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Electronic Security Market Size In Custom Service Segment Is Projected to Witness High Growth by 2024

Author : Ronak Bora | Published Date : 2019-05-24 

The electronic security market size in custom service segment is anticipated to exhibit high growth. Cross border drug and human smuggling, packaged in normal settings, have undergone high growth in the recent years. Illegal contrabands can be stored in packages or placed in body cavities. The U.S government, for instance, is tightening their border security protocols along the southern border owing to increasing instances of drug trade.

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Electronic Security Market size is projected to reach a revenue of approximately USD 60 billion over the forecast timespan. The increasing instances of theft, vandalisms, homicides, and rapes is causing governments of various economies, primarily in the Latin American and Asia Pacific region to adopt equipment provided by players in the electronic security industry. The ‘Safe City’ plan of the Chinese government to enhance civilian security is expected to propel the demand for surveillance and video monitoring systems. For instance, in September 2017, China installed about 20 Million street cameras equipped with artificial intelligence.

The growing impact of smart technologies, biometrics, and home automation systems is anticipated to revolutionise the electronic security market. Technological advancements such as the development of remote access monitoring technologies allow homeowners to monitor surveillance cameras and sensors remotely with the aid of a mobile app or a web portal. Additionally, they can be armed and disarmed at will from remote locations at any time.

The growing trend of IoT and connected systems is causing security to become a prime area of concern and leading to the high adoption of electronic security market. Everyday consumer products, such as fridges and coffee machines, are increasingly equipped with computer chips that can be hacked into to extract sensitive customer information and understand the user’s behaviour pattern. Technology such as the Samsung smart TV for instance has major security issues since Tizen OS can be easily hacked into by external parties. To improve security provided to homes, vendors in the electronic security market are increasingly providing smart solutions such as intelligent door locking systems and facial recognition sensor technology for refrigerators.

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Segmentation of the electronic security market by product indicates that the antiterrorist and inspection equipment is anticipated to grow during the forecast timespan owing to their applications in airports, commercial units, and the residential sector. Systems such as metal detectors, X-ray inspection machines, and turnstile & revolving doors can be easily deployed at low cost or on rent basis and are instrumental in dissuading criminals carrying explosives and armaments from threatening the safety of the general population.

Speaking of the regional growth distribution of electronic security market size, the North America electronic security industry is set to expand at a commendable pace owing to its security infrastructure, awareness related to safety and the growing spending by the governments of U.S and Canada. The Asia Pacific region will continue to grow as the economic surge, uptick in industrialization and increasing awareness contribute to the soaring electronic security industry demand.

Electronic security market players include ADT LLC, Honeywell International Inc., G4S PLC, ASSA ABLOY Group, Frontier Pitts, Ltd., Auto Clear LLC, Hitachi Ltd, and BOSCH Security Systems. The industry comprises of a large number of players owing to which companies are required to undertake strategies such as product innovations and mergers to sustain growth in the electronic security industry.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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