Need to Safeguard People, Resources & Infrastructure Amid Escalating Crime Rates and Security Concerns to Drive Growth in the Global Electronic Security Systems (ESS) Market

The global Electronic Security Systems (ESS) market is projected to reach US$66.9 billion by 2024, driven by the growing need to protect infrastructure, resources and human lives against the backdrop of rising security threats and crime rates. Electronic security represents the use of technology and electronic devices for ensuring safety and security of human life, physical assets, and business operations by tracking and preventing unauthorized access to restricted premises, sensitive data, or high value assets. As key enablers of advanced electronic security, a wide range of solutions including alarms, electronic access controls systems (EACS) and CCTV and video surveillance systems have been well received by individuals, commercial establishments, and governments across the world. While the government sector continues to remain the largest end-use market for electronic security systems, generating a major portion of value sales for ESS market, commercial establishments and households have also been increasing their ESS implementations over the last few years due to heightened perceived threat of criminal activity and terrorism.

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, the demand for various electronic security systems continues to post strong growth across the globe. Rise in terrorist attacks, vandalism, campus violence, and the resultant need for personal safety, and security at public places such as transits, city centers, educational institutions, as well as borders is enhancing the significance of such systems. Another factor fueling adoption of ESS is the growing focus on developing smart cities in several countries across the world. The growing sophistication of security threats is also necessitating security systems to keep up with changing threat landscape and thwart any attacks. Persistent improvements in network connectivity and broadband Internet services and the development of advanced technology-based security products, specifically wireless security offerings, are also driving demand for a range of security products from end-users. The constant decline in prices of various electronic security products such as IP cameras over the years is contributing to the market’s growth. Stringent government regulations mandating deployment of security solutions also augurs well for the market.

As stated by the new market research report on Electronic Security Systems (ESS), Europe represents the largest regional market, worldwide. Growth in the region is being driven mainly by the increase in the number of manufacturing and IT companies operating across Europe. The strengthening efforts to upgrade existing security solutions with advanced security systems in both residential and commercial buildings and the growing focus on businesses and government agencies on protecting infrastructure facilities, assets, and human life will continue to drive growth in Europe’s electronic security systems (ESS) market. Asia-Pacific is forecast to register the fastest CAGR of 11.7% over the analysis period. Rising prominence of Asian countries as manufacturing hubs for electronic security systems, robust construction activity driven by healthy gains in GDP growth, rising disposable incomes of an expanding base of middle class population, and growing number of civil infrastructure projects, among others, represent key growth drivers in the region. Growing emphasis of regional governments on developing and deploying advanced security systems in public roads, malls and transit stations is also spurring market growth.

Major players in the market include ADT LLC, Allegion plc, ASSA ABLOY AB, HID Global, Axis Communications AB, Bosch Security Systems, Brinks Home Security, Changzhou Minking Electronics Co. Ltd., CP PLUS GmbH & Co. KG, Dahua Technology Co. Ltd., Diebold Nixdorf, Incorporated, DoorKing Inc., dormakaba Holding AG, Fermax Electronica S.A.U., Gemalto N.V., Genetec Inc., Global Security Solutions, Gunnebo AB, Hanwha Techwin Co. Ltd., Hangzhou Hikvision Digital Technology Co. Ltd., Honeywell International Inc., IDEMIA, IDenticard Systems, Identiv Inc., Johnson Controls plc, March Networks Corporation, MOBOTIX AG, NEC Corporation of America, Nortek Security and Control LLC, Panasonic Corporation, Pelco by Schneider Electric, SecuGen Corporation, STANLEY Security, Vanderbilt Industries, and Vivint Inc., 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 for all major geographic markets such as 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. The report analyzes the Electronic Security Systems (ESS) market by the Segments – Alarms, Electronic Access Control Systems, CCTV & Video Surveillance Systems and Others.

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