DUBLIN, Feb. 3, 2022 /PRNewswire/ — The “Electronic Security Systems (ESS) – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global Electronic Security Systems (ESS) Market to Reach US$61.3 Billion by the Year 2026
Amid the COVID-19 crisis, the global market for Electronic Security Systems (ESS) estimated at US$39.3 Billion in the year 2020, is projected to reach a revised size of US$61.3 Billion by 2026, growing at a CAGR of 7.8% over the analysis period.
Growth in the ESS market will be driven by the critical need to safeguard people, resources, and infrastructure amid escalating security concerns, and the convergence of IT and mobile technology with security systems. Propelled by ever-increasing security concerns, demand for electronic security systems (ESS) such as alarms, electronic access controls systems (EACS) and CCTV and video surveillance systems, among others, is witnessing significant increase.
Due to their capabilities of offering affordable, easy to install and convenient solutions, the new-age electronic security devices are gaining traction among an extensive customer base. Rise in terrorist attacks, vandalism, campus violence, and the resultant need for personal safety, and security at public places such as transits, city centers, educational institutions, as well as borders is driving growth in the ESS market.
Other factors responsible for the strong evolution of the market over the years include heightened levels of fear over security among individuals, stringent regulatory mandates, increase in new building constructions, and surging demand for technologically superior yet cost effective products. Rising focus on the development of smart cities in several countries across the world has been another major growth driver for the global market.
CCTV & Video Surveillance Systems, one of the segments analyzed in the report, is projected to grow at a 8.4% CAGR to reach US$28.9 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Alarms segment is readjusted to a revised 7.1% CAGR for the next 7-year period. This segment currently accounts for a 32.1% share of the global Electronic Security Systems (ESS) market.
Video surveillance market globally is heading for impressive gains on account of extensive adoption of the technology in increasing number of applications across numerous verticals along with technological advances and rising concerns regarding cyber and physical security.
Rise in terrorist attacks, vandalism, campus violence, and the resulting need for personal safety, and security at public places such as transits, city centers, educational institutions, as well as borders have been especially driving the CCTV and video surveillance market over the years.
Electronic Access Control Systems Segment to Reach $9 Billion by 2026
Electronic Access Control Solutions, which relate to the use of technology for ensuring safety and security by tracking and preventing unauthorized access to restricted premises have been gaining significant attention in recent years. Electronic access control systems offer solutions to problems such as workplace violence, terrorism and fraud.
In the global Electronic Access Control Systems segment, USA, Canada, Japan, China and Europe will drive the 8.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$4 Billion in the year 2020 will reach a projected size of US$7.3 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.2 Billion by the year 2026, while Latin America will expand at a 10.1% CAGR through the analysis period.
The U.S. Market is Estimated at $10.6 Billion in 2021, While China is Forecast to Reach $9.3 Billion by 2026
The Electronic Security Systems (ESS) market in the U.S. is estimated at US$10.6 Billion in the year 2021. The country currently accounts for a 25.97% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$9.3 Billion in the year 2026 trailing a CAGR of 9.3% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.5% and 6.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.4% CAGR while Rest of European market (as defined in the study) will reach US$10.3 Billion by the end of the analysis period.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Fighting Back Against Security Threats is an Ever-Present Need
- Transportation Emerges as One of the Most Vulnerable Sectors for Incursions
- Security Threats & Safety Concerns Spiral at Residential Places
- The Race Between the Virus & Vaccines Intensifies. Amidst this Chaotic Battle, Where is the World Economy Headed in 2021?
- These are Times When Questions Abound & Answers Are Few
- So How Fast Or Slow Are We Moving?
- Split Scenarios Unfold: The Great Vaccine Divide Emerges
- Progress on Vaccinations, Why Should Businesses Care?
- With IMF’s Upward Revision of Global GDP Forecasts for 2021, Most Companies Are Bullish About an Economic Comeback Despite a Continuing Pandemic
- How the Construction Industry, a Key Influencer of Opportunities in the Electronic Security Systems Market, Was Impacted by the Pandemic & What’s the New Normal?
- Electronic Security Systems (ESS): Definition, Importance & Benefits
- Here’s What to Expect in the ESS Market in the Short-to-Medium Term
2. FOCUS ON SELECT PLAYERS (Total 634 Featured)
- ADT LLC
- Allegion plc
- ASSA ABLOY AB
- HID Global
- Axis Communications AB
- BIO-key, International, Inc.
- Bosch Security Systems
- Brinks Home Security
- Chamberlain Group, Inc.
- CP PLUS GmbH & Co. KG
- Dahua Technology Co., Ltd.
- DoorKing, Inc.
- dormakaba Holding AG
- Fermax Electronica S.A.U.
3. MARKET TRENDS & DRIVERS
- Smart City & Smart Home Security and Surveillance Emerge to Provide New Opportunities for Growth
- Rise of Smart Homes & Home Automation to Offer Growth Opportunities on a Platter
- Security and Surveillance in Smart Homes: A Review
- Automation & Home Security: A Special Focus
- Increased Focus on Border Control & Security Opens New Growth Opportunities for Perimeter Intrusion Detection Systems
- Criminalization of Migration Drives Growth of PID in the Perimeter Security Market
- Smart Locks & Video Doorbells Grow in Popularity
- Smart Locks Emerge as the Leading Growth Category in the Access Control Systems Segment
- Technology Innovations in the Smart Locks Space: A Review
- Video Doorbells Grow in Demand Among Smart Home Owners
- Critical Infrastructure Protection, a Major Application Area for ESS
- Strong Demand for Networked IP Surveillance Cameras Emerge as a Key Trend in the Market
- Growing Popularity Wireless Electronic Security Systems to Boost Market Prospects
- Biometrics Based ESS Goes Mainstream
- Fingerprint Access Control: A Review
- Frictionless Face and Iris Recognition Technologies to Take Over Fingerprint Biometrics
- AI to Revolutionize Electronic Security. Here’s How
- Drones Security & Surveillance Rises in Prominence
- Integration of Security Systems with Mobile Technology
- Blockchain Based Management of Video Surveillance Rises in Prominence
- IoT Reshapes the Future of Video Surveillance
- Cyber Security Issues in IP Video Surveillance Storms Into the Spotlight
- Big Data & Edge Analytics for Video Surveillance to Revolutionize Performance
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/8qiipj
Research and Markets
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