Electronic Security Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Electronic Security Market is Segmented by Product Type (Surveillance Security System, Alarming System, Access and Control System), End-user Vertical (Government, Transportation, Industrial, Banking, Hotels, Retail Stores), and Geography.

Market Snapshot

Electronic Security Market
Study Period: 2020-2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 9.5 %

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Market Overview

The Electronic Security Market is expected to register a CAGR of 9.5% during the forecast period. COVID -19 pandemic is starting to drive electronic security creation while at the same time emphasizing pieces of technology that will be essential to maintaining broader business momentum in the immediate future. With the rise in the digitation of commercial operations due to the pandemic, the need for electronic security systems is showing significant growth in India.

  • IP video surveillance was primarily used for security purposes for additional reasons across India during the COVID-19 pandemic. These high-end cameras are well equipped with high-performance computing power and video analytics, enabling the users to transform real-time images into big data analysis. Under social distancing practices and norms, several video analytic techniques have commonly been deployed to take precautionary measures, including queue management, people counting, crowd detection, and personal protective equipment (PPE).
  • The electronic security system performs security operations, like access control, alarm, surveillance, or intrusion control, for a facility or an area that utilizes power from mains and also a power backup, like a battery, etc. It also has some the operations, such as electrical and mechanical gear. The perseverance of a type of security system is purely based on the area to be protected and its threats.
  • Electronic security relates to leveraging creation in defensive holding by expecting unapproved access to individuals and property. The government is a versatile and significant customer of such security administrations, and business sections also use security systems for their employees to give security. These days, one can see their usage in the range of domestic applications and small stores.
  • Governments are investing in reducing the rising rate of crimes globally. Implementing mass surveillance systems has helped track the suspects of crimes. A License Plate Reader (LRP) on the roads is increasing in response to unsafe driving. According to the NHTSA 2021 report, the fatality rate for 2021 was 1.33 per 100 million Vehicle miles traveled. The root cause of such motor vehicle fatalities is overspeeding.
  • Furthermore, health care workers must process, sterilize, and operate many consumable and disposable medical products under carefully controlled conditions to ensure patient safety. By developing authentication and security features into medical devices, manufacturers and health care centers can help assure that these limited-use medical products cannot be reused or used too often and that counterfeits can be efficiently detected and removed from the supply chain.
  • Further, the ongoing digitization and the ever-increasing deployment of video surveillance systems are catalyzing the market growth. The important factor driving the industry growth has been the recent innovations in security, surveillance, and network offerings, gradually reducing the costs of specialized products and increasing their overall effectiveness. In addition, such advancements have also minimized the cost of deployment of surveillance infrastructure within a premise.
  • The market is also witnessing increased instances of investment in startup firms. For example, in March 2021, LDC, a mid-market private equity firm, announced an investment of GBP 30 million in Wireless CCTV (WCCTV), a provider of re-deployable surveillance solutions.

Scope of the Report

With the rise in the digitation of overall commercial operations, the demand for electronic security systems is showing significant growth. The study includes a detailed breakdown of the product type, end-user vertical, and geography. The impact of COVID-19 on the market and affected segments are also covered under the scope of the study. Further, the disruption factors impacting the market's growth in the near future have been covered in the study regarding drivers and restraints.

By Product Type
Surveillance Security System
Alarming System
Access and Control System
Other Product Types
By End-user Vertical
Retail stores
Other End-user Verticals
North America
Asia Pacific
Latin America
Middle East and Africa

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Key Market Trends

Surveillance Security System is Expected to Hold Significant Share

  • Surveillance systems are fast becoming essential to securing homes and businesses owing to the constant technological evolution. Technological advancement has also led to more efficient methods of recording and storage. Furthermore, even small business owners can now access powerful surveillance systems at relatively affordable prices. The affordability factor is acting as a major driver for these systems, especially across developing countries, wherein the price of the products often becomes the deciding factor for purchasing any product.
  • According to Quantum Corporation, surveillance cameras are now the biggest data generator in the world. Increasing camera counts offering higher resolutions and analytics are significantly increasing the demand for supporting security infrastructures, driving needs for the latest technologies, more scale, and more performance.
  • To tackle the rising rate of crimes, governments are investing in tackling the increasing rate of crimes globally. Implementing mass surveillance systems has helped government agencies track the suspects of crimes. For example, according to a report by the US Government Accountability Office (GAO), federal agencies in the United States currently use are planning to expand their use of facial recognition systems. According to the report, 10 out of 24 agencies surveyed plan to broaden their use of the technology by 2023. Also, criminal offenses continue to be a consistent concern, as indicated by the Bundeskriminalamt. For instance, in 2021, around 5.05 million crimes were registered, compared to 6.37 million in 2016. Such high criminal case statistics directly impact the studied market's growth positively.
  • Furthermore, with the increasing instances of security breaches and physical security incidents, the demand for surveillance and security systems is expected to increase. For example, according to a 2021 survey conducted by Pro-Vigil, a video surveillance company, 28% of respondents reported an increase in physical incidents in 2021, up from 20% of respondents in the 2020 survey. A significant portion (27%) of the respondents even believes that they expect incidents to continue to grow this year. The survey also emphasized the fact that more businesses are using remote video monitoring (RVM) services to successfully and cost-effectively protect their assets and sites. However, most of the users are not taking advantage of its full capabilities beyond security surveillance.
  • Additionally, the effectiveness of video analytics, along with video surveillance cameras, to identify potential felons is helping government agencies reduce the crime rate in various countries, which is expected to increase the demand for an integrated surveillance system. For instance, Surat police in Gujarat, India, operates a network of 604 cameras in 114 different locations to easily detect criminals. Moreover, they have been using video-based analytics solutions deployed at the command-and-control center to track street crimes. The software deployed was a facial recognition and automated number plate recognition (ANPR) solution. The overall solution includes software for detecting cases of overspeeding as well.
Electronic Security Market

Asia-Pacific is Expected to be the Fastest Growing Market

  • Asian governments are expanding on initiatives to make their respective countries more secure. The evolution of smart cities is one of the vital segments of infrastructural developments, with the application of alarming systems, surveillance systems, and access controls.​
  • For instance, in February 2021, the Vietnamese government launched a VND 2.15 trillion project to install traffic surveillance cameras on all expressways and national highways in the country. Furthermore, the government is investing in surveillance systems to strengthen its border along coastal areas. For instance, in September 2020, Controp, an Israel-based company, announced that it received orders from the Vietnam government to supply their border guard with surveillance and observation systems for new ships built in Vietnam and India.
  • Moreover, in India, the government has raised the outlay for the digital India program by 23% to INR 3,958 crore for the 2020-2021 year. The growth has been mainly focused on incentives for electronic manufacturing, research, and development, cybersecurity, and promotion of IT and IT-enabled services. Further, for 2020-21, the fund allocation for cybersecurity projects and promotion of IT and ITeSindustries has been raised to INR 170 crore each from INR 102 crore to INR 90 crore, respectively. This significantly boosts the market growth in the electronic security segment.​
  • The Indian government is also steadily increasing the number of CCTV cameras in the country. For instance, the Delhi government has rolled out a video surveillance program as a crime-prevention measure to deliver quarter-million CCTV cameras in commercial and residential areas across the city and schools. As of March 2021, the Delhi government has spent INR 2.64 billion installing 132 thousand CCTV cameras across the national capital in five years.
  • The Asia Pacific region is also witnessing increased investment in smart city infrastructure, creating a favorable market scenario for the studied market growth. For instance, to create a center of trade, investment, regional transportation, and a strategic gateway to Asia, Thailand's government aims to achieve 100 smart cities by 2024. The focus on smart cities is an integral part of the Thailand government’s Thailand 4.0 initiative, which aims to change the country into a nation with high income and improved quality of life.
Electronic Security Market

Competitive Landscape

The Electronic Security Market is highly competitive due to the presence of many large and regional players. The market players in the market are adopting strategies like product innovation, partnerships, mergers, and acquisitions to extend their geographic reach and stay ahead of the competitors. Some of the major players in the market are Axis Communications AB, Bosch Security Systems Inc., Honeywell International Inc., Tyco Security Products, and Checkpoint Systems Inc., among others.

  • April 2022 - Securden, Inc., which offers solutions targeted at governance and access security, received USD 10.5 million in a Series A investment led by New York-based investment firm Tiger Global Management.
  • October 2021 - Hanwha TechwinCo. announced a collaboration with Azena to introduce (AI)-powered video solutions. Under the partnership, the companies will be able to leverage the addition of AI-powered video analytics tools to Hanwha TechwinCCTV users.

Recent Development

  • July 2022 - AlfredCamera, a home security mobile app provider, announced the launch of its first security camera, AlfredCam. While expanding the service offerings from home security software to hardware devices, the feature-rich 1080p Wi-Fi security camera is available for pre-order in the US via the AlfredCamera app.
  • January 2022 - The Ontario government announced an additional USD 1 million in the province's fight against gun and gang violence. To help an additional nine police services fund projects to replace outdated equipment, enhance current technology, and expand CCTV camera coverage in areas, the government has announced the funding through the Ontario Closed Circuit Television (CCTV) Grant program.

Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Industry Value Chain Analysis

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

    4. 4.4 Assessment of the Impact of COVID-19 on the Industry


    1. 5.1 Market Drivers

      1. 5.1.1 Increasing Usage of Cloud-based Access Control Solutions

      2. 5.1.2 Continuous Innovations for Rising Security Concerns

    2. 5.2 Market Restraints

      1. 5.2.1 Compliance and Governance Issues


    1. 6.1 By Product Type

      1. 6.1.1 Surveillance Security System

      2. 6.1.2 Alarming System

      3. 6.1.3 Access and Control System

      4. 6.1.4 Other Product Types

    2. 6.2 By End-user Vertical

      1. 6.2.1 Government

      2. 6.2.2 Transportation

      3. 6.2.3 Industrial

      4. 6.2.4 Banking

      5. 6.2.5 Hotels

      6. 6.2.6 Retail stores

      7. 6.2.7 Other End-user Verticals

    3. 6.3 Geography

      1. 6.3.1 North America

      2. 6.3.2 Europe

      3. 6.3.3 Asia Pacific

      4. 6.3.4 Latin America

      5. 6.3.5 Middle East and Africa


    1. 7.1 Company Profiles

      1. 7.1.1 Axis Communications AB

      2. 7.1.2 Bosch Security Systems Inc.

      3. 7.1.3 Honeywell International Inc.

      4. 7.1.4 Tyco Security Products (Johnson Controls International Plc)

      5. 7.1.5 Checkpoint Systems Inc.

      6. 7.1.6 FLIR Systems Inc.

      7. 7.1.7 ADT Security Services Inc.

      8. 7.1.8 Siemens AG

      9. 7.1.9 IBM Corporation

      10. 7.1.10 Hangzhou Hikvision Digital Technology Co. Ltd

      11. 7.1.11 MOBOTIX AG

      12. 7.1.12 Allegion PLC

    2. *List Not Exhaustive


**Subject to Availability

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Frequently Asked Questions

The Electronic Security Market market is studied from 2020 - 2027.

The Electronic Security Market is growing at a CAGR of 9.5% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

Axis Communications AB, Bosch Security Systems Inc., Honeywell International Inc., Tyco Security Products, Checkpoint Systems Inc. are the major companies operating in Electronic Security Market.

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