Electronic Security Market Analysis, Growth by Top Companies, Trends by Types and Application, Forecast to 2024
MarketStudyReport.com Adds New Electronic Security Market 2017 -2024 research report providing information and data By Product, By Application, Industry Analysis, Regional Outlook, Growth Potential, Trends, Competitive Market Share & Forecast spreading across 290 Pages with table and figures in it.
Electronic Security Market Research Report for the period of 2017-2024 that shows the growth of the market is rising at a 10% CAGR to 2024.
Electronic Security Market size is set to exceed USD 60 billion by 2024. The state and central governments of various countries are placing high focus on the development and adoption of advanced systems in high-traffic locations such as public roads, transit stations, and malls, contributing to the growth of the electronic security market. For instance, the Indian government in 2014 set up a USD 125 million fund solely devoted to the prevention of sexual violence among women through the installation of security equipment such as surveillance systems at high-risk public locations. These hardware systems are equipped with video analytics and advanced algorithms that allow the detection of criminals. Furthermore, technological advancements have also aided in the improvement of existing technologies such as high-resolution 4k cameras and IP surveillance units.
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Crime rates across the world are heavily impacted with the rising penetration of these systems in residential and commercial settings and is anticipated to drive the electronic security market growth. End-users across the world are replacing conventional security systems such as guards and physical body checks with high-tech solutions. Physical body checks in malls and airports can be cumbersome and increase customer discomfort, primarily among women. X-ray body scanners, on the contrary, requires the person to pass through an electronic frame.
The rising trend of the development of smart cities in countries such as China and India is contributing to the high growth of the electronic security market. For instance, the Chinese government has undertaken large construction projects for the development of smart cities imbued with advanced security solutions in cities such as Dalian, Hangzhou, Nanjing, and Tianjin. The rise in traveler population across the world is also leading to the growth of the electronic security market.
The surveillance and alert system market is anticipated to exhibit substantial growth during the forecast timeframe. The reduction in component and raw material costs is contributing to the decline in the electronic security market price trend. Remote monitoring systems are increasingly finding application in developed regions such as U.S and Western Europe. Installing a home security solution with remote monitoring capabilities allows the homeowner to access security cameras and video units situated inside the residential location in real-time.
The North America electronic security market is projected to dominate the global business landscape owing to the government initiatives to integrate these systems into their public safety segment. For instance, the FAA Modernization and Reform Act of 2012 contains provisions to make the unmanned aerial systems (UAS) licensing process easier and quicker for law enforcement officials. Various U.S states are currently conducting trial operations on drones to understand their capabilities and their operational efficiency.
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Players operating in the global electronic security market include Axis Communications, BOSCH Security Systems, Hitachi Ltd, OSI Systems, Inc., SDMS Security Products UK Ltd., Siemens AG, MilliVision Technologies, ASSA ABLOY, Scanna MSC Ltd., Thales Group, RedXDefense LLC, etc. Industry players conduct strategic moves such as mergers and acquisitions to sustain growth. For instance, in July 2017, Assa Abloy announced the acquisition of Arjo Systems SAS to strengthen their physical and digital identity solution provisions.
Table of Content:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Electronic Security Industry Insights
Chapter 4. Electronic Security Market, By Product
Chapter 5. Electronic Security Market, By Application
Chapter 6. Electronic Security Market, By Region
Chapter 7. Company Profiles
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