Electronic Security Market Trends

Growth Drivers

• Increasing Awareness for Safety and Security – Since the crime and theft cases are increasing day by day, thus installing security systems gives enterprises and residential inhabitants a feeling of safety and security. As a result, there has been a significant increase in the adoption of such electronic security components which is driven by the growing awareness for safety and security among the people. For instance, around 773 million security cameras were installed globally by the end of 2019.
• Upsurge in Larceny Theft Incidences – According to the Federal Bureau of Investigation, an estimated 5,086,096 larcenies - thefts were reported in the United States in 2019.
• Emerging Terrorist Attacks – For instance, with a startling 50% of all terrorism-related deaths worldwide, Sub-Saharan Africa has been emerging as the world's center stage of terrorism.
• Escalating Urbanization - As per the World Economic Forum, 80% of the world's population, up from the present 55%, is estimated to inhabit in urban areas by 2050.
• Growing Wi-Fi Penetration - Presently, around 5.35 billion people worldwide have internet connectivity.

Challenges

• High Cost Associated with the Electronic Security Systems
• Lack of Awareness Among Consumers Regarding the Security Products
• Deficit of Technical Knowledge to Use Electronic Security Systems