According to new research by Global Market Insights Inc., the electronic security market will exceed $60 billion by 2024. Many countries are focusing on developing and adopting advanced security systems in high-traffic locations, to contributing to the growth of the market and the safety of these areas.
In 2014, the Indian government set up a $125 million fund solely devoted to the prevention of sexual violence against women. The government installed security equipment, such as surveillance systems, at high-risk public locations to prevent attacks. These systems are equipped with video analytics and advanced algorithms to detect and identify criminals. Technological advancements like these have aided improved security technologies with features like high-resolution 4k cameras and IP surveillance units.
Crime rates across the world have been decreasing due to technological advancements. Advanced systems are being used in residential and commercial settings. These technologies are believed to be one of the driving forces behind the electronic security market growth.
End-users across the world are replacing conventional security systems, such as guards and physical body checks, with high-tech systems. Physical body checks in malls and airports can be cumbersome and cause customer discomfort, primarily among women. On the other hand, X-ray body scanners only require the person to pass through an electronic frame.
The rising trend of smart cities is another contributing factor to the fast growth of the electronic security market.
The surveillance and alert system market is expected to grow substantially in the next few years. Component and raw materials are becoming cheaper, which is contributing to the price decline for security electronics. Remote monitoring systems are being increasingly used in the U.S and Western Europe. Home security solutions with remote monitoring capabilities give homeowners peace of mind when they are away and even when they are home.
Many governments are making use of advanced solutions for surveillance and criminal detection applications. For instance, in September 2017, a police department in Arkansas was using drones for highly specialized missions, like tracking a suspect or obtaining an inside view in a hostage situation.
The North America electronic security market is expected to dominate the global business landscape through the integration of these security systems into their public safety segment. For instance, the FAA Modernization and Reform Act of 2012 contains provisions to make the licensing process of unmanned aerial systems (UAS) easier and quicker for law enforcement officials. Various U.S states are currently conducting trial operations on for these types of applications.