Global Electronic Security Market on Pace to Exceed $60B by 2024, Report Says
The North America electronic security market is projected to dominate the global business landscape owing to the government initiatives to integrate these systems into public safety segments.
SELBYVILLE, De. — The global electronic security market is growing about 10% annually and is forecast to exceed $60 billion by 2024, according to a new report by market research and strategy consulting firm Global Market Insights.
Public-sector applications are the largest revenue-generating segment. Various government bodies are making use of advanced solutions for surveillance and criminal detection applications. For example, in September 2017 a police department in Arkansas was reported to be using drones for highly specialized missions such as the tracking of a suspect or obtaining an inside view and additional information in a hostage situation.
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.
The state and central governments of various countries are placing high focus on the development and adoption of advanced systems in high-traffic locations such as public roads, transit stations and malls, contributing to the growth of the electronic security market.
For example, the Indian government in 2014 set up a $125 million fund solely devoted to the prevention of sexual violence among women through the installation of security equipment such as surveillance systems at high-risk public locations.
These hardware systems are equipped with video analytics and advanced algorithms that allow the detection of criminals. Furthermore, technological advancements have also aided in the improvement of existing technologies such as high-resolution 4K cameras and IP surveillance units.
Crime rates across the world are heavily impacted with the rising penetration of these systems in residential and commercial settings and are anticipated to further drive the electronic security market growth. End users across the world are replacing conventional security systems such as guards and physical body checks with high-tech solutions.
Physical body checks in malls and airports can be cumbersome and increase customer discomfort, primarily among women. X-ray body scanners, on the contrary, requires the person to pass through an electronic frame.
The rising trend of the development of smart cities in countries such as China and India is contributing to the high growth of the electronic security market. For instance, the Chinese government has undertaken large construction projects for the development of smart cities imbued with advanced security solutions in cities such as Dalian, Hangzhou, Nanjing and Tianjin.
The rise in traveler population across the world is also leading to the growth of the electronic security market.
The video 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 United States 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.
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