Global Electronic Security market is expected to accrue earnings worth nearly 76.25 (USD Billion) by 2026 and is set to record a CAGR of about 9.3% over the period from 2020 to 2026.
Electronic Security Market
The global Electronic Security market is expected to accrue earnings worth nearly 76.25 (USD Billion) by 2026 and is set to record a CAGR of about 9.3% over the period from 2020 to 2026. The report offers assessment and analysis of the Electronic Security market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data. The report provides historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).
Details of the Report:
2017 and 2018
Earnings provided in terms of USD Billion and CAGR estimated from 2020 to 2026
By Product Type, By End-User, and By Region
North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa
Electronic security system is referred to any electronic device that can perform a plethora of security functions including surveillance, alarm, access control, and an intrusion control to an area that makes use of power from mains and also a power backup like a battery. Precisely, electronic security encompasses all the systems that make use of electronic equipment & embedded systems for improving the security measures along with protecting physical assets and human life.
Furthermore, electronic security finds massive utility in business operations for protecting data confidentiality and tracking of unauthorized access to business related information. Increase in the urbanization and creation of smart cities has resulted in acceptance of electronic system tools as they provide efficient & secured services.
Market Growth Dynamics
A massive surge in the terrorist activities and thefts as well as cybercrimes has resulted in the need for electronic security systems to be installed in private & public sites. This, in turn, has provided impetus to the growth of the electronic security market. Apparently, the rapid rocketing of cybercrimes has translated into the humungous requirement for web monitoring tools, IP-based surveillance, and access systems, thereby escalating the market growth.
Moreover, government units have raised their funding of security systems. Additionally, a spectrum of electronic security tools with affordable pricing are easily available and this will boost the business trends in the years to come. Apparently, firms focus on the electronic security devices like detectors, Security Alarmss, interfaces, and control panels for maintaining the security of their premises and this will steer the market growth over the ensuing years. Need for offering security to grids, oil & gas units, and water plants have resulted in growing popularity for the electronic security equipment. This has paved the way for the expansion of electronic security industry over the forthcoming years.
North American Market To Witness Upsurge In Growth Over 2020-2026
The regional market growth during the period from 2020 to 2026 is attributed to rise in the physical retail outlets as well as increase in the commercial establishments in the countries like the U.S. and Canada.
Key players profiled in the report include Axis Communications AB., ADT LLC dba ADT Security Services, Gunnebo UK Ltd., Honeywell International Inc., Robert Bosch LLC, Checkpoint Systems, Inc., MOBOTIX AG, Tyco Security Products, Hangzhou Hikvision Digital Technology Co., Ltd., and Allegion plc.
The global electronic security market is segmented as follows:
By product type:
The key growth drivers that will impact the market growth include need for security of firm premises and surge in the terrorist activities and thefts across the globe.
The CAGR of the industry is expected to be nearly 9.3% during the forecast timespan.
North American region will contribute remarkably towards the global market revenue over the estimated timeline.