The Global Market for Electronic Security Systems is Projected to Exceed US$95 Billion by 2024

Growing Popularity of Advanced IP-Based Digital Networked Solutions Drive the Global Electronic Security Systems Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size, and demand forecasts on the global Electronic Security Systems market. The global market for Electronic Security Systems is projected to exceed US$95 billion by 2024, driven by the critical need to safeguard people, resources, and infrastructure amid escalating security concerns, and the convergence of IT and mobile technology with security systems.

Driven by ever-increasing security concerns, demand for electronic security systems (ESS) such as alarms, electronic access controls systems (EACS) and CCTV and video surveillance systems, among others, is witnessing significant increase. Owing to their capabilities of offering affordable, easy to install, and convenient solutions, the new-age electronic security devices are gaining traction among an extensive customer base. Rise in terrorist attacks, vandalism, campus violence, and the resulting need for personal safety, and security at public places such as transits, city centers, educational institutions, as well as borders is driving growth in demand for ESS. Other factors responsible for the strong evolution of the market over the years include heightened levels of fear over security among individuals, stringent regulatory mandates, recovering construction activity, and surging demand for technologically superior yet cost effective products. Technological advancements are enabling the deployment of a sophisticated array of electronically managed, multi-layered security systems offering fool-proof security irrespective of the factors driving the deployment of security systems within an organization - whether the need to drive efficiencies and compliance or to simply reinforce the existing infrastructure.

Strong growth is projected for the ESS market in the coming years driven by the growing consumer interest in advanced IP-based digital networked solutions and other game changing technologies. The electronic security systems’ market is primed for a makeover with technologies such as drone systems, cloud computing, intelligent audio/video analytics solutions popularly termed as “Deep Learning”, near-field communications (NFC), IP security, robots integrated with high-definition surveillance cameras, and biometric access systems disrupting the industry. Another technology that is ensuring effective communication flow among different departments includes integrated infrastructure systems that not only assist enterprises in streamlining business operations but also enhance overall security. Driven by growing use of Internet of Things (IoT), demand for integrated security systems is expected to gain momentum over the next few years. Similarly, propelled by their capabilities of offering energy efficient solutions for end users, popularity of Bluetooth Low Energy (BLE) devices is also likely to exhibit significant increase. Falling prices; ever expanding product range; favourable legal, social and political perspectives; surging investments in government security projects; rapid proliferation of HD CCTVs, rising need to restrict unauthorized entry and access; integration of multiple technologies; expanding applications of biometrics EACS; and the power of cloud computing in enabling security software as a service, are also expected to benefit market prospects in a big way in the coming years.

As stated by the new market research report on Electronic Security Systems (ESS), the United States represents the largest market worldwide, followed closely by Europe. Rise in events of security infringement, significant upgrading and integration of highly advanced security systems by commercial and residential buildings, and rising government and enterprise focus on safeguarding human life, physical and digital assets, and infrastructure, represent key growth drivers in developed markets. Asia-Pacific ranks as the fastest growing market with a CAGR of 11.7% over the analysis period. Growing prominence of Asian countries as a manufacturing hub for electronic security systems, increasing demand for security solutions for new homes, small and medium businesses, huge corporate workplaces, and retail stores; unpenetrated and underpenetrated nature of the market; and growing number of National/Civil ID projects, among others, represent key growth drivers in the region.

Key players in the market include ADT LLC, Allegion plc, ASSA ABLOY AB, Axis Communications AB, Bosch Security Systems, Changzhou Minking Electronics Co. Ltd., CP PLUS GmbH & Co. KG, Dahua Technology Co. Ltd., Diebold Nixdorf Incorporated, dormakaba Holding AG, Fermax Electronica S.A.U., Gemalto N.V., Gunnebo AB, Hanwha Techwin, Hikvision Digital Technology Co. Ltd., Honeywell International Inc., Identive Group Inc., Johnson Controls International plc.,  Mobotix AG, Panasonic Corporation, Schneider Electric, SAFRAN Group, Swann Communications Pty. Ltd., Toshiba America Information Systems Inc., UTC Climate, Controls & Security, and Vanderbilt Industries, among others.

The research report titled “Electronic Security Systems (ESS): A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections in value for the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin America (Brazil, and Rest of Latin America), and Rest of World. Product segments analyzed in the report include Alarms, Electronic Access Control Systems (EACS), CCTV and Video Surveillance Systems, and Others.

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