Global Electronic Security market is expected to accrue earnings worth nearly 76.25 (USD Billion) by 2026 and is set to record a CAGR of about 9.3% over the period from 2020 to 2026.
New York, United States - October 28, 2020 /MarketersMedia/ —
As per to Zion Market Research, the electronic security market is projected to reach USD 76.25 billion by the end of 2026, registering a CAGR of about 9.3% in the forecast period. An electronic security system is an electronic arrangement that conducts security operations, such alarming, access control, intrusion control, or surveillance for an area or a facility that utilizes power from mains and power backup, such as a battery, etc. Businesses around the world have surged their investments for protecting infrastructure and decrease human losses. Enterprises depend on equipment, like detectors & sensors, control panels, fire alarm systems, communications, and interfaces devices for executing security inside their premises. The augment in the number of businesses and SME (small & medium-sized enterprises) globally is a driving force of the electronic security market. The investments for electronic security are higher in the North American region, accompanied by the Asia Pacific and Europe.
Some of the leading players in the market are Honeywell International Inc., Robert Bosch LLC, Axis Communications AB, Tyco Security Products, Hangzhou Hikvision Digital Technology Co., Ltd., ADT LLC dba ADT Security Services, Checkpoint Systems, Inc., MOBOTIX AG, Gunnebo UK Ltd., and Allegion plc.
Rising Need For Surveillance And Monitoring To Boost The Global Electronic Security Market
The augmenting implementation of electronic security systems by administrative agencies, manufacturing industries, and commercial establishments is the key driving factor for the expansion of the global electronic security market. The surge in robbery, malpractices, illegal activities, terrorist attacks, has increased the requirement for safety systems in public and private places, which is anticipated to propel the development of the global electronic security market. The online or internet crime cases are also rising and that is inducing the need for internet surveillance systems, IP based monitoring, and access systems. Globally, several administration organizations have increased their spending on safety systems. A range of electronic security systems is obtainable as per the need in different price ranges that is likely to boost the global electronic security market.
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The global electronic security market is bifurcated on the basis of product type, end-users, and regional analysis. Based on the product type, the market is divided into CCTV (closed circuit television), security alarms, EACS (electronic access control systems), and video surveillance system. Based on the end-users, the market is divided into government institutions, manufacturing industries, healthcare institutions, educational institutions, commercial infrastructure, and data centers.
The North America Region Holds Maximum Share In The Global Electronic Security Market
Based on the geographical analysis, the global electronic security market is divided into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. The North America region holds the highest share in the global electronic security market owing to the surging number of physical retail outlets and profitable organizations across the region. North America has a noteworthy share in the security software market. The European region holds the second spot in the global electronic security market as a result of an increasing number of manufacturing and IT industries across the region.
The global electronic security market is segmented as follows:
By product type:
CCTV (Closed Circuit Television)
EACS (Electronic Access Control Systems)
Video Surveillance System
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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