“Electronic Security Market: Global Demand Analysis & Opportunity Outlook 2024”
Electronic security consists of all the systems that use electronic devices and embedded technology to enhance safety measures and protect human life and physical assets. The electronic security systems could perform security operations like surveillance, access control, alarming or an intrusion control to a facility or an area. Such systems comprises of alarms, access controls and CCTVs (closed circuit televisions), which are prominently and broadly utilized. The electronic security provides users with invaluable video surveillance benefits. Video surveillance can help oversee entry points in the home or business.
Global electronic security market is expected to register a 13.7% CAGR over the forecast period. Moreover, the global electronic security market is expected to garner USD 133.7 Billion by the end of 2024. The market is expected to expand on the back of surging adoption of safety and surveillance systems by commercial establishments and government agencies.
The commercial segment by application is estimated to register an exponential CAGR during the forecast period. Moreover, the commercial segment is expected to account for the largest share of revenue across the globe. Factors such as increasing crimes at commercial places have triggered the demand for electronic security systems at public places such as city centers, educational institutes and others. Further, growth in terrorism activities at public places is anticipated to substantially grow the market of the commercial electronic security.
Rapid Urbanization in Developing Nations
Factors such as construction of new buildings across the globe are anticipated to drive the growth of the electronic security market. Further, increasing crimes such as robberies, burglaries and other such crimes at public places are expected to significantly impact the growth of the electronic security market. Moreover, construction of smart cities in developing nations is expected to uplift the demand for electronic security products.
Increasing Safety & Security Concern among Population
Rising safety conscious society are likely to intensify the growth of the global electronic security market. Additionally, growing urban population coupled with increasing demand for better safety & security systems is expected to swell the demand for the electronic security products over the forecast period.
Although, high cost of newly developed and advanced electronic security products and lack of awareness in various undeveloped countries across the globe are some of the factors that are likely to inhibit the growth of the electronic security market in the near future.
The report titled “Electronic Security Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global electronic security market in terms of market segmentation by product type, by end users, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global electronic security market which includes company profiling of Robert Bosch GmbH, Honeywell International, Inc., A2 Systems LLC, ALL-TAG Corporation, Anixter Inc., AxxonSoft, HIK Vision Digital Co. Ltd., Nortek Security & Control LLC, Hanwha Techwin CO. LTD., and ASSA ABLOY. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global electronic security market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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