Electronic Security Market is projected to reach a revenue of approximately USD 60 billion over the forecast timespan. The growing impact of smart technologies, biometrics, and home automation systems is anticipated to revolutionize the electronic security market. Technological advancements such as the development of remote access monitoring technologies allow homeowners to monitor surveillance cameras and sensors remotely with the aid of a mobile app or a web portal. Additionally, they can be armed and disarmed at will from remote locations at any time.
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The growing trend of IoT and connected systems is causing security to become a prime area of concern and leading to the high adoption of electronic security market. Everyday consumer products, such as fridges and coffee machines, are increasingly equipped with computer chips that can be hacked into to extract sensitive customer information and understand the user’s behaviour pattern. Technology such as the Samsung smart TV for instance has major security issues since Tizen OS can be easily hacked into by external parties. To improve security provided to homes, vendors in the electronic security market are increasingly providing smart solutions such as intelligent door locking systems and facial recognition sensor technology for refrigerators.
Segmentation of the electronic security market by product indicates that the antiterrorist and inspection equipment is anticipated to grow during the forecast timespan owing to their applications in airports, commercial units, and the residential sector. Systems such as metal detectors, X-ray inspection machines, and turnstile & revolving doors can be easily deployed at low cost or on rent basis and are instrumental in dissuading criminals carrying explosives and armaments from threatening the safety of the general population.
The custom service segment of the electronic security market is anticipated to exhibit high growth. Cross border drug and human smuggling, packaged in normal settings, have undergone high growth in the recent years. Illegal contrabands can be stored in packages or placed in body cavities. The U.S government, for instance, is tightening their border security protocols along the southern border owing to increasing instances of drug trade.
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The surveillance and alert system market is anticipated to exhibit substantial growth during the forecast timeframe. The reduction in component and raw material costs is contributing to the decline in the electronic security market price trend. Remote monitoring systems are increasingly finding application in developed regions such as U.S and Western Europe. Installing a home security solution with remote monitoring capabilities allows the homeowner to access security cameras and video units situated inside the residential location in real-time.
The North America electronic security market is projected to dominate the global business landscape owing to the government initiatives to integrate these systems into their public safety segment. For instance, the FAA Modernization and Reform Act of 2012 contains provisions to make the unmanned aerial systems (UAS) licensing process easier and quicker for law enforcement officials. Various U.S states are currently conducting trial operations on drones to understand their capabilities and their operational efficiency.
Electronic security market players include ADT LLC, Honeywell International Inc., G4S PLC, ASSA ABLOY Group, Frontier Pitts, Ltd., Auto Clear LLC, Hitachi Ltd, and BOSCH Security Systems. The industry comprises of a large number of players owing to which companies are required to undertake strategies such as product innovations and mergers to sustain growth in the electronic security industry. For instance, in July 2017, OSI Systems, Inc. announced that they had completed the USD 75.5 million acquisition of Morpho global explosive trace-detection business from Smiths Group PLC.
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