Electronic Security Market Size & Share, by Product Type (Intrusion Alarm Systems, Video Surveillance Systems, Fire Alarm, Access control Systems, IP & Analog CCTV, Hybrid Video Recorder); Deployment Mode (On-Premise, Cloud); Connectivity (Wireless, Cellular, Ethernet); Application (Commercial, Residential); End-user (Railways, Airports, Banking, Hotels, Retail, Government) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

Global Electronic Security Market Size, Forecast, and Trend Highlights Over 2023 - 2033

The global electronic security market is estimated to garner a revenue of ~USD 90 Billion by the end of 2033 by growing at a CAGR of ~13% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 41 Billion in the year 2022. 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.

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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.

Global Electronic Security Market: Growth Drivers and Challenges

Growth Drivers

• Increasing Awareness for Safety and Security – Since the crime and theft cases are increasing day by day, thus installing security systems gives enterprises and residential inhabitants a feeling of safety and security. As a result, there has been a significant increase in the adoption of such electronic security components which is driven by the growing awareness for safety and security among the people. For instance, around 773 million security cameras were installed globally by the end of 2019.
• Upsurge in Larceny Theft Incidences – According to the Federal Bureau of Investigation, an estimated 5,086,096 larcenies - thefts were reported in the United States in 2019.
• Emerging Terrorist Attacks – For instance, with a startling 50% of all terrorism-related deaths worldwide, Sub-Saharan Africa has been emerging as the world's center stage of terrorism.
• Escalating Urbanization - As per the World Economic Forum, 80% of the world's population, up from the present 55%, is estimated to inhabit in urban areas by 2050.
• Growing Wi-Fi Penetration - Presently, around 5.35 billion people worldwide have internet connectivity.

Challenges

• High Cost Associated with the Electronic Security Systems
• Lack of Awareness Among Consumers Regarding the Security Products
• Deficit of Technical Knowledge to Use Electronic Security Systems

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.

Global Electronic Security Market Regional Synopsis

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 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.

The global electronic security market is further classified on the basis of region as follows:

• North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global electronic security market includes the following segments:

Top Featured Companies Dominating the Global Electronic Security Market

• ASSA ABLOY
  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis

• Honeywell International Inc.
• A2 Systems, LLC.
• Axis Communications AB
• ADT LLC
• ALL-TAG Corporation
• Anixter, Inc.
• Hangzhou Hikvision Digital Technology Co., Ltd.
• Hanwha TechwinCo., Ltd.
• Allegion plc.