Electronic Security Market to Develop Rapidly by 2024

Electronic security consists of all the systems that use electronic devices and embedded technology to enhance safety measures and protect human life and physical assets. Electronic security systems are also used in business operations to protect confidential business data and to track unauthorised access to business related information and assets. Rise in urbanisation has led to development of smart cities, which has resulted in adoption of security systems as they provide efficient and accurate security solution as compared to the traditional security methods. On the basis of analysis, the electronic security systems can be implemented for video surveillance, detection of intrusion and controlled access. CCTV (closed circuit television) has significant market share in global electronic security market. This type of security systems are used for wide applications such as video monitoring from remote location, facial recognition, smoke detection, automatic identification of vehicle number plate. CCTV systems are followed by security alarms and controlled access systems in terms of market share. The electronic security systems are used in both commercial and government sectors due to stringent security regulations.

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The increasing adoption of electronic security systems by government agencies, commercial establishments, manufacturing industries etc. is the major driver for the growth of global electronic security market. The rise in malpractices, robbery, terrorist attack, illegal activities etc. has increased the need for security systems in private and public places, which is expected to boost the growth of global electronic security market. The number of online or internet crimes is also rising resulting in the need for internet monitoring systems, IP based surveillance and access systems. Various government organisations have surged their spending on security systems. Wide variety of electronic security systems are available as per the requirement in different prices ranges, which is anticipated to drive the global electronic security market.

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The global electronic security market can be divided into five regions, namely North America, Latin America, Europe, Asia Pacific (APAC) and Middle East & Africa (MEA). North America holds major share in global electronic security market due to increasing number of physical retail outlets and commercial establishment in the region. North America has significant share in security software market. Europe holds second position in global electronic security market owing to the increasing number of IT and manufacturing industries in the region. APAC is anticipated to exhibit significant growth rate during the forecast period due to infrastructure development at faster pace in countries such as Japan, India and China. China is the major hub for production of electronic security systems. The rising number of global and local Chinese security system manufacturers is expected to propel the growth of electronic security market in the country. MEA and Latin America is expected to register moderate growth during the forecast period owing to rise in security awareness and infrastructure development.

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