Electronic security market to reach $80 billion by 2027
The electronic security market size is anticipated to record a valuation of $80 billion by 2027, according to a study by Global Market Insights. The global market is poised to record commendable proceeds over the forthcoming years, owing to the increasing adoption of anti-theft systems across the automobile and residential sectors.
Extensive industrialization and urbanization are the prominent factors associated with the acceptance of these anti-theft systems, which are increasingly being deployed in retail stores lately. For instance, the recent rise in thefts in Amazon warehouses has resulted in the surging product installation in the warehouse premises.
This rise is accredited to an increase in the adoption of collaborative steps by prominent electronic security manufacturers. These initiatives comprise mergers, acquisitions, partnerships, product development, and product launch initiatives.
Increasing development initiatives in Europe
The European electronic security market is expected to record more than 15% of revenue share in 2027. This upsurge is on account of increasing urbanization and a spike in the development of smart cities and associated initiatives. In addition, the European government is showing a greater emphasis towards the promotion of digital identity to all Europeans.
To consider an instance, in July 2021, the EU Commission put forth a Digital Identity framework for EU citizens, and for businesses and residents in the European Union. The framework intends at providing Digital Identity wallets that give access to online services with the help of their national digital identification.
Rising penetration of the 4G LTE network
The cellular segment in the electronic security market is set to register substantial gains from 2021 to 2027 due to rising demand for 4G LTE networks across the globe. This cellular network assists businesses in tracking their valuable assets in remote locations and helps in the improvement of their operational efficiency.
The cellular network is a reliable and cost-effective solution for customers for helping them in tracking their assets in an effective manner. These advantages have been instrumental in fostering electronic security market growth through the estimated period.
Soaring acceptance of cloud services
The cloud segment is estimated to register a lucrative CAGR of more than 10% between the period 2021 and 2027. This growth is attributed to the escalating adoption of cloud services for reducing the cost of ownership and further allowing customers to invest in supporting and maintaining infrastructural developments that are required for offering a high-quality electronics security system.
In addition, an increase in the number of businesses that are dependent on cloud-based infrastructure for their business processes will boost the demand for electronic security solutions.
Escalating need for safeguarding telecommunication assets
The electronic security market from telecommunications is touted to depict appreciable growth through 2027. There is a surging requirement for monitoring company premises, owing to intellectual and work confidential data.
Furthermore, the companies in this sector are required to safeguard and manage highly expensive and huge physical assets comprising antennas, towers, and data warehouse hardware.
In a nutshell, the increased spending for the protection of critical infrastructures, such as trade centers, airports, government headquarters, banks, and enterprise facilities will augment electronic security market size through the assessment span.