Electronic Security Market Trends, Strategies, And Outlook By 2024-2033

The electronic security market size has grown rapidly in recent years. It will grow from $47.62 billion in 2023 to $52.44 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to rising security needs, ongoing digitization, ascending trend of cyber threats, increasing awareness of safety and security, rising demand for internet monitoring system.

The electronic security market size is expected to see strong growth in the next few years. It will grow to $73.49 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to increased number of property thefts, increasing robberies and residential break-ins, increase in organized crime, increasing deployment of video surveillance systems, increasing usage of cloud-based access control solutions. Major trends in the forecast period include technological advancements, innovations in security, surveillance, and network offerings, increased instances of investment in startup firms, continuous innovations for rising security concerns, integration with the connectivity technologies such as bluetooth.

Market Overview -
Electronic security refers to the use of electronic devices and systems to protect assets, individuals, and information from unauthorized access, theft, damage, or harm. It is used to enhance safety, prevent crime, and ensure the integrity and confidentiality of sensitive data through continuous monitoring, real-time alerts, and proactive security measures.

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Rising Property Theft Rates Fuel Growth In Electronic Security Market
The increased number of property thefts is expected to propel the growth of the electronic security market going forward. Property theft refers to the unlawful taking of another person's personal property with the intent of depriving that person of the use of their property. Several factors, including increasing organized criminal groups, increasing poverty, substance abuse, and social inequality, are contributing to the increase in property theft. Upon detecting a security breach, electronic security systems promptly notify property owners, authorities, or monitoring centers, enabling swift actions like contacting law enforcement or dispatching security personnel to the scene. For instance, in October 2023, according to a report published by the Federal Bureau of Investigation, a US-based law enforcement agency, there was a 7.1% rise in property crime offenses in 2022 compared to 2021, with the property crime rate reaching an estimated 1,954.4 incidents per 100,000 people, indicating a 6.7% increase from the previous year. Larceny theft constituted the majority (71.7%) of all property crimes in 2022, while burglary accounted for 13.8%. Therefore, the increased number of property thefts is driving the growth of the electronic security market.

Competitive Landscape -

Major companies operating in the electronic security market are Siemens AG, Panasonic System Networks Co. Ltd., IBM Corporation, Honeywell International Inc., Johnson Controls International Plc, Tyco International Plc, Hangzhou Hikvision Digital Technology Co. Ltd., ADT LLC, Dahua Technology Co. Ltd., Allegion Plc, dormakaba Holding AG, Assa Abloy AB, Axis Communications AB, Bosch Security Systems Inc., Chamberlain Group Inc., HID Global, Brinks Home Security, Avigilon Corporation, Genetec Inc., Milestone Systems A/S, G4S PLC, Fermax Electronica S.A.U., CP PLUS GmbH & Co. KG, Autoclear LLC, DoorKing Inc., BIO-key International Inc., ISONAS Security Systems Inc., FLIR Systems Inc., Mobotix AG

Idis Introduces Advanced Edge AI Surveillance Cameras With Deep Learning Engine

Major companies operating in the electronic security market are developing advanced technologies, such as edge AI surveillance cameras, to better serve customers with advanced features. Edge AI surveillance cameras refer to cameras equipped with artificial intelligence (AI) processing capabilities that are performed directly within the cameras themselves, at the network edge. For instance, in February 2023, Idis, a South Korea-based manufacturer of electronic security systems, launched an easy-to-deploy range of edge AI cameras. The latest range of edge AI cameras incorporates the company's self-developed Idis Deep Learning Engine, reflecting its commitment to extending scalable solutions for security, safety, and operational requirements. These cameras, including the new 5MP dome (DC-D4537RXA and DC-D4537HRXA) and bullet (DC-T4537HRXA) models, are equipped with the powerful Idis Deep Learning Engine onboard, enabling highly efficient processing capabilities at the edge. With up to 98% accurate object detection and classification, these cameras help users mitigate false alarms, enhance security and safety measures, and elevate the value of their surveillance operations, expanding the company's NDAA (National Defense Authorization Act)-compliant range of high-definition Direct IP cameras.

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Key Segments -

The electronic security market covered in this report is segmented -

1) By Product Type: Alarms, Video Surveillance Systems, Access Control Systems, Other Product Types
2) By Connectivity: Ethernet, Wireless, Cellular
3) By End-User: Defense, Manufacturing, IT, Automotive, Telecommunications, Residential, Public Sector, Other End-Users

Key highlights covered in the report -

1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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