The increased spending for the protection of crucial infrastructures will expand the electronic security market valuation till 2027, reveals a new report.
According to a new Global Market Insights study, the electronic security market size is forecasted to reach a total valuation of $80 billion by 2027. The study titled “Electronic Security Market Statistics Report 2021-2027” reveals that the overall market is poised to record tremendous proceeds over the next few years.
It will, in fact, owe to the accelerating adoption of anti-theft systems across the residential and automobile sectors. Extensive industrialization and urbanization are the leading factors associated with accepting these anti-theft systems.
These are increasingly being deployed across online retail stores amid the pandemic era. For instance, the recent rise in thefts in Amazon warehouses has resulted in the surging product installation in the warehouse premises.
This growth is accredited to a surge in the adoption of collaborative steps by prominent electronic security manufacturers. These initiatives comprise acquisitions, mergers, partnerships, product launches, and product development initiatives.
Increasing development initiatives in Europe
The European electronic security market will likely record more than 15% of its revenue share in 2027. This upsurge is due to increasing urbanization and a spike in the development of smart cities and associated initiatives.
Moreover, the European government is showing a greater emphasis on promoting digital identity to all Europeans. In July 2021, the EU Commission put forth a Digital Identity framework for EU citizens, enterprises, and residents in the EU to view an instance.
The framework intends to provide Digital Identity wallets that give access to online services with the help of their national digital identification.
Soaring recognition of cloud services
The cloud segment is likely to register a lucrative CAGR of over 10% between the period 2021 and 2027. The rapid growth is attributed to the escalating adoption of cloud services to reduce the cost of ownership and further allow customers to invest in supporting and maintaining infrastructural developments required for offering a high-quality electronics security system.
Besides, an increase in the number of companies dependent on cloud-centric infrastructure for their daily operations will promote the demand for electronic security solutions.
Increasing penetration of the 4G LTE network
The cellular share within the electronic security market is set to register visible gains from 2021 to 2027 due to the rising demand for 4G LTE networks worldwide. This cellular network assists companies in tracking their valuable assets in remote locations and enhancing operational efficiency.
The cellular network is a reliable as well as a cost-effective solution for consumers for helping them effectively track their assets. Such advantages have been instrumental in fostering the electronic security market growth through the expected period.
Escalating demand for safeguarding telecommunication assets
The electronic security market from tele-communications is promoted to represent appreciable growth till the end of 2027. There is a rising demand for monitoring company premises – owing to intellectual and confidential data.
Furthermore, the businesses in this sector are required to safeguard and manage costly physical assets. These comprise antennas, data warehouse hardware, and towers.
Simply put, the increased spending for the protection of crucial infrastructures, including government headquarters, airports, banks, trade centers, and enterprise facilities, will expand the electronic security market valuation till 2027.