A study on the Electronic Security Market has been conducted to understand the market landscape in 2022.
Survey period: November 20-28, 2022
Survey Base: We surveyed 546 market players of all sizes.
Number of valid answers: 546
Survey method: 220 field surveys, 326 internet surveys
Survey Respondents: The survey was conducted among companies based on revenue. Survey results:
Question: What is the size of the global electronic security market? How much revenue can we estimate for the market at the end of the forecast period?
The global electronic security market is valued at approximately USD 41 billion in 2022. This market is projected to grow to around US$90 billion by the end of 2035, at a CAGR of around 13%.
Q: What drives the growing demand for electronic security?
Urban populations continue to grow, with more people moving to cities in search of better jobs and facilities. The World Economic Forum predicts that by 2050, 80% of the world’s population will live in urban areas. It has been observed that as the urban population grows, so does the crime rate. The rate of violent crime and terrorist attacks has also skyrocketed. In this scenario, there is a growing need to adopt measures to make yourself feel safe. An electronic security system includes all the various electronic devices used for security purposes and connects them to the Internet to maximize their efficiency.
Q: What are the main benefits of electronic security systems in business? Electronic security systems protect a company’s intellectual property, money, equipment and other assets from internal and external theft. An alarm system integrated into the electronic security system keeps employees safe at work day and night.
Instant security alerts available on any device connected to the system help business owners become aware of security breaches anywhere in a short period of time.
Information collected by security systems may be useful in resolving business-related disputes.
Automation and analytics built into devices such as CCTV help prevent crime through facial recognition of potential criminals.
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Question: What is the classification of electronic security systems? Based on product type, deployment mode, connectivity, application, and end user, the electronic security market is segmented into: – 1. Product Type – Intrusion Alarm System, Video Surveillance System, Fire Alarm, Access Control System, IP & Analog CCTV, Hybrid Video Recorder, Others
Video surveillance system is expected to grow at the largest CAGR and maintain the largest revenue by the end of 2035. Due to the increase in crime incidents around the world, it has become necessary to install video surveillance systems in public and private premises. Massive surveillance systems with high-definition cameras and analytics in public places help governments and law enforcement track potential criminals and prevent crime.
2. Deployment Modes – On Premises and Cloud
Cloud deployment mode is expected to show remarkable growth during the forecast period. This is due to the massive deployment of cloud-based CCTV cameras in urban areas. The Chinese city of Taiyuan, recognized as the best-surveilled city in 2021, was thought to have installed up to 118 CCTV cameras per 1,000 people.
3. Connection Type – Wireless, Cellular, Ethernet
Ethernet connection types are expected to capture up to 41% of the market share by the end of 2035. Most devices in electronic security systems transfer digital information to a host computer through an Ethernet connection. In addition, some companies use
Power-over-Ethernet technology to manage both data transmission and power flow.
4. Applications – Commercial and Residential
Residential applications of electronic security systems are expected to experience impressive growth in 2023-2035. The advent of wireless systems, the Internet of Things (IoT), and awareness of home security systems are believed to drive the growth of residential applications for electronic security systems.
5. End Users – Railways, Airports, Banks, Hotels, Retail, Government, etc. The use of electronic security systems in the banking sector is likely to see the greatest growth due to security requirements for sensitive data used in financial transactions.
Q: What are the challenges hindering the growth of the electronic security market?
High costs associated with installing electronic security systems, consumer unfamiliarity with security systems, and lack of technical knowledge to operate security systems are believed to hinder the market growth.
Q: Who are the major players in the electronic security market? What are the recent developments?
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 Techwin Co., Ltd., Allegion plc etc. are prominent players in the electronic security market.
ASSA ABLOY recently acquired Germany’s Bird Home Automation GmbH (“DoorBird”). DoorBird is a manufacturer of IP door intercoms for multi-family and single-family homes. DoorBird’s quality products are expected to contribute to ASSA ABLOY’s growth in the home security segment.
The AXIS A12 Network Door Controller series, which controls tasks related to door access, was launched by Axis Communications. The series consists of scalable products suitable for both large and small installations.
Q: Which regions are expected to offer lucrative growth opportunities in the electronic security market?
North America region is expected to witness the most significant market growth during the forecast period due to increasing crime rate. In addition, the development of smart cities and increasing number of establishments including retail stores are expected to contribute to the growth of the regional market. The United States (U.S.) was estimated to have about 1.10 million retail stores in 2020.
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