Electronic Security Global Market Report 2024

The electronic security market size has grown rapidly in recent years. It will grow from $47.62 billion in 2023 to $52.44 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth observed in the historic period can be attributed to several factors, including increasing security needs driven by evolving threats, ongoing digitization trends, the rise of cyber threats, growing awareness of safety and security concerns, and an increasing demand for internet monitoring systems. These factors collectively contributed to the expansion and development of the electronic security market during this period.

The electronic security market size is expected to see strong growth in the next few years. It will grow to $73.49 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The anticipated growth in the forecast period is expected to be driven by several factors, including an increase in property thefts, rising incidents of robberies and residential break-ins, a surge in organized crime activities, the expanding deployment of video surveillance systems, and the growing adoption of cloud-based access control solutions. Major trends projected for the forecast period include ongoing technological advancements, innovations in security, surveillance, and network offerings, a rise in investment in startup firms within the security sector, continuous innovations to address escalating security concerns, and integration with connectivity technologies such as Bluetooth. These trends collectively indicate significant growth opportunities and advancements in the electronic security market in the coming years.

The rise in property theft incidents is expected to drive growth in the electronic security market. Property theft involves the unlawful taking of personal property, driven by various factors such as organized criminal groups, poverty, substance abuse, and social inequality. Electronic security systems play a vital role in detecting security breaches promptly, alerting property owners, authorities, or monitoring centers, and facilitating swift responses, including contacting law enforcement or dispatching security personnel. For instance, a report by the Federal Bureau of Investigation in October 2023 indicated a 7.1% increase in property crime offenses in 2022 compared to the previous year, with larceny theft comprising the majority of property crimes.

In response to the growing demand for enhanced security measures, major companies in the electronic security market are focusing on developing advanced technologies. One such advancement is edge AI surveillance cameras, equipped with artificial intelligence processing capabilities directly within the cameras themselves. For example, Idis introduced a range of edge AI cameras in February 2023, featuring the company's self-developed Idis Deep Learning Engine for efficient processing at the edge. These cameras offer highly accurate object detection and classification, mitigating false alarms and enhancing security measures.

In July 2022, Securitas AB strengthened its position in the electronic security market through the acquisition of the electronic security solutions business of Stanley Black & Decker Inc. for $3.2 billion. This strategic move empowers Securitas to lead and reshape the future of the security sector by offering a comprehensive range of technology-enabled solutions. By integrating STANLEY Security, Securitas enhances its capabilities and provides clients with innovative security solutions, allowing them to focus on their core business operations.

Major companies operating in the electronic security market are Siemens AG, Panasonic System Networks Co. Ltd., IBM Corporation, Honeywell International Inc., Johnson Controls International Plc, Tyco International Plc, Hangzhou Hikvision Digital Technology Co. Ltd., ADT LLC, Dahua Technology Co. Ltd., Allegion Plc, dormakaba Holding AG, Assa Abloy AB, Axis Communications AB, Bosch Security Systems Inc., Chamberlain Group Inc., HID Global, Brinks Home Security, Avigilon Corporation, Genetec Inc., Milestone Systems A/S, G4S PLC, Fermax Electronica S.A.U., CP PLUS GmbH & Co. KG, Autoclear LLC, DoorKing Inc., BIO-key International Inc., ISONAS Security Systems Inc., FLIR Systems Inc., Mobotix AG.

North America was the largest region in the electronic security market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electronic security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the electronic security market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Electronic security involves the deployment of electronic devices and systems to safeguard assets, individuals, and sensitive information against unauthorized access, theft, damage, or harm. It serves to bolster safety measures, deter criminal activities, and uphold the confidentiality and integrity of critical data through constant monitoring, prompt alerts, and preemptive security protocols.

Electronic security products encompass various types, including alarms, video surveillance systems, access control systems, and others. Alarms are devices designed to emit audible, visual, or other signals to alert individuals of potential problems or conditions requiring immediate attention. These systems can utilize different types of connectivity such as Ethernet, wireless, or cellular networks. They find application across a wide range of industries and sectors, including defense, manufacturing, IT, automotive, telecommunications, residential, public sector, and others.

The electronic security market research report is one of a series of new reports that provides electronic security market statistics, including electronic security industry global market size, regional shares, competitors with a electronic security market share, detailed electronic security market segments, market trends and opportunities, and any further data you may need to thrive in the electronic security industry. This electronic security market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The electronic security market consists of sales of sliding security window locks, smart video doorbell, and WiFi door alarm system. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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