Global Industry Analysts Predicts The World Electronic Security Systems (ESS) Market To Reach $61.3 Billion By 2026

SAN FRANCISCO, Feb. 24, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Electronic Security Systems (ESS) - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 18; Released: February 2022
Executive Pool: 17114
Companies: 634 - Players covered include ADT LLC; Allegion plc; ASSA ABLOY AB; Axis Communications AB; Bosch Security Systems; Brinks Home Security; Changzhou Minking Electronics Co. Ltd.; CP PLUS GmbH & Co. KG; Dahua Technology Co. Ltd.; Diebold Nixdorf, Inc.; DoorKing Inc.; dormakaba Holding AG; Fermax Electronica S.A.U.; Gemalto N.V.; Genetec Inc.; Global Security Solutions; Gunnebo AB; Hangzhou Hikvision Digital Technology Co. Ltd.; Hanwha Techwin Co. Ltd.; HID Global; Honeywell International, Inc.; IDEMIA; IDenticard Systems; Identiv Inc.; Johnson Controls plc; March Networks Corporation; MOBOTIX AG; NEC Corporation of America; Nortek Security and Control LLC; Panasonic Corp.; Pelco by Schneider Electric; SecuGen Corporation; STANLEY Security; Vanderbilt Industries; Vivint Inc. and Others.
Coverage: All major geographies and key segments
Segments: Segment (CCTV & Video Surveillance Systems, Alarms, Electronic Access Control Systems, Other Segments)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

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Global Electronic Security Systems (ESS) Market to Reach US$61.3 Billion by the Year 2026
Security and safety are key concerns for people from all walks of life, including the common man, employees, business houses, and most importantly building owners. Growth in the ESS market will be driven by the critical need to safeguard people, resources, and infrastructure amid escalating security concerns, and the convergence of IT and mobile technology with security systems. Propelled by ever-increasing security concerns, demand for electronic security systems (ESS) such as alarms, electronic access controls systems (EACS) and CCTV and video surveillance systems, among others, is witnessing significant increase. Rise in terrorist attacks, vandalism, campus violence, and the resultant need for personal safety, and security at public places such as transits, city centers, educational institutions, as well as borders is driving growth in the ESS market. Other factors responsible for the strong evolution of the market over the years include heightened levels of fear over security among individuals, stringent regulatory mandates, increase in new building constructions, and surging demand for technologically superior yet cost effective products. Rising focus on the development of smart cities in several countries across the world has been another major growth driver for the global market.

Amid the COVID-19 crisis, the global market for Electronic Security Systems (ESS) estimated at US$43 Billion in the year 2022, is projected to reach a revised size of US$61.3 Billion by 2026, growing at a CAGR of 7.8% over the analysis period. CCTV & Video Surveillance Systems, one of the segments analyzed in the report, is projected to grow at a 8.4% CAGR to reach US$28.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Alarms segment is readjusted to a revised 7.1% CAGR for the next 7-year period. This segment currently accounts for a 32.1% share of the global Electronic Security Systems (ESS) market.

The U.S. Market is Estimated at $11.1 Billion in 2022, While China is Forecast to Reach $9.3 Billion by 2026
The Electronic Security Systems (ESS) market in the U.S. is estimated at US$11.1 Billion in the year 2022. The country currently accounts for a 25.97% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$9.3 Billion in the year 2026 trailing a CAGR of 9.3% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.5% and 6.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.4% CAGR while Rest of European market (as defined in the study) will reach US$10.3 Billion by the end of the analysis period.

Electronic Access Control Systems Segment to Reach $9 Billion by 2026
Electronic Access Control Solutions, which relate to the use of technology for ensuring safety and security by tracking and preventing unauthorized access to restricted premises have been gaining significant attention in recent years. Electronic access control systems offer solutions to problems such as workplace violence, terrorism and fraud. In the global Electronic Access Control Systems segment, USA, Canada, Japan, China and Europe will drive the 8.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$4 Billion will reach a projected size of US$7.3 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.2 Billion by the year 2026, while Latin America will expand at a 10.1% CAGR through the analysis period.

Big Data & Edge Analytics for Video Surveillance to Revolutionize Performance
Video surveillance market globally is heading for impressive gains on account of extensive adoption of the technology in increasing number of applications across numerous verticals along with technological advances and rising concerns regarding cyber and physical security. Rise in terrorist attacks, vandalism, campus violence, and the resulting need for personal safety, and security at public places such as transits, city centers, educational institutions, as well as borders have been especially driving the CCTV and video surveillance market over the years. Alarms include all types of sensors and detectors utilized to effectively warn against the unauthorized intrusions. These systems typically include associated control panels and other related devices.

Big data and edge analytics are making a big splash in the video surveillance arena as they bring new features and unleash possibilities for elevating overall performance of these systems. Rising attention on big data across different industries has also impelled companies serving the video surveillance domain to bet on the approach. Big data holds a significant role in enabling security managers to keep an eye on data-related trends and associated insights that can be leveraged for prompt response and system improvements. Video surveillance powered by big data is poised to find numerous takers across industries, including retail, where several companies are eying on security-focused video surveillance along with solution to monitor consumer behavior. The increasing proliferation of IoT-powered sensors that are driving huge data volumes is expected to impel companies in various industries to tap the data for understanding customers and securing assets. Big data-based surveillance is anticipated to transform industries with sophisticated security systems and critical assets. The combination of big data and surveillance is bound to help these industries to assess existing security levels and forecast situations, which is not possible with traditional surveillance systems. On the other hand, edge analytics is anticipated to play a big part in further evolution of video surveillance. Edge analytics can be leveraged for bridging the gap between available and desired functionalities. Video surveillance systems built around edge analytics are anticipated to efficiently recognize patterns, detect anomalies and offer predictive insights. The advent of smart IP cameras that are replacing analog cameras is expected to further accentuate the role of edge analytics. More

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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966

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