DUBLIN--(BUSINESS WIRE)--The "Electronic Security Systems Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The electronic system security market was valued at US$46.167 billion in 2019 and is expected to grow at a CAGR of 11.28% over the forecast period to reach a total market size of US$95.442 billion in 2026.
One of the biggest markets in the technology segment is the surveillance market and it has tremendous growth prospects globally as well as in India. An electronic security system is majorly used by corporate workplaces, commercial places, or shopping malls, and others. The main purpose of electronic security systems is to provide security wherever they are being used. Their increased adoption by government agencies, manufacturing industries, and commercial establishments among others, for security purposes, is a major driving factor behind the growth of the market.
Increasing terror threats, growing public and private infrastructures, and the increase in crime rates have resulted in the demand for the surveillance market in India. Video surveillance systems have been the largest product category in India's electronics security segment.
Investments and new technology in electronic security are driving the market. In India, this sector has attracted strong investment in the form of FDI inflows. Companies in India are planning to invest in production, distribution, and R&D in the upcoming years. In 2021, Bosch security systems introduced INTEOX camera platform which combines built-in Intelligent Video Analytics from Bosch with superb performance, a commonly used open OS, and the ability to securely add software apps. In 2020, a new keyless keypad door lock system has been introduced by Hank Washington, a company specialized in high-quality household products, where the BACKR electronic access control solution is suitable for those consumers who are interested in a high-security door lock for indoor and outdoor applications.
Rising investment in innovating smart cities is enhancing the demand for advanced electronic security systems. Globally, Singapore is the current top smart city investor followed by Tokyo, New York, and London. Region-wise, the U.S., Europe, and China account for over more than half of the world's total spending on smart cities. China planned to invest billions of dollars in mass surveillance projects each year, the project mainly focuses on the usage of advanced face detection technology and algorithms for tracking the population by using millions of surveillance cameras. Countries in Asia are spending on infrastructural development to make their respective countries more safe and secure with the application of surveillance systems, alarming, and access controls.
In India, the need for security arrangements has grown manifold. There has been significant investment in large-scale infrastructure projects, industrial setups, and various urban landscape developments such as industrial complexes, offices, IT parks. Development has also been witnessed in public infrastructures such as airports, metro stations, shopping malls, and other public utilities which have created a direct demand for private security services.
The increase in terror activities globally has raised alarms for increasing the security services. For example, if we talk about terrorism, India ranks sixth out of 162 countries in terms of terrorism. The number of incidents of killing were 476 in 2018. 2019 recorded 1,787 terrorism-linked incidents. People have started feeling unsafe due to the increased terror activities and they are more concerned about their safety, hence, the demand for electronic security systems is high.
- FrontPoint Security Solutions
- ADT LLC
- Link Interactive
- Vivint, Inc.
- Zicom Electronic Security Systems Limited
- Bosch Sicherheitssysteme GmbH
- Protect America, Inc.
- Axis Communications AB
- Honeywell Security
- A2 Systems, LLC
- CCTV Surveillance Security System
- Alarming System
- Access Control
By Type of End-User
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
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