Increasing the awareness about security drive the electronic security system market
- Electronic security systems are electronic system that are designed to perform security applications such as access control, surveillance, sound an alert within the commercial premises or residential area.
- Electronic security systems are extensively utilized in shopping malls, residential apartments, and commercial buildings. They are also employed in public places for surveillance purposes.
- Electronic security systems are also used in home automation, transportation and manufacturing companies.
- They are utilized as fire recognition systems, attendance record systems, and access control systems to improve security within commercial spaces.
- Manufacturing companies are adopting the electronic security system to prevent major incidents within their manufacturing facilities
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Key Drivers of Electronic Security Systems Market
- Increasing demand for advanced security systems for smart city project across the globe is driving the electronic security systems market.
- Rising awareness about security in residential and commercial sectors is expected to fuel the demand for electronic security systems during the forecast period.
- Furthermore, improving company network structure and expansion of broadband services are expected to enhance the performance of the electronic security system. This offers significant opportunities to manufacturers of electronic security systems and equipment.
High maintenance cost and privacy issues hinder electronic security system market
- Installation and maintenance cost of the electronic security system is high, as it requires periodic maintenance and the system has to be connected to a centralized system
- Companies are investing significantly to maintain their security networks. Electronic security systems are offered by security and networking service providers. In electronic security systems, important and confidential data/information of enterprises is stored in the infrastructure provided by the external service provider.
- Any data breach or leakage of confidential data/information can cause considerable damage to the brand image of the end-user. It can also lead to legal and financial issues.
- Thus, concerns about high maintenance cost and privacy hamper the electronic security systems market.
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North America to hold major share of global electronic security systems market
- North America is expected to hold a prominent share of the electronic security systems market. Rising focus on security concerns fuels the demand for electronic security systems in North America.
- In North America, most enterprises are adopting electronic security systems to improve the security of their remote locations, manufacturing units, and office premises.
- The electronic security systems market in Asia Pacific is projected to expand at a prominent CAGR during the forecast period due to increasing demand for advance security system in Asian countries, such as China and India. China became manufacturing hub of the electronic security equipment. Moreover, rise in construction activities owing to smart cities initiatives in both countries in Asia drive the demand for electronic security systems.
Global Electronic Security Systems Market - Competitive Landscape
- In 2018, Checkpoint Systems Inc. announced the launch of new anti-theft solutions for the global apparel market to provide anti-theft security solutions at point-of-sale for improving the security solutions for apparel market.
- In 2018, eVigilant and Evolver merged to form a new company, Converged Security Solutions. The company provides new advanced electronic security systems on the basis of engineering, design, operation services, and implementation.
Key players operating in global market:
- Bosch Security Systems, Inc.
Bosch Security Systems, Inc. is global company that provides control, electronic detection, and communication equipment. It offers access control, fire protection, closed circuit television systems, and components. The company offers diverse services including professional services, retail services, installer services, and monitoring services.
- Microsoft Corporation
Microsoft Corporation manufactures, licenses, develops, sells, and supports software products. The company provides smart home, security, and Wi-Fi services for commercial and residential sectors. The company also provides software solutions for electronic security systems.
- Schneider Electric GmbH
Schneider Electric GmbH is a leading global company that provides energy management solutions. It offers services and products for infrastructure, machinery, building automation, data centers, industrial processes, security solutions, and residential building solutions.
Key players operating in the global electronic security system market include Axis Communications AB, Bosch Security Systems Inc., Honeywell International Inc., Checkpoint Systems Inc., Schneider Electric GmbH, IBM Corporation, and ADT Security Services Inc.
Global Electronic Security Systems Market: Research Scope
Global Electronic Security Systems Market, by Type
- Intrusion Detection
- Vehicle Security
- Video Surveillance
- Access Control
- Alarming System
Global Electronic Security Systems Market, by End-user
Global Electronic Security Systems Market Segmentation, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
- Advanced Security System
- Electronic surveillance system
- Commercial security solutions
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