competitive and gain the trust of their customers.
The economic landscape and overall financial health of a region or country significantly impact the electronic security system market. During periods of economic growth, businesses and consumers tend to invest more in security measures. Conversely, economic downturns may lead to budget constraints, affecting the willingness of potential buyers to invest in expensive electronic security solutions. Understanding and adapting to these economic cycles are crucial for companies operating in the market to navigate challenges and identify growth opportunities.
Globalization is another market factor influencing the electronic security system industry. As businesses expand their operations globally, the need for standardized and scalable security solutions becomes paramount. Multinational corporations seek integrated electronic security systems that can be deployed across various locations seamlessly. This trend has led to increased collaboration between security system providers and global enterprises to deliver comprehensive and consistent security solutions worldwide.
Competitive dynamics also shape the electronic security system market. The presence of numerous players competing for market share has intensified innovation and product development. Companies strive to differentiate themselves by offering unique features, better performance, and cost-effectiveness. This competition fosters a dynamic market environment, encouraging continuous improvements in electronic security systems.
Lastly, the increasing connectivity and integration of electronic security systems with other technologies contribute to market growth. The emergence of the Internet of Things (IoT) and smart technologies has enabled the creation of interconnected security ecosystems. Electronic security systems that can seamlessly integrate with other smart devices, networks, and platforms are highly sought after. This interconnectedness enhances overall security effectiveness and provides users with more comprehensive control and monitoring capabilities.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 8.8 Billion |
| Market Size Value In 2023 | USD 9.6 Billion |
| Growth Rate | 10.20% (2023-2032) |
Electronic Security System Market Highlights:
Global Electronic Security System Market Overview:
Electronic Security System Market Size was valued at USD 9.6 Billion in 2023. The Electronic Security System market industry is projected to grow from USD 10.57 Billion in 2024 to USD 21.09 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.01% during the forecast period (2024 - 2032). Increased demand for electronic security systems, the rising demand for internet monitoring systems, IP-based surveillance, and the growing government investment in security projects are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Electronic Security System Market Trends
- Growing demand for electronic security systems is driving the market growth.
Market CAGR for electronic security systems is driven by the rising number of commercial establishments, governmental organizations, manufacturing industries, etc., adopting electronic security systems. Additionally, the necessity for security systems in private and public spaces has increased due to increased robberies, terrorist attacks, malpractice, illicit activities, etc. This is anticipated to support the growth of the market.
In addition, there is a growing need for internet monitoring systems, access systems, and IP-based surveillance due to the rise in online and internet crimes. The amount that various government agencies spend on security systems has increased. The availability of various electronic security systems in various price ranges is anticipated to drive the global electronic security market.
Another aspect that stimulates growth is the growing use of electronic security systems in business buildings, shopping centers, and residential flats. Electronic security is also very useful in business operations for protecting data confidentiality and detecting unauthorized access to information relevant to the business. The expansion of urbanization and the construction of smart cities has led to the acceptance of electronic system tools because they provide reliable and secure services. These elements are anticipated to drive the Electronic Security System market revenue.
Electronic Security System Market Segment Insights:
Electronic Security System Type Insights
The Electronic Security System Market segmentation, based on type, includes access control, intrusion detection, vehicle security, and video surveillance. The video surveillance segment dominated the market, accounting for the maximum market revenue. The video surveillance segment is growing due to improvements in digital video cameras for surveillance that provide better viewing angles and higher resolution. Demand is also boosted by how user-friendly these systems are, allowing consumers to access their surveillance feeds on PCs, smartphones, and tablets anywhere in the world. Additionally, the availability of recorded or live broadcasts contributes to segment growth.
The access control segment is anticipated to be the fastest-growing segment in the projected period. A combination of factors, including technological advancements like voice-activated gadgets and integration with connectivity technologies like Bluetooth, GPS, and Wi-Fi, and increased use of automated gates, barriers, and turnstiles on roadways and in airports are boosting demand for the access control segment.
Electronic Security System End-User Insights
The Electronic Security System Market segmentation, based on end-user, includes Healthcare, Residential, Industrial, BFSI, and Government. The BFSI category generated the most income due to rising information thefts, burglaries, cyber-assaults, and increased physical and digital dangers. System learning, synthetic intelligence, and blockchain have all seen rapid adoption in several BFSI sectors, posing serious threats to data security. Additionally, as banks, other financial institutions, and other enterprises transition to digitalized business operations, the adoption and use of electronic security systems have grown significantly.
The government segment is anticipated to be the fastest-growing segment in the projected period. Governments are investing much money to combat the rising crime rate globally. The use of widespread surveillance systems has made it easier to find criminal suspects.
Figure 1: Electronic Security System Market, by End-User, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Electronic Security System Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Electronic Security System market area will dominate this market, owing to an increase in the number of retail stores. In addition, with the growing number of international retail stores and the rising awareness of the necessity to combat retail shrinkage, electronic security devices such as video surveillance systems and alarms will be installed more often, boosting the market growth in this region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Electronic Security System Market SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Electronic Security System market accounts for the second-largest market share due to the increasing demand for electronic security systems. Further, the German Electronic Security System market held the largest market share, and the UK Electronic Security System market was the fastest-growing market in the European region.
The Asia-Pacific Electronic Security System Market is expected to grow at the fastest CAGR from 2023 to 2032 due to growing public spending on smart city projects, such as smart surveillance and monitoring. These projects' main aim is to enhance urban safety and security, improve traffic flow, and optimize resource allocation, among other things. Moreover, China’s Electronic Security System market held the largest market share, and the Indian Electronic Security System market was the fastest-growing market in the Asia-Pacific region.
Electronic Security System Key Market Players & Competitive Insights
Leading market players are investing greatly in research and development to develop their product lines, which will help the Electronic Security System market, grow even more. Market participants are also undertaking several strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Electronic Security System industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global Electronic Security System industry to benefit clients and increase the market sector. In recent years, the Electronic Security System industry has offered some of the most significant advantages to electronic security. Major players in the Electronic Security System market, including 3D Datacom (US), Bosch Security System (Germany), 3VR Security Inc. (US), Honeywell International Inc. (US), A and B Security Group (US), Panasonic System Networks Co. Ltd. (Japan), Sony Corporation (Japan), Alfredcamera (US), CyberLink Corp. (Taiwan), and others, are attempting to increase market demand by investing in research and development operations.
AlfredCamera has been led from the beginning by the conviction that everyone should have access to home security. 2014 the company began by providing a software solution that transforms an outdated phone into a security camera. Since then, more than 50 million households worldwide have used this straightforward but effective concept as their primary security software. For instance: in July 2022, Home security mobile app provider AlfredCamera announced the release of AlfredCam, its first security camera. The feature-rich 1080p Wi-Fi security camera is available for pre-order in the US via the AlfredCamera app, expanding the service options beyond home security software to hardware devices.
CyberLink Corp., established in 1966, is the industry pioneer in AI facial recognition technology and multimedia software. The firm has developed to revolutionize the multimedia experience and consistently produce unique and interoperable solutions. It is the owner of over 200 patented technologies. Since the beginning, PowerDVD has been a flagship product. It has won multiple “World’s First” awards, including being the first Windows PC-compatible DVD, Blu-ray, and UltraHD Blu-ray player. CyberLink’s U Suite offers simple and effective solutions for messaging, online conferences, and live broadcasting across devices and platforms, enabling one-on-one communication, small-team collaboration, and big-group presentations. For Instance: In April 2022, CyberLink Corp. announced its FaceMe Security Facial recognition security program would be integrated with an Axis Camera station. End-to-end integration seamlessly combines live stream monitoring and group tagging, bringing FaceMe’s facial recognition functionalities to Axis camera and VMS configurations.
Key Companies in the Electronic Security System market include
-
3D Datacom (US)
-
Bosch Security System (Germany)
-
3VR Security Inc. (US)
-
Honeywell International Inc. (US)
-
A and B Security Group (US)
-
Panasonic System Networks Co. Ltd. (Japan)
-
Sony Corporation (Japan)
-
AlfredCamera (US)
-
CyberLink Corp. (Taiwan)
Electronic Security System Industry Developments
January 2022:The Ontario government stated that it would invest an additional USD$1 million in the province’s efforts to combat gang and gun violence. The government made the funding public as part of the Ontario Closed Circuit Television (CCTV) Grant Programme to assist the police departments in funding initiatives to upgrade and replace outmoded technology and CCTV camera coverage in various locations.
April 2022:Secureden Inc., a provider of governance and access security solutions, obtained USD 10.5 million in a Series A investment. Tiger Global Management, a New York-based investment firm, was the investment firm’s lead.
April 2022:First Alert, a provider of home security products, was acquired by Resideo Technologies. Various detection and suppression instruments are available from First Alert, including combination alarms, CO alarms, linked devices, fire extinguishers, CO devices, smoke alarms, and smoke detectors.
Electronic Security System Market Segmentation:
Electronic Security System Type Outlook
-
Access Control
-
Intrusion Detection
-
Vehicle Security
-
Video Surveillance
Electronic Security System End-User Outlook
-
Healthcare
-
Residential
-
Industrial
-
BFSI
-
Government
Electronic Security System Regional Outlook
-
North America
-
US
-
Canada
-
-
Europe
-
Germany
-
France
-
UK
-
Italy
-
Spain
-
Rest of Europe
-
-
Asia-Pacific
-
China
-
Japan
-
India
-
Australia
-
South Korea
-
Australia
-
Rest of Asia-Pacific
-
-
Rest of the World
-
Middle East
-
Africa
-
Latin America
-
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
