Electronic Security Market
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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.
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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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