Electronic Security Market Size By Component (Solution [Access & Control System, Surveillance & Alert System, Anti-Theft System, Antiterrorist & Inspection Equipment], Service [Professional Services, Managed Services]), By Deployment Model (On-premise, Cl

Electronic Security Market Size By Component (Solution [Access & Control System, Surveillance & Alert System, Anti-Theft System, Antiterrorist & Inspection Equipment], Service [Professional Services, Managed Services]), By Deployment Model (On-premise, Cloud), By Connectivity (Ethernet, Wireless, Cellular), By Application (Environmental, Public Sector, Custom Service Sector, Postal, Telecommunications, Residential), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2028

Global electronic security market size is anticipated to witness significant expansion over the forecast timeframe 2022-2028, with higher adoption of surveillance, anti-theft, access and control solutions. Telecom, residential and public sectors are among the leading users of modern security systems. Improved access to both wired and cellular networks has enabled faster deployment and convenient use of these solutions across the cloud. Availability of cost-effective managed and professional services has strengthened the market outlook.

Electronic security industry share from antiterrorist and inspection equipment segment will expand at around 7.4% CAGR through 2028. There have been consistent threats from terrorism and increased terror funding over the past decade. According to a U.S. state department report, over 10,000 terror attacks took place across 98 countries in 2020, which was an increase from the previous year. This data undoubtedly indicates a continuous need for enhancing national security systems.

Professional services accounted for nearly 65.4% of total electronic security market size during 2021. Most organizations look for cost-efficiency when deciding to implement reliable security systems. Professional services are witnessing consistent demand globally, as businesses look to outsource the deployment and managing of security solutions.

Global electronic security industry share from managed services segment is projected to register nearly 14.5% CAGR over 2022-2028. Managed security services are being favored across both the public and private sector organizations. Using a managed service provider essentially helps an organization expand its security team, gain access to specialized cybersecurity professionals, enable fast incident response and reduce the total cost of security ownership.

Custom service sector is among the key application areas for electronic security systems owing to the threat of smuggling and other issues. The movement of contraband goods across international borders has long been a major problem for security forces. Modern electronic equipment and solutions can help counter these threats. In addition, advanced security products also have a considerable scope of deployment across environmental and postal applications.

Residential electronic security market share is anticipated to grow at over 11.7% CAGR through 2028, with increased availability of products for the consumer segment. Large residential complexes adopt professional security services for ensuring the safety of its inhabitants. Homeowners are also investing more in perimeter security due to improved awareness about reliable surveillance and anti-theft systems.

Latin America held almost 7.51% share of global electronic security industry in 2021, with high prevalence of thefts in the region. LATAM witnesses a significant number of illegal activities and physical violence, driving the need for security solutions across public and private applications. The Middle East and Africa (MEA) electronic security market size is projected to record around 11.7% CAGR over 2022-2028. Besides a notable threat of terror attacks, the region has been a ground for the sabotage of some critical energy infrastructure, bolstering the need to reinforce security solutions across environmental and public sector applications.