Electronic Security Market Size, Share, Future Analysis, Demand, Trends & Outlook 2023-2033

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

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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.

Market Segmentation

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

By Product Type	Intrusion Alarm Systems Video Surveillance Systems Fire Alarm Access Control Systems IP & Analog CCTV Hybrid Video Recorder Others
By Deployment Mode	On-Premise Cloud
By Connectivity	Wireless Cellular Ethernet
By Application	Commercial Residential
By End-User	Railways Airports Banking Hotels Retail Government Others

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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.

In The News

ASSA ABLOY acquired Bird Home Automation GmbH ("DoorBird"), a German manufacturer of indoor station and smartphone-controlled IP door intercoms for single and multi-family buildings.
Axis Communications AB announced the AXIS A12 Network Door Controller Series, which offers several product versions to meet various requirements. The AXIS A12 door controller offers fast and easy wall installation with a keyhole mounting plate and DIN rail mount support.

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the electronic security market?

Ans: Increasing awareness for safety and security, upsurge in larceny theft incidences, emerging terrorist attacks are some major factors driving the growth of the market.

2) What would be the CAGR of electronic security market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~13% over the forecast period, i.e., 2023 – 2033.

3) What are the challenges affecting the electronic security market growth?

Ans: High cost associated with the electronic security systems, lack of awareness among consumers regarding the security products, and deficit of technical knowledge to use electronic security systems are estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of electronic security market in future?

Ans: The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

5) Who are the major players dominating the electronic security market?

Ans: The major players in the market are ASSA ABLOY, Honeywell International Inc., A2 Systems, LLC., Axis Communications AB, ADT LLC, ALL-TAG Corporation, Anixter, Inc., Hangzhou Hikvision Digital Technology Co., Ltd., and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the electronic security market?

Ans: The market is segmented by product type, deployment mode, connectivity, application, end-user, and by region.

8) Which segment captures the largest market size in product type segment in the electronic security market?

Ans: The video surveillance systems segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.