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. Other major factors driving growth in the market include implementation of strict safety and security legislations that mandate the use of electronic security systems; effervescent technology developments encompassing Internet of Things (IoT) features and functions, long battery life technologies, larger flat panel displays, wearable electronics, networked video surveillance cameras, and self-reporting alarm/CCTV/automation solutions. Especially posed to positively influence the market is the rise of SaaS-Based electronic security. The United States represents the largest market worldwide followed by Europe and supported by healthy replacement demand as consumers upgrade to highly advanced security systems. Asia-Pacific ranks as the fastest growing market with a CAGR of 11.7% over the analysis period led by factors such as growing economies; rapid urbanization and focus on smart cities; rising incidence of crime; growing value of digital assets and a parallel need for digital security solutions; growing cloud readiness of Asian countries and promising adoption of electronic security-as-a-service (E-SaaS) in the coming years; and availability of affordable plug-n-play electronic security solutions.
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Summary of Findings
- Rapid Urbanization and Growing Investments in Smart Cities and Buildings in Developing Countries Drive Demand for Access Control Systems in Commercial, Residential and Industrial Facilities
- The Push Towards Building Safer and Smarter Cities Drives Demand for Video Surveillance and Video Analytics Solutions
- Growing Terrorist Attacks on Airports and Railway Stations Spurs Investments in Advanced Perimeter Security and Access Control Systems
- Rapid Proliferation of HD CCTVs and Expanding Applications of Biometrics Based Electronic Access Control Systems Drive Market Demand
- Growing Emphasis on Comfort and Convenience Fuels the Popularity of Fingerprint Door Entry Systems and PIN & RFID Card Based Access Systems
Timeline for Analysis
- Market Estimates and Forecasts for 2016-2024
- Historic Review 2011-2015
Geographic Markets Analyzed
- 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
Market Segmentation & Classification
- Product Segments:
- Alarms, Electronic Access Control Systems, CCTV and Video Surveillance Systems, and Others
- ADT LLC
- Allegion plc
- ASSA ABLOY AB
- Axis Communications AB
- BIO-key, International, Inc.
- Bosch Security Systems
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