Electronic Security Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Electronic Security Market was valued at USD 40.93 billion in 2020 and is expected to reach USD 68.57 billion by 2026, at a CAGR of 8.98% over the forecast period from 2021 to 2026.
 
NAVI MUMBAI, India - July 19, 2021 - PRLog -- The electronic security system is an electronic system that performs security operations, like access control, alarm, surveillance, or an intrusion control, for a facility or an area that uses power from mains and also a power backup, like a battery, etc. It also includes some of the operations, such as electrical, mechanical gear. The determination of a type of security system is purely based on the area to be protected and its threats.

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- Further, a survey from Imperial Capital found that the number of US households with a security system is estimated at 32.7 million in 2018 and will reach 41.2 million by 2020 and 63.1 million by 2024. Further, between 2017 and 2022, the penetration of connected SMB (small and medium business) monitoring will increase from 22% to 27% of all SMB accounts in the US and the penetration of video will increase from 17% of connected SMB accounts in 2017 to 27% in 2022. This majorly holds a significant market growth trend in the region. In June 2019, Mouser Electronics Inc. announced that it is currently stocking a wide variety of security devices for medical disposables from Maxim Integrated. It includes DeepCover secure authenticators and 1-Wire memory devices, offering a layer of protection for medical devices, including single-use products, surgical tools, medication cartridges, and other pulse-oximetry probes.

Competitive Landscape

With the declining product cost, the rise in the entry of the players offering the product is observed. Additionally, the lack of differentiation in the product offerings made the vendors adopt competitive pricing strategies. Hence, due to the presence of many players, the market trend is toward fragmentation.

- April 2020 - Bosch announced the upcoming release of INTEOX, a new camera platform the company calls “the first fully open platform of its kind.” To take full advantage of the opportunities available by leveraging the Internet of Things (IoT), the Bosch announcement states the security industry must embrace change. The company says it is demonstrating the vast potential of the IoT with INTEOX.

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Tags:Electronic Security Market
Industry:Electronics
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