Electronic Security Market Size

Electronic Security Market Analysis

The Electronic Security Market size is expected to grow from USD 52.37 billion in 2023 to USD 76.24 billion by 2028, at a CAGR of 7.80% during the forecast period (2023-2028).

The COVID -19 pandemic drove electronic security creation, emphasizing pieces of technology that would be essential in 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 showed significant growth in India.

• IP video surveillance was primarily used for security purposes for additional reasons across regions 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 were commonly 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 a power backup, like a battery, etc. It also has some 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. Business sections also use security systems for their employees. Nowadays, one can see their usage in various domestic applications and small stores.
• Governments are investing in reducing the increasing rate of crimes globally. Implementing mass surveillance systems has helped track the suspects. 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, healthcare 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 in medical devices, manufacturers and healthcare 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 accelerating the market growth. The industry has witnessed growth in 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 the premise.
• The market is also witnessing increased instances of investment in startup firms. For example, LDC, a mid-market private equity firm, recently announced an investment of USD 36 million in Wireless CCTV (WCCTV), a provider of re-deployable surveillance solutions.