ICT & Electronics Electronic Security Market | Page 2

“Electronic Security Market: Global Demand Analysis & Opportunity
Outlook 2024”
The global electronic security market is segmented into product type such as
video surveillance systems, intrusion alarm systems, fire alarm systems, access
control systems, IP and analog CCTV, electronic article surveillance and detection
systems, electrified door hardware, hybrid video recorder and network video
recorder. Among these segments, CCTV segment is expected to occupy the top
position in the market. The rise in the CCTV segment is backed by its increasing
utilization in newly constructed buildings and offices. Moreover, rising safety &
security concerns among the population is anticipated to foster the demand for
CCTV during the forecast period.
Global electronic security market is expected to register a 13.7% CAGR over the
forecast period. Moreover, the global electronic security market is expected to
garner USD 133.7 Billion by the end of 2024. The market is expected to expand
on the back of surging adoption of safety and surveillance systems by commercial
establishments and government agencies.
The commercial segment by application is estimated to register an exponential
CAGR during the forecast period. Moreover, the commercial segment is expected
to account for the largest share of revenue across the globe. Factors such as
increasing crimes at commercial places have triggered the demand for electronic
security systems at public places such as city centers, educational institutes and
others. Further, growth in terrorism activities at public places is anticipated to
substantially grow the market of the commercial electronic security.
Rapid Urbanization in Developing Nations
Factors such as construction of new buildings across the globe are anticipated to
drive the growth of the electronic security market. Further, increasing crimes
such as robberies, burglaries and other such crimes at public places are expected
to significantly impact the growth of the electronic security market. Moreover,
construction of smart cities in developing nations is expected to uplift the
demand for electronic security products.
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Increasing Safety & Security Concern among Population
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