Electronic Security Market to Grow at 6.9% During 2022-2027, Spurred by Rising Incidences of Criminal Activities

The global electronic security market reached a value of US$ 53.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 80 Billion by 2027, exhibiting a CAGR of 6.9% during 2022-2027.

Electronic security refers to a system of integrated electronic circuits that are used to ensure the physical security of an enclosed space. It is designed to deny access to unauthorized individuals from physically entering a building or accessing stored information. It uses both power and mechanical components, such as access control, surveillance through close-circuit televisions (CCTVs), fire alarms and intrusion control systems. It provides users with elaborate surveillance that enables them to monitor entry points and minimize both property damages and inventory losses by taking timely action. Owing to this, it finds extensive applications across various sectors, including residential, government, transportation, banking, healthcare, hospitality and retail.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Electronics Security Market Trends:

Rapid urbanization, along with the increasing automation across industries, is one of the key factors driving the growth of the market. Furthermore, rising instances of property thefts and break-ins are acting as another major factor contributing to the market growth. Both government and private organizations are employing electronic security solutions to monitor the occurrence of terrorist activities, such as contraband smuggling, shoot-outs and bombings in high risk and sensitive locations. In line with this, the rising inclination of the authorities toward securing public transportation and infrastructures, such as power grids, water plants and oil and gas facilities, is also providing a boost to the market growth. Additionally, widespread adoption of electronic security systems in shopping malls, residential apartments and commercial buildings, is acting as another growth-inducing factor. Individuals are using these systems for access control, surveillance, fire detection, maintenance of attendance records and internet monitoring.

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Global Electronic Security Market Coverage and Segmentation 2022-2027:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Axis Communications (Canon Inc.), ADT Security Services Inc. (Apollo Global Management Inc.), Bosch Security Systems Inc., FLIR Systems Inc., Hitachi Ltd., Honeywell International Inc., IBM Corporation, Tyco International (Johnson Controls), Lockheed Martin Corporation, OSI Systems, Siemens AG, Thales Group, etc.

The report has segmented the market on the basis of region, product type, service type and end-use-sector.

Breakup by Product Type:

Surveillance System
Access Control System
Intrusion Detection System
Alarming System
Others

Breakup by Service Type:

Installation Services
Managed Services
Consulting Services

Breakup by End-Use Sector:

Government
Residential
Transportation
Banking
Hospitality
Healthcare
Retail
Others

Breakup by Region:

North America: (United States, Canada)
Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa

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Key highlights of the report:

Market Performance (2016-2021)
Market Outlook (2022- 2027)
Porter's Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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