Electronic security: Key market research findings
- APAC region to exhibit the fastest growth
- Body worn cameras to gain market traction
- Key vendors – Axis Communications, Bosch Security Systems, Checkpoint Systems, Honeywell Security, and Tyco Security
Technavio’s market research analysts predict the global market for electronic security to grow at a CAGR of more than 14% between 2016 and 2020. The growth of this market is driven by the decline in prices of security products. Many companies are cutting down on the number of security guards and switching to security services. In such a system, a third party is alerted whenever there is suspicious activity. This, in turn, cuts down on costs and minimizes chances of false alarms. As vendors of security solutions come up with better surveillance technology and attract more customers, there will be a decline in the prices of security solutions globally. The APAC region will exhibit the fastest growth in the global electronic security market during the forecast period owing to heavy investments in infrastructure development in the region.
The new market research report from Technavio presents a breakdown and analysis of the electronic security segments based on the type.
“Body-worn cameras are becoming increasingly popular in the market and are largely used by law enforcement personnel. According to our analysts, the use of body-worn cameras will rise rapidly owing to its increased adoption in end user segments, ranging from law enforcement to unmanned guarding,” says Amrita Choudhury, Lead Analyst, ICT, Technavio Research.
Video surveillance systems are deployed for safety and security purposes across all end-user segments. IP surveillance combines the advantages of network cameras and IP networking to video surveillance. With the use of digital cameras, sharper color video, greater coverage, and better zooming capabilities can be achieved. Furthermore, for most retailers, all important processes and operations are connected through a local area network. IP networking enables cost savings in video surveillance and helps reduce the total cost of ownership.
The key vendors in the global electronic security market include Axis Communications, Bosch Security Systems, Checkpoint Systems, Honeywell Security, and Tyco Security. The major vendors in the market are engaged in research and development in order to enhance the effectiveness and expand the applications of security solutions. For example, Tyco Security Products has made significant investments in its security products portfolio in order to position and lead the development of residential interactive platforms, enterprise-wide integrated access control platforms, and transition IP video platforms.
A more detailed analysis is available in the Technavio report, Global Electronic Security Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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