Security System Industry Growth
Electronic Security Market to witness a robust progression amid growing safety concerns across the globe, industry to record a decent 10% CAGR over 2017-2024
The overwhelming expansion of the electronic security market across the globe has been unprecedented. The indispensability of deploying electronic security systems in commercial and residential areas has become increasingly pronounced in the recent past owing to the increased number of terror incidents, break-ins, property thefts, mishaps in public transportation setups, smuggling of contraband, growing social unrest, and industrial disasters among others. The electronic security market stands to reap substantial benefits in the upcoming times as the advancement in technology, expanding geographical reach, emergence of new business models, earnest government interventions, smart city phenomenon, and accelerated growth of real estate sector among other driving factors, will accentuate the market-specific consumption and will, in turn, steer the electronic security market to achieve greater heights of revenue growth.
China electronic security market size, by technology, 2016 & 2024 (USD Million)
The increasing complexity and sophistication of security threats to public, private and governmental spaces have forced the electronic security providers to come up with innovative, viable and sustainable solutions. For instance, new electronic security industry players like Zicom are making a bold effort to become industry leaders by launching excellent products that minimize the input and maintenance costs of the security infrastructure deployed to secure financial assets of its customers. The growing governmental legislations across the world shall gradually make the safety and security solutions mandatory across all sectors. For instance, a few states in India have made it a compulsion for all the private establishments to install CCTV surveillance on their premises. These initiatives with regards to securing the infrastructure by both the private and competitive entities are overt to enhance the profitability quotient of electronic security industry. According to Global Market Insight Inc., the global electronic security market size was estimated to be approximately $27 billion in 2016.
According to a few trusted reports, the total cost of reported stolen property in the U.S. constituted to $12.42 billion in 2016. The two decades of 1995-2015 witnessed close to 2,500 incidents of theft of radioactive materials and trafficking, according to a report by The International Atomic Energy Agency (IAEA). The electronic security market has been gearing up to tackle the growing concerns of security and safety across all domains. The upcoming electronic security firms seem to be aware of the need to become proactive rather than being reactive to the perceived threats and probable incidents leading to loss of human life and weakening of financial assets. A prominent example that can be noted here is of e-surveillance technology. The cost of maintaining an ATM e-surveillance for a bank in India amounts to Rs. 40,000. Reportedly, the e-surveillance technology used by Zicom reduced the bank’s safety and security cost by 90%.
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The electronic security market portfolio includes access and control systems, intrusion and detection systems, surveillance and alert systems, anti-terrorist and inspection equipment, mass notifications systems and anti-theft systems. In addition to innovation, the latest trend of integrating advanced sensors, wearable devices, smart cards with existing systems and integration of hardware and software with the Internet of Things has demonstrated to assist the electronic security market to make strong headway in the near future.
The electronic security industry has been highly competitive with reputed firms such as IBM Corporation, Bosch Security Systems, Thales Group, Siemens AG, Lockheed Martin Corporation, Axis Communications, Auto Clear LLC, Hitachi Ltd, G4S PLC, OSI Systems, Inc., to name a few. The upcoming electronic security providers like Zicom and Gemalto, which collaborate with banks and governments across various regions of the world are forming a strong framework to disrupt the electronic security market in a positive way. The mergers and acquisitions, technological advancement, alliances and growing collaboration of private sector with the governmental agencies will fuel the sustained growth of the electronic security industry.
Speaking of the regional growth distribution of electronic security market, the North America electronic security market is set to expand at a commendable pace owing to its security infrastructure, awareness related to safety and the growing spending by the governments of U.S and Canada. The Asia Pacific region will continue to grow as the economic surge, uptick in industrialization and increasing awareness contribute to the soaring electronic security industry demand.
A detailed report published by Global Market Insights, Inc., estimates the growth of electronic security market at over 10% CAGR over the timeframe of 2017-2024.
Author Name : Saif Ali Bepari