The research study covers the present scenario and growth prospects of the global electronic security market for 2016-2020. This report provides a list of vendors that provide electronic security solutions across the globe. Vendors are identified based on their product features, geographical presence, customer base, and product portfolio.
There has been a considerable rise in the frequency of security breaches and attacks over the last few years. Incidences of robbery, theft, shoplifting, and violent attacks are rising in number. As a result, governments and large enterprises are increasingly adopting electronic security products to curb such anti-social activities. In addition, the federal government in the US has passed stringent regulations to install electronic security products in hypermarkets, hospitals, airports, railway stations, hotels, and malls. These regulations aim to provide enhanced security to eliminate anti-social activities. Growing security concerns are a major factor contributing to the growth of electronic security solutions market.
Technavio ICT analysts highlight the following three factors that are contributing to the growth of the global electronic security market:
- Decline in prices of security products
- Development of smart cities
- Increased adoption of security solutions by commercial sector
Decline in prices of security products
The prices of security solutions, such as IP cameras, are quickly dropping, 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. Earlier, companies had to hire security guards to constantly monitor their premises. Now, 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 suspicious activity. This, in turn, cuts down on costs and false alarms.
Amrita Choudhury, a lead IT security research analyst at Technavio, says, “The prices of security products were high, and they were not affordable to many business owners and residential owners. Hence, the adoption of security solutions by small-scale business owners and residential owners was low. The decline in the prices of the solutions is primarily due to their higher demand and the increasing competition among vendors. The security solutions are sold through several distribution channels on huge discounts.”
Development of smart cities
Due to the emergence of several smart 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. This is gaining more importance in countries such as China, India, and Qatar. The development of smart cities provides efficient transportation facilities, traffic management system, smart grids, good healthcare facilities, and advanced technology in the construction process,” adds Amrita.
Increased adoption of security solutions by commercial sector
Commercial buildings, which include retail stores, office buildings, hotels, restaurants, and warehouses, are witnessing a drastic rise in the number of criminal activities, with retails shops being at the top spot. Retail shops face problems such as huge retail shrinkage and loss of credibility. Retail shrinkage refers to the loss of a store's inventory. In order to combat shrinkage, retailers are adopting strategies, including the installation of surveillance systems. With the right technologies and enhanced security solutions, retail shop owners can achieve improved profitability. Security solutions such as EAS, intruder alarms, and surveillance systems in the retail sector help control the inflow and outflow of products, leading to reduced retail shrinkage.
The banking sector has a higher demand for security systems (video surveillance, intruder alarm systems, and access control) due to its highly sensitive business nature. The rise in ATM thefts and burglaries across the globe has increased the adoption of surveillance systems. To strengthen physical security and surveillance and increase the efficiency of incident response by banks and ATMs, banks have to implement a central monitoring system. This kind of monitoring will enable them to remotely monitor each cluster 24x7x365 and would be able to detect any possible event such as fire, theft, intruder detection, burglary, vandalism, and unauthorized activity.
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