Electronic Security Market size is estimated to cross USD 90 Billion by the end of 2033, growing at a CAGR of 13% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of electronic security was over USD 41 Billion. The growth of the market is primarily attributed to the massively increasing ratio of crime incidences such as robbery, and theft across the globe. For instance, until mid of 2022, the ratio of violent crime in United States has boosted to approximately 48.50 per 100,000 inhabitants.
Electronic security encompasses all systems that use electronic devices and integrated technology to boost safety and protect human life and physical assets. It consists surveillance, access control, intrusion detection, alarm and other security channels. Such systems comprise of alarms, access controls and CCTVs (closed circuit televisions), which are prominently and broadly utilized. The electronic security provides users with invaluable video surveillance benefits. Video surveillance helps to oversee entry points in the home or business. They also able to oversee parts of the business that lack staff members. The mounting adoption of electronic security systems by government agencies, and manufacturing industries is the significant factor to boost the growth of the electronic security market over the forecast period. For instance, by 2022, around 44% of police agencies are anticipated to use digital tools to improve public security and an alternate solution framework, such as live video streaming and shared workflows.
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~13% |
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Base Year Market Size (2022) |
~ USD 41 Billion |
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Forecast Year Market Size (2033) |
~ USD 90 Billion |
Product Type (Intrusion Alarm Systems, Video Surveillance Systems, Fire Alarm, Access control Systems, IP & Analog CCTV, Hybrid Video Recorder)
The electronic security market is segmented and analyzed for demand and supply by product type into intrusion alarm systems, video surveillance systems, fire alarm, access control systems, IP & analog CCTV, hybrid video recorder, and others. Out of these, the video surveillance systems segment is expected to hold the highest growth over the forecast period owing to the growing count of crime cases around the world, and growing adoption of surveillance systems. For instance, until 2019, there were an estimated 780 million surveillance cameras installed around the world, with China accounting for 56% of those cameras.
Our in-depth analysis of the global electronic security market includes the following segments:
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By Product Type |
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By Deployment Mode |
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By Connectivity |
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By Application |
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By End-User |
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Regionally, the global electronic security market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest electronic security market share by the end of 2033 backed by the increasing crime ratio, surge in smart city concept, and constantly rising number of retail stores and facilities in the region. For instance, in 2020, there were nearly 1.10 million retail outlets in the United States.
Author Credits: Abhishek Verma, Hetal Singh
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