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
Electronic Security Market Size and Forecast:
|
Base Year |
2024 |
|
Forecast Year |
2025-2034 |
|
CAGR |
11.8% |
|
Base Year Market Size (2024) |
USD 61.37 billion |
|
Forecast Year Market Size (2034) |
USD 187.23 billion |
|
Regional Scope |
|
Browse key industry insights with market data tables & charts from the report:
Frequently Asked Questions (FAQ)
In the year 2025, the industry size of electronic security is assessed at USD 67.53 billion.
Electronic Security Market size was over USD 61.37 billion in 2024 and is anticipated to cross USD 187.23 billion by 2034, growing at more than 11.8% CAGR during the forecast period i.e., between 2025-2034.
North America is expected to dominate largest industry share by 2034.
The key market players include ASSA ABLOY, 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.
