SELBYVILLE, Del., August 10, 2021 / PRNewswire / – The size of the electronic security market is expected to register a valuation of 80 billion dollars by 2027, according to the most recent study by Global Market Insights Inc. The global market is poised to record commendable revenue in the next few years, owing to the increasing adoption of anti-theft systems in the sectors. automotive and residential.
Heavy industrialization and urbanization are the main factors associated with the acceptance of these anti-theft systems, which are increasingly deployed in retail stores in recent times. For example, the recent increase in thefts from Amazon warehouses has led to an increase in the installation of products on the warehouse premises.
This increase is evidenced by an increase in the adoption of collaborative steps by major electronic security manufacturers. These initiatives include mergers, acquisitions, partnerships, product development and product launch initiatives.
Citing an example, in September 2020, Securitas announced its intention to acquire the electronic security activities of STANLEY Security in Swiss, Germany, India, Portugal, and Singapore. The acquisition is part of Securitas’ ambition to double the size of its security solutions and electronic security business.
Some key trends likely to drive the growth of the market are mentioned below:
Increase development initiatives in Europe
The European electronic security market is expected to record more than 15% revenue share in 2027. This upsurge is explained by increasing urbanization and a spike in the development of smart cities and related initiatives. In addition, the European government is placing more emphasis on promoting digital identity among all Europeans.
To consider an instance, in July 2021, the European Commission has proposed a digital identity framework for EU citizens, as well as for businesses and residents of the European Union. The framework aims to provide digital identity portfolios that provide access to online services using their national digital ID.
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Growing penetration of the 4G LTE network
The cellular segment of the electronic security market is expected to register substantial gains from 2021 to 2027 owing to the increasing demand for 4G LTE networks across the world. This cellular network helps businesses track their valuable assets in remote locations and helps improve their operational efficiency.
The cellular network is a reliable and cost effective solution for customers to help them track their assets efficiently. These advantages have helped to promote the growth of the electronic security market throughout the estimated period.
Growing acceptance of cloud services
The cloud segment is estimated to register a lucrative CAGR of over 10% between the period 2021 and 2027. This growth is attributed to the increasing adoption of cloud services to lower the cost of ownership and enable customers to invest more in support and maintenance of infrastructure. developments necessary to offer a high quality electronic security system.
In addition, the increase in the number of companies that depend on cloud-based infrastructure for their business processes will drive the demand for electronic security solutions.
Growing need to protect telecommunications assets
The telecommunications electronic security market is expected to show significant growth through 2027. There is a growing need for surveillance of company premises, due to confidential intellectual and business data.
In addition, companies in this industry are required to protect and manage very expensive and huge physical assets including antennas, towers and data warehouse hardware.
In a nutshell, increased spending for the protection of critical infrastructure, such as shopping malls, airports, government headquarters, banks, and corporate facilities will increase the size of the electronic security market throughout. of the evaluation period.
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Electronic security market growth forecast at 10% until 2027: GMI
the Europe The electronic security market is expected to register over 15% revenue share in 2027.
SOURCE Global Market Insights Inc.