According to the new research report published by The Insight Partners, titled “Electronic Security Systems Market - Global Analysis and Forecasts to 2027”, the global Electronic Security Systems market is expected to reach US$ 20.50 Bn in 2027, by registering a CAGR of 8.4% during the forecast period 2019-2027.
In 2018, in the US electronic security systems market, surveillance systems segment was estimated to held the largest market share while access control systems are expected to be fastest growing segment with a CAGR of 10.2% during 2019-2027.
The US government is emphasizing heavily on developing smart technologies for the benefit of citywide infrastructures. New York, Massachusetts, California, Illinois, Washington, North Carolina, Washington DC, Ohio, California, and Atlanta, Georgia are the top 10 smart cities in the US. The investments toward smart city initiatives are constantly stalling, which is creating a lucrative business opportunity for the electronic security systems market players. Video surveillance is the most common area in which electronic security systems have been implemented in these smart cities to improve neighborhood safety. The demand for video surveillance systems is also surging among various operations of the Federal government, which is catalyzing the growth of the electronic security systems market in the US. Thus, with the growth in the proliferation of smart city projects in the US, the electronic security systems market in the country is foreseen to witness significant growth during the forecast period.
The electronic security system consists of components including camera, monitor, storage devices, and software. The electronic security system software is implemented for solving security problems that occur in day-to-day life as well as business life. Vendors are offering a wide variety of software and surveillance systems for optimizing the increased productivity and value gained by using quality based technologies. It also helps the security management professionals in analyzing the business and taking steps for the improvement. Furthermore, Identity and Access Management (IAM) software helps in the protection of data from threats caused by criminal hackers, phishing, ransomware, and other malware attacks. It optimizes the authentication process for all the web applications with single-sign-on and simplifies security for users.
Key findings of the study:
Access control systems is the fastest growing segment in the electronic security system market. The US governmental buildings, transportation systems, border areas, airports, seaports, and various other infrastructures have experienced illegal entrance which has led to significant loss in terms of monetary funds and data. This factor has escalated the demand for access control systems across the country. The card readers are by far the most attractive access control systems across verticals of Federal Government, however, higher demand for biometrics is being experienced in the current scenario.
Alarming systems are hardware or software which are used by the US governmental bodies to prevent its assets from any malicious activities. The alarming system hardware are used to detect any breaches at the secured area and consist of two components, the premise control unit (PCU), and the sensors. PCU helps in monitoring the status of the alarm system and transmit the information to a remote monitoring station. It also allows authorized personnel to activate or deactivate the system, used in various security-prone buildings. Security alarm systems are designed to detect an unauthorized entry or an intrusion into a building.
The US electronic security systems market is anticipated to witness substantial growth during the forecast period owing to growing incidents of terrorisms and other crimes. There has been a considerable rise in the frequency of security breaches and attacks over the last few years. The New York City truck attack (2017), the US mail bombing attempts (2018), and California mosque fire and El Paso shooting (2019) are a few examples of these incidences. As a result, governments and large enterprises are increasingly adopting electronic security products to curb such antisocial activities. The integration of Near Field Communication (NFC) and Bluetooth Low Energy (BLE) is being researched thoroughly and is expected to drive the demand for electronic security systems in the US.
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