Electronic Security Systems Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (CCTV Surveillance Security System, Alarming Systems, Access Control, Others), By Type Of End-User (Enterprise, Government, Others), And By Geography - Forecasts From 2021 To 2026

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, 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.

Market Drivers

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, or R&D in the upcoming years. In 2021, Bosch security systems introduced the 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 specialising 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, and 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.

High global terrorism index

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 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.

Competitive Insights

The increasing demand for electronic security systems solutions has led to the entry of several new players in the Electronic Security Systems market. The market players are working on different business strategies and are investing in different products and services that they offer. The market is expected to be competitive and constantly evolving. Major market players include Bosch Security Systems INC., Axis Communication AB, Honeywell International Inc, Johnson Controls, and Checkpoint Systems Inc. among others.

Electronic Security Systems Market Scope:

Segmentation:

• By Type
  • CCTV Surveillance Security System
  • Alarming System
  • Access Control
  • Others
• By Type of End-User
  • Enterprises
  • Government
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Israel
    • Saudi Arabia
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others

Frequently Asked Questions (FAQs)

Q1. What will be the electronic security systems market size by 2026?
A1. The electronic security systems market is expected to reach a total market size of US$95.442 billion in 2026.

Q2. What are the growth prospects for the electronic security systems market?
A2. The global electronic security systems market is expected to grow at a CAGR of 11.28% during the forecast period.

Q3. What is the size of the global electronic security systems market?
A3. Electronic Security Systems Market was valued at US$45.167 billion in 2019.

Q4. How is the global electronic security systems market segmented?
A4. The electronic security systems market has been segmented by type, type of end-user, and geography.

Q5. What factors are anticipated to drive the electronic security systems market growth?
A5. The increasing adoption of electronic security systems by government agencies, commercial establishments, manufacturing industries, etc. is the major driver for the growth of the global electronic security market.