(MENAFN - America News Hour) Kenneth Research has recently added a report titled Global Electronic Security market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021-2024. Global Electronic Security market is further anticipated to grow with a CAGR of 13.7% during the forecast period. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
Global Electronic Security Market Overview
Electronic security consists of all the systems that use electronic devices and embedded technology to enhance safety measures and protect human life and physical assets. The electronic security systems could perform security operations like surveillance, access control, alarming or an intrusion control to a facility or an area. Such systems comprises 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 can help oversee entry points in the home or business. They can oversee parts of the business that lack staff members. Further, surveillance can defend businesses and their employees from all sorts of unpleasant events and scenarios. It can even help decreasing incidences of harassment and violence alike. This can encourage a work setting that is satisfactory and more efficient. Furthermore, with the help of the video surveillance through electronic systems, business can keep their cost low. This is because of the reason that the electronic security systems can prevent both property damages and inventory losses. Video surveillance systems also discourage crime and, as a result, have the ability to minimize insurance and liability costs. The electronic security systems also give users access to security monitoring 24 hours a day with the help of the internet.
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Market Size and Forecast
The global electronic security market is expected to expand at a CAGR of 13.7% during the forecast period i.e. 2017-2024. This is due to the rising incidences of robbery, theft, shoplifting, and violent attacks across the globe. The increasing in the frequency of the security breaches and attacks has led the government and large enterprises to adopt electronic security products that aim to eliminate events such as anti-social activities.
'Final Report will add the analysis of the impact of COVID-19 on this industry.'
Further, due to the emergence of several city campaigns and initiatives across the globe, electronic security has become a critical part of city's core mandate as it has the ability to provide faster, real-time data for better safety and security standards. The rising population and migration of people from rural to urban areas is attracting investments toward the development of smart cities.
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Scope and Context
Growth Drivers and Challenges
The increasing adoption of electronic security systems by government agencies, commercial establishments and manufacturing industries is the major factor that will boost the growth of the electronic security market. The rise in malpractices, robbery, terrorist attack, illegal activities etc. has increased the need for security systems in private and public places, which is expected to boost the growth of global electronic security market.
Further, the number of online or internet crimes is also rising resulting in the need for internet monitoring systems, IP based surveillance and access systems. Various government organizations have surged their spending on security systems. Wide varieties of electronic security systems are available as per the requirement in different prices ranges, which is anticipated to drive the global electronic security market. Moreover, the construction of smart cities will expand the market to the global level. Smart cities provide efficient transportation facilities, traffic management systems, smart grids, better healthcare facilities, and also adopt advanced technologies in the construction process. The constantly increasing urban population is attracting investments towards the development of smart cities, which will demand the adoption of electronic security systems due to their ability to provide faster, real-time data for better safety and security. Increasing investments towards the development of smart cities across the world especially in countries such as China, India, Saudi Arabia, and Qatar will create demand for advanced electronic security solutions throughout the forecast period. Furthermore, the decline in the prices of security products is expected to increase the demand for security products over the forecast period. The prices of security solutions, such as IP cameras have dropped and with a new array of technologies, there is no need of an internal server to store the camera data, as it will be stored in the cloud. This will make it easier and cost-effective to install security solutions. The several companies are cutting down on the number of such security guards and switching to security services, in which a third party is alerted whenever there is any suspicious activity. This, in turn, cuts down on costs and false alarms. Thus, the reduction in the prices of security system solutions will propel the market over the forecast period. The increasing adoption of security systems by the commercial sector including retail stores, office buildings, hotels, restaurants, and warehouses is expected to fuel the growth of the market over the few years. This is due to the rise in the criminal activities, especially in retail shops.
Security solutions such as Electronic Article Surveillance (EAS), intruder alarms, and surveillance systems in the retail sector helps controlling the inflow and outflow of products, leading to reduced retail shrinkage. However, the lack of awareness among the consumers regarding the availability of the different security products in the market and benefits offered by them act as a restraint towards the market growth.
North America held the largest revenue share in the electronic security market and is expected to maintain its dominance over the forecast period, followed by Europe and Asia Pacific. The constantly rising number of retail stores and facilities in the US due to the entry of several international retailers and the awareness to combat retail shrinkage will increase the installation of electronic security devices such as video surveillance systems and alarms, which in turn is expected to boost the market of the electronic security systems in the North America region.
The growth of the electronic security market in Europe will be driven by significant upgrading and integration of highly advanced security systems by commercial and residential buildings and rising government and enterprise focus on safeguarding human life, physical and digital assets and infrastructure. Asia Pacific electronic security market is expected to expand at a significant CAGR during the forecast period. Growing prominence of Asian countries as a manufacturing hub for electronic security systems, robust construction activity driven by rise in the GDP, rising disposable incomes of an expanding base of middle class population, and growing number of civil infrastructure projects are the key growth drivers in the region.
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Our in-depth analysis of the global electronic security market includes the following segments:
By Product Type
Video Surveillance Systems
Intrusion Alarm systems
Fire Alarm systems
Access control systems
IP and Analog CCTV
Electronic Article Surveillance and Detection Systems
Electrified Door Hardware
Hybrid Video Recorder
Network Video Recorder
By End Users
Energy and Utilities
Global Electronic Security Market is further classified on the basis of region as follows:
North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
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, Future forecast & Opportunity Analysis
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