The US electronic security systems market was valued at US$ 10.33 Mn in 2018, and is calculated to reach US$ 20.50 Mn by 2027, growing at a CAGR of 8.4% from 2019 - 2027.
The continuous engagement of various US governmental verticals with electronic security systems market players to procure technologically advanced systems is catalyzing the growth of electronic security systems market in the US.
The federal government plays a vital role in the trend and growth of the US electronic security systems market. The companies offering security system products have to comply with the laws and regulations formed. The federal government has passed various acts for keeping an eye on the workings and maintaining the security of the individuals, such as Computer Fraud and Abuse Act of 1986 (18 USC 1030), National Policy for the Security of National Security Telecommunications and Information Systems (NSTISSC), and Federal Information Security Management Act (FISMA), among others.
With the increasing advancements and technological innovations, the US electronic security systems market players have extended respective product applications in various fields including offices, building automation, cybersecurity, and transportation. One of the significant factors contributing to the demand for US electronic security markets is increasing instances of illicit crimes across the country. Another notable driver that is propelling the application of electronic security is the increasing usage of electronic security systems by government agencies.
Also, infrastructure development projects such as IT Hubs, smart cities, etc. are leading to increased adoption of electronic security systems mainly due to their ability to offer real-time, faster, time, better safety, and security. One of the major factors hampering the growth of the electronic security systems market is the high installation and maintenance costs of the electronic security equipment. Furthermore, the US electronic security systems market is highly fragmented due to the presence of a large number of market players. The vendors in the US electronic security systems are adopting competitive pricing strategies, mainly due to the lack of differentiation in the product offerings
Few popular manufacturers of security cameras from the United States are Parabit Systems, Arecont Vision LLC, Bolin Technology, MOBOTIX Corp, FLIR Systems, Dahua Technology USA Inc., AxxonSoft, IDIS, Oncam, and eCamSecure. The US electronic security systems market growth is attributed to the rising intrusion activities and increased crime rate in the country.
Few of the factors impacting the US electronic security systems market growth are:
- The constant increase in the transportation system and facilities in the US due to the rise in population. A sudden surge in the awareness relating to the soaring crime rates has been noticed and is anticipated to increase the adoption of electronic security devices such as alarms and video surveillance systems in the US
- Real-time responses to risks and threats, an increasing number of security breaches, and the emergence of big data is expected to propel the market growth in the coming years