India - March 16, 2022 /MarketersMEDIA/ —
Market Scenario:
The global electronic security system market is expected to reach USD ~59 billion by the end of 2022 growing with ~30% CAGR during forecast period 2016-2022.
Electronic security system is electronic equipment which performs security operations such as surveillance, access control, alarming or an intrusion control to a facility or an area enabled with a power backup. It serves many application fields such as home automation, commercial, industrial, medical, and transportation.
The key drivers contributing to the growth of the global Electronic Security System Market are raising incidents of security concerns, improvement in network infrastructure & broadband services and rising demand for technologically advanced security products by end-users among others. Further, the increasing investments towards the development of the smart cities around the world are increasing the demand for advanced electronic security services as it provides faster, real-time data for improved safety and security solutions to the consumers. Other factors driving the growth of the market are strong demand for CCTV & video surveillance system and rising government investments in security projects. However, the restraining factors towards the growth of the global electronic security system market are privacy issues, lack of consumer awareness and high cost of electronic security systems. .
Among its various end user sectors, BFSI and healthcare is the major contributors to the market majorly to prevent violation in the hospitals to provide safe and secure healthcare environment and also to provide physical protection of assets
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Key Players
The key players of global electronic security system market report include 3D Datacom (U.S.) (Sweden), Bosch Security Systems (Germany), 3VR Security, Inc. (U.S.). (U.S.), Honeywell international Inc. (U.S.), A&B Security Group (U.S.) , Panasonic System Networks Co. Ltd (Japan), Sony Corporation (Japan), Schneider Electric (France), Cisco Systems, Inc. (U.S.) , A-TEC security system, Inc. (U.S.) and others.
Electronic Security System Global Market - Competitive Analysis
The market of Electronic Security System market appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
Electronic Security System Global Market - Segmentation
The Electronic Security System Market can be classified into 3 key segments for the convenience of the report and enhanced understanding;
· Segmentation by Type: Comprises access control, intrusion detection, vehicle security and video surveillance
· Segmentation by end-users: Comprises healthcare, BFSI, residential, industrial and government, Telecommunications and others.
· Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
Electronic Security System Global Market - Regional Analysis
North America market is estimated to acquire largest market share in the electronic security system market owing to aspects such as increasing safety concerns among corporate and residential sector. North American countries, especially U.S. accounted for the largest market share in global electronic security system market due to factors such as high adoption of the advanced security technology by commercial and government end-users, growing focus on critical infrastructure protection, strict government regulations and advancements in the security surveillance systems. Asia Pacific market is anticipated to be fastest growing due to the presence of major electronic component manufacturing hub. Other aspects such as increasing number of Chinese security system manufacturers is expected to boost the growth of electronic security market in the region.
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Global Electronic Security System Market, By Type (Access control, Intrusion detection, Vehicle security, Video surveillance) and By End-user (Healthcare, Residential, Industrial, BFSI, Government) - Forecast 2027
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