Beyond 2023: A Look into the Future of the Electronic Security Market, with Forecasts to 2028

IMARC Group, a leading market research company, has recently releases report titled "Electronic Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" The study provides a detailed analysis of the industry, including the global electronic security market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the electronic security market?

The global electronic security market size reached US$ 57.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 85.2 Billion by 2028, exhibiting a growth rate (CAGR) of 6.6% during 2023-2028.

What is electronic security?

Electronic safety is a system that utilizes embedded technology and electronic devices to improve safety measures and protect human life as well as physical assets. Some of the most common functions performed by the system include surveillance, access control and intrusion control. It comprises alarms and close-circuit televisions (CCTVs) that aid in monitoring entry points and denying access to unauthorized individuals from entering a certain area or accessing stored information. It is also employed in business operations for safeguarding confidential business data and tracking unauthorized access to business-related information and assets. As a result, it is extensively utilized across the manufacturing, transportation, banking, healthcare and government sectors.

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What are the growth prospects and trends in the electronic security industry?

The market is primarily driven by the increasing incidences of property thefts and break-ins across the residential sector. This, along with the rapid expansion of smart cities on the global level, has facilitated the uptake of electronic security solutions for ensuring enhanced safety. Moreover, there has been a considerable rise in cybercrimes due to the increasing automation across numerous industries, which has led to the growing requirement for efficient services to secure crucial data and infrastructure. The market is further driven by the growing concerns regarding the rising number of terrorist activities, including shoot-outs, contraband smuggling and bombings in high risk and sensitive locations.

This has impelled government and private organizations to invest in developing enhanced electronic security solutions and install these systems across various public and public infrastructures. Furthermore, significant growth in the transportation sector has led major companies to adopt advanced security systems to safeguard public transportation modes and provide accurate access control and surveillance. On account of the aforementioned factors, the market is expected to grow at a CAGR of 6.6% during 2023-2028.

What is included in market segmentation?

The report has segmented the market into the following categories:

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

Who are the key players operating in the industry?

The report covers the major market players including:

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

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This release was published on openPR.