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Electronic Security System Market Trends

ID: MRFR//1710-HCR | 100 Pages | Author: Shubham Munde| July 2024

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.

Electronic Security System Market Overview

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)

Electronic Security System Market, by End-User, 2022 & 2032

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)

Electronic Security System Market SHARE BY REGION 2022

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

October 2023: Yale, a provider of smart home security solutions, introduced its latest line of smart products. These include its new range of Smart Cameras, Smart Video Doorbells, and Smart Alarm. The new products from Yale are created to enhance the security of your home in an uncomplicated but secure manner due to the presence of AI and compatibility with the updated Yale Home app. The company is popular for its security solutions like locks, safes, and alarms. After entering into the smart home market, it released some of the best home security cameras, among others, such as smarter alarm systems and locks. Also, they made other smart gadgets, including upgraded applications, that are more compatible than ever today.

Qubo Shield – A New Age Smart Security Solution was unveiled by Hero Electronix in August 2020. It will ensure the safety of your loved ones and valuables every second without bothering you, even if you are not at home or sleep deeply at night anymore. This is one of the latest advanced home protection systems available on the market today, and it can be installed throughout all sections of a house. It protects against all types of threats, such as thefts (external), intrusions (external), fires (internal), or gas leaks (internal). Rather than having only an intruder alarm system, which is available in many markets, this package includes an intrusion alarm system+smart sensors+cameras all in one kit. Everything will be controlled through one single application ‘Qubo App’ making it easy for customers.

Roku adds to its smart home lineup by introducing a smart security system, a solar panel that powers its outdoor camera, and a multi-colored LED strip light in May 2023. This followed last year’s entry into intelligent homes when it debuted numerous products, including security cameras, video doorbells, smart plugs, and intelligent bulbs, among others. Roku’s new expandable $99 Home Monitoring System SE consists of a keypad, siren hub, motion sensor, and two door/window sensors. You can self-install and monitor the security system using the Roku Smart Home app or pay for 24/7 professional monitoring via Noonlight ($9.99 per month or $99.99 annually). Those who subscribe to an annual plan during the first year will be granted a 50% discount on the costs, making it possible to obtain a monitored security system at $150.

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

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