Electronic Security Market - Growth, Trends, and Forecast (2022 - 2030)

Market Overview

The electronic security market is projected to grow at a CAGR of 8.98% over the forecast period 2019-2024. Electronic security system represents to any electronic system that performs security operations like access control, alarming, surveillance or an intrusion control to a facility or an area which uses power from mains and also a power backup like a battery, etc.

- The rising trend of smart cities in developing nations is contributing highly to the growth of the electronic security market. Several initiatives by the government are also leading to the growth of this market. For instance, China has taken up projects to develop smart cities with advanced security solutions in cities such as Hangzhou, Nanjing, Dalian, and Tianjin.
- The awareness about security is multiplying, and consumers have started adopting surveillance and alarming systems for residential purposes to prevent incidences like theft and fire. Also, the rising usage of electronic security systems in public places is driving the growth of the market.
- However, the high cost incorporated with the process of system installation and its maintenance, and the privacy issues are a few factors restricting the growth of the electronic security market.

Scope of the Report

The rise in the digitation of the overall commercial operations, the demand for electronic security systems is showing significant growth. The scope of the study is limited to the types of electronic systems offered and their applications throughout the end-user verticles globally.

Key Market Trends

Government Sector to Witness Significant Growth

- The rising infrastructural development globally is driving the adoption of technology equipped systems for the working spaces as well as for residential purposes. Digital transformation enables the opportunity of improving efficiency by reducing human errors.
- Governments are investing in tackling the rising rate of crimes globally. The implementation of mass surveillance systems has helped in tracking the suspects for crimes. The use of License Plate Reader (LRP) on the roads is rising globally in response to the unsafe driving. According to NHTSA 2018 report, for more than two decades, speeding has been involved in approximately one-third of all motor vehicle fatalities.
- In February 2019, the United States government has released a strategy for surveillance and control of travel. This strategy includes the surveillance of all movements of a person by collecting as much information as possible, especially biometric and biographic. The deployment of this act will increase the demand for electronic security market in the region.
- Moreover, according to Frontex, in 2018, Europe registered a record low illegal cross-border point entries.Therefore, the deployment of electronic security systems to improve the securities overall has become more significant.

Asia-Pacific to witness Fastest Growth

- Governments are spending on the initiatives to make the respective countries more secure. Development of smart cities is one of the significant segments of infrastructural developments with the application of more surveillance systems, alarming systems, and access controls. In India, the government has initiated the Smart City Mission for development of over 100 cities in the country is driving the market.
- China is investing billions of dollars in for mass surveillance project every year. This project is aimed at using advanced face detection technology and algorithms to track the 1.4 billion population with the help of 200 million surveillance cameras. These cameras will monitor the social behavior of the population, and the government has planned to release a social credit score for every individual by the year 2020. This project is driving the growth of the electronic security market in the region.
- Due to the growing economies of Asia-Pacific countries like India and China, the infrastructure is developing. Additionally, the awareness of the benefits of electronic security systems has increased the implementation of these systems for residential purposes. This trend is expected to continue in the forecasted period hence the demand for these systems will grow.

Competitive Landscape

With the declining product cost, the rise in the entry of the players offering the product is observed. Additionally, the lack of differentiation in the product offerings made the vendors for adopting competitive pricing strategies. Hence, due to the presence of many players, the market trend is towards fragmentation.

- Nov 2018 - Checkpoint Systems, Inc. launched a new anti-theft solution Mini NeedleLok for the global apparel market. The product is suitable for many types of apparel merchandise and it is easy for application. It can be removed quickly and efficiently at the point-of-sale, thanks to its single-piece design and wide opening.
- Oct 2018 - Evolver and eVigilant had merged to form a new company called, Converged Security Solutions. The merger combined Evolver’s cybersecurity, cloud, infrastructure, application development, end-user support, and legal technology offerings with eVigilant’s focus on electronic security through design, engineering, implementation and operation services.

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