New York, United States , Feb. 14, 2023 (GLOBE NEWSWIRE) -- The Global Electronic Security Market Size to grow from USD 40 billion in 2021 to USD 90 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 10% during the forecast period. APAC is anticipated to have the greatest CAGR growth for the electronic security market between 2020 and 2030.
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The term "electronic security" refers to a system that includes all systems that employ embedded technology and electronic gadgets to enhance safety protocols and safeguard material assets and human life. In addition to this, the electronic security system is capable of performing security tasks like access control, intrusion control, surveillance, alarming, etc. These systems, which are widely utilised in a variety of industries including residential, manufacturing, commercial, and government entities, primarily include access controls, CCTV, and alarms. As smart cities are created as a result of increased urbanisation, security systems are becoming more and more popular since they offer precise and effective security solutions, which presents opportunities for market players.
The market is expanding generally because of the growing use of IoT in smart homes. In fact, users are already using smart home security cameras instead of standard mountable Wi-Fi cameras to increase the protection of their properties. This cutting-edge Smart home security camera offers a number of advantages that enhance their installation in several residences in the area. The demand for the product is also fuelled by the smart home security cameras' ease of installation and accessibility. from smart thermostats to smart lighting More intelligent products are being developed by IT businesses than ever before. This new product's introduction has enhanced capabilities, which is promoting market expansion. As they are meeting demand based on application and utilisation of the gadgets, manufacturers have also started concentrating on developing new goods for the specific application.
Browse 53 market data Tables and 63 Figures spread through 205 Pages and in-depth TOC on “Global Electronic Security Market Size, Share, and COVID-19 Impact Analysis, By Component (Solution [Access & Control System, Surveillance & Alert System, Anti-Theft System, Antiterrorist & Inspection Equipment], Service [Professional Services, Managed Services]), By Deployment Model (On-premise, Cloud), By Connectivity (Ethernet, Wireless, Cellular), By Application (Environmental, Public Sector, Custom Service Sector, Postal, Telecommunications, Residential), Analysis and Forecast 2021 – 2030”
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Surveillance and alert systems to witness the growth rate of 10%.
On the basis of solutions, the global electronic security market is segmented into solution and service. The solution segment is also categorized into Access & Control System, Surveillance & Alert System, Anti-Theft System, Antiterrorist & Inspection Equipment. The service segment is further sub segmented into Professional Services, Managed Services. Due to rising investments in the use of surveillance camera technology, the surveillance and alert systems are predicted to see a 10% growth rate throughout the projected period. Most surveillance and warning systems are found in public areas like malls, airports, and bus terminals. The needs of diverse applications will be met by numerous variations, including HD, CCTV, ANPR systems, analogue CCTV, and video analytics.
Cloud segment holds the maximum revenue share of USD 4 million.
Based on deployment model, the global electronic security market is segmented into on-premise, cloud. With a USD 4 million revenue share, the cloud deployment model is leading the pack of these. Over the forecast period, it's expected that widespread adoption of cloud-based CCTV cameras and considerable digitization will fuel market expansion.
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Ethernet connectivity segment is dominating the market.
On the basis of application, the global electronic security market is segmented into ethernet, wireless, cellular. With a 40% market share over the projected period, ethernet connectivity is predicted to lead the market of these. Ethernet communication is used by contemporary electronic security systems, including as surveillance cameras, to transfer digital transformation to host computers. In addition to this, numerous businesses all over the world have created electronic security systems with the use of power over Ethernet Technology, which aids in controlling both power flow and data transfer. Additionally, there has been a significant increase in the use of wireless surveillance systems worldwide.
The public sector application segment to attain a CAGR of 15%.
Based on the application, the global electronic security market is segmented into Environmental, Public Sector, Custom Service Sector, Postal, Telecommunications, Residential. The public sector segment will outperform the others with a CAGR of 15% through the conclusion of the projected period. Large-scale destruction may be caused by unauthorised individuals stealing nuclear and radioactive materials for use in making dirty bombs. Electronic security installation has now become standard practise in areas like hospitals, research labs, and nuclear power plants around the world in order to prevent this.
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Asia Pacific emerged as the largest market for the global Electronic Security market in 2021.
Between 2020 and 2030, the electronic security market is projected to develop at the highest CAGR in APAC. The market demand for electronic security solutions is rising as a result of the growing need to protect national security from terrorist threats. The demand is related to rising expenditures for safeguarding important infrastructures including banks, airports, commercial hubs, business facilities, and government offices. In addition, continued globalisation and increasing urbanisation have increased the demand for advanced security solutions across all industrial verticals, sustaining the industry value.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the key leaders operating in the market are ADT Inc., ASSA Abloy, Autoclear LLC, AXIS Communications AB, AVA Group, BOSCH Security, Brivo, Inc., Fisher Research Laboratory, Frontier Pitts Ltd., G4S Limited, Honeywell International Inc., IDEMIA S.A., Johnson Controls, Inc., Napco Security Technologies, Inc., OSI Systems Inc., Scanna MSC Ltd., Siemens AG, Teledyne FLIR LLC, Vanderbilt LLC, Westminster Group PLC, and Zod Security.
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