The electronic security market is projected to garner noteworthy gains on account of rising concerns over minimizing vandalism, theft, rapes and homicides. Several countries across Asia Pacific and Latin America are adopting surveillance systems to enhance public safety and national security.
The Chinese government had launched the ‘Safe City' plan to improve civilian security. As a result, the country reportedly installed nearly 20 million street cameras in the year 2017. These cameras are integrated with artificial intelligence (AI) solutions that enhance surveillance. Such initiatives could massively boost the demand for electronic surveillance and video monitoring systems.
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Electronic security market is certain to reap substantial profits in the upcoming period, courtesy- growing governmental initiatives emphasizing on the adoption of advanced security system in high traffic locations that are more prone to perceived threats such as transit stations, shopping malls, and public roads. The efforts being undertaken by the Indian Government, in this regard, is worth mentioning. Reportedly, the regional government, in the year 2014, had set up a fund of USD 125 million, exclusively dedicated to prevention of sexual violence, for the installation of advanced surveillance system at high risk zones. For the record, these hi-tech hardware systems are equipped with advanced algorithms and video analytics that aids in easy detection of criminals. These encouraging initiatives to ensure public safety and welfare are overt to upscale industry demand.
Speaking of the commercialization potential of electronic security market, the overall business space is claimed to record a valuation of USD 60 billion by 2024. The proposed figure is reportedly more than double of the market valuation of 27 billion in 2016. Favorable governmental legislations across the globe is expected to gradually mandate deployment of safety and security solutions in majority of the sectors. For instance, in Karnataka, one of the prominent states in India, it is now compulsory to install CCTV cameras surveillance systems in most of the commercial infrastructure premises such as ATMs, pubs, cyber cafes, restaurants, and banks. In addition, it has been also reported that the number of public places coming under the ambit of cameras are surging every month- an affirmation further depicting signs of penetration of industry in the region.
The competitive hierarchy of electronic security market is all inclusive of reputed biggies who have been increasingly focusing on novel product development, and innovative merchandizing strategies. Amidst the intense share battle, mergers and acquisitions is one of the major growth strategies underlining the sustainability quotient of the strategic landscape. A prominent instance can be placed as a testament of the fact- ADT, a leading name in North America market, has recently acquired commercial security business of Protec, Inc, in a bid to reinforce ADT’s position in the regional business space. Allegedly, through this procurement, ADT would not only be able to tap Protec’s extensive consumer base in Northwest America, but would also enhance ADT’s existing security service in national and commercial account domain. The deal was reportedly closed on 31st July, ’17.
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Regionally, Asia Pacific observes a strong foothold in the global electronic security market share. The primary reason behind APAC to become the hotspot for market investors is the real and perceived concerns regarding social unrest and economic growth across this belt. Uptick in industrialization, increasing disposable incomes of the middle-class population, tightened security procedures across airports and malls, and smart city phenomenon are some of the other driving factors, which are expected to result in market specific consumption and would impel APAC industry share. Another standout issue that has complemented market growth in APAC belt is the increasing prevalence of religious conflict especially in India, that has remarkably upscaled installation of advanced surveillance equipment in risk prone areas, such as airports.
Some of the players holding a strong portfolio in electronic security market space include ASSA ABLOY, BOSCH Security Systems, Thales Group, OSI Systems, Inc., Siemens AG, and RedXDefense LLC.
Major Key Points from Table of Content:
Chapter 4. Electronic Security Market, By Product
4.1. Electronic security market share by product, 2016 & 2024
4.2. Access and control system
4.2.1. Market estimates and forecasts, 2013 - 2024
4.3. Surveillance and alert system
4.3.1. Market estimates and forecasts, 2013 - 2024
4.4. Anti-theft system
4.4.1. Market estimates and forecasts, 2013 - 2024
4.5. Antiterrorist and inspection equipment
4.5.1. Market estimates and forecasts, 2013 - 2024
4.6.1. Market estimates and forecasts, 2013 – 2024
Chapter 5. Electronic Security Market, By Application
5.1. Security system electronics market share, by product, 2016 & 2024
5.2.1. Market estimates and forecasts, 2013 - 2024
5.3. Public sector
5.3.1. Market estimates and forecasts, 2013 - 2024
5.4. Custom service sector
5.4.1. Market estimates and forecasts, 2013 - 2024
5.5.1. Market estimates and forecasts, 2013 - 2024
5.6.1. Market estimates and forecasts, 2013 - 2024
5.7.1. Market estimates and forecasts, 2013 - 2024
5.8.1. Market estimates and forecasts, 2013 – 2024
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