DUBLIN--(BUSINESS WIRE)--The "Electronic Security Products US Market Forecasts by Product and Market" report has been added to ResearchAndMarkets.com's offering.
This industry study presents historical demand data (2006, 2011, and 2016) and forecasts (2021) by product (alarms, video surveillance equipment, access controls, contraband detection systems, electronic article surveillance systems), and market (nonresidential, consumer).
The study also evaluates company market share and provides analysis on industry competitors, including:
- Hangzhou Hikvision
- Honeywell International
- Johnson Controls
- Robert Bosch
- Smiths Group
- United Technologies
System Upgrades and New Construction Activity Drive Security Spending
Gains will result from demand for upgraded security systems as new technologies come on line. Additionally, sales will be aided by growing construction activity in both the residential and nonresidential markets, as many security systems are installed during or shortly after initial construction.
Security System Installations Balance Perceived Risk of Crime, Convenience & Cost
The decision to purchase an electronic security system depends on a number of factors, key among them being the end-user’s perceived risk of crime, as well as the convenience and cost of the system. This balance varies significantly between end-users. For example, nonresidential users with high security risks (e.g., trade and distribution facilities that house goods and/or cash onsite or air transport facilities) are much more likely to invest in comprehensive electronic security systems, such as integrated video and alarm systems, electronic article surveillance, and contraband detection.
Most homeowners and low risk nonresidential users, on the other hand, typically invest in basic systems, such as intrusion alarms or a single camera. Nonetheless, products that offer greater affordability and ease of use have worked to bring new end-users into the market. For example, there has been rising interest in self-installed, self-monitored alarms and video cameras among consumers who typically would not purchase a full-service system.
Interoperability, Flexibility, & Other Technological Advances Continue to Drive Gains
Technological advances continue to play a significant role in driving demand for electronic security products. For example, shifts in technology have driven system updates in a number of segments within the industry, including:
- the shift from legacy analog to digital, Internet Protocol (IP) video surveillance systems
- the shift away from basic card-based access control technologies such as magnetic stripe and proximity types to more secure technologies such as smart cards and biometrics
Furthermore, sales of upgrade products will benefit from the introduction of products that offer a variety of improved characteristics, such as:
- ease of operation
- cyber-hardened components
- greater flexibility and interoperability with other systems
Interoperability, in particular, continues to be a key consideration. End-users are willing to adopt systems that are capable of working not only with other types of security systems, but also with others such as building operations. Such systems may also allow end-users to leverage the data gathered to improve business operations or increase profits, supporting spending on these traditionally non-revenue generating systems.
For more information about this report visit https://www.researchandmarkets.com/research/rsrpr7/electronic?w=4