Market Research Report
Electronic Security Market Size By Product (Access & Control, Surveillance & Alert, Anti-Theft System, & Others), Application, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2017 - 2024
|Published by||Global Market Insights Inc.||Product code||582064|
|Published||Content info||290 Pages
Delivery time: 2-3 business days
|Electronic Security Market Size By Product (Access & Control, Surveillance & Alert, Anti-Theft System, & Others), Application, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2017 - 2024|
|Published: October 12, 2017||Content info: 290 Pages||
Electronic Security Market is projected to reach a revenue of approximately USD 60 billion over the forecast timespan. The increasing instances of theft, vandalisms, homicides, and rapes is causing governments of various economies, primarily in the Latin American and Asia Pacific region to adopt equipment provided by players in the electronic security market. The 'Safe City' plan of the Chinese government to enhance civilian security is expected to propel the demand for surveillance and video monitoring systems. For instance, in September 2017, China installed about 20 Million street cameras equipped with artificial intelligence.
The growing impact of smart technologies, biometrics, and home automation systems is anticipated to revolutionise the electronic security market. Technological advancements such as the development of remote access monitoring technologies allow homeowners to monitor surveillance cameras and sensors remotely with the aid of a mobile app or a web portal. Additionally, they can be armed and disarmed at will from remote locations at any time.
The growing trend of IoT and connected systems is causing security to become a prime area of concern and leading to the high adoption of electronic security market. Everyday consumer products, such as fridges and coffee machines, are increasingly equipped with computer chips that can be hacked into to extract sensitive customer information and understand the user's behaviour pattern. Technology such as the Samsung smart TV for instance has major security issues since Tizen OS can be easily hacked into by external parties. To improve security provided to homes, vendors in the electronic security market are increasingly providing smart solutions such as intelligent door locking systems and facial recognition sensor technology for refrigerators.
Segmentation of the electronic security market by product indicates that the antiterrorist and inspection equipment is anticipated to grow during the forecast timespan owing to their applications in airports, commercial units, and the residential sector. Systems such as metal detectors, X-ray inspection machines, and turnstile & revolving doors can be easily deployed at low cost or on rent basis and are instrumental in dissuading criminals carrying explosives and armaments from threatening the safety of the general population.
The custom service segment of the electronic security market is anticipated to exhibit high growth. Cross border drug and human smuggling, packaged in normal settings, have undergone high growth in the recent years. Illegal contrabands can be stored in packages or placed in body cavities. The U.S government, for instance, is tightening their border security protocols along the southern border owing to increasing instances of drug trade.
Electronic security market players include ADT LLC, Honeywell International Inc., G4S PLC, ASSA ABLOY Group, Frontier Pitts, Ltd., Auto Clear LLC, Hitachi Ltd, and BOSCH Security Systems. The industry comprises of a large number of players owing to which companies are required to undertake strategies such as product innovations and mergers to sustain growth in the electronic security market. For instance, in July 2017, OSI Systems, Inc. announced that they had completed the USD 75.5 million acquisition of Morpho global explosive trace-detection business from Smiths Group PLC.