Amid the COVID-19 crisis, the global market for electronic security systems estimated at US$39.3 billion in the year 2020, is projected to reach a revised size of US$61.3 billion by 2026, growing at a CAGR of 7.8 per cent.
According to a recent report, growth in the ESS market will be driven by the need to safeguard people, resources, and infrastructure amid escalating security concerns, and the convergence of IT and mobile technology with security systems. Demand for electronic security systems (ESS) such as alarms, electronic access controls systems (EACS) and CCTV and video surveillance systems, are all seeing a significant increase.
CCTV is projected to grow at an 8.4 per cent CAGR to reach $28.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the alarms segment is readjusted to a revised 7.1 per cent CAGR for the next 7-year period. This segment currently accounts for a 32.1 per cent share of the global electronic security systems (ESS) market.
Meanwhile, in the global access control segment, USA, Canada, Japan, China and Europe will drive an 8.8 per cent CAGR, and the overall market will reach a projected size of $7.3 billion by the close of the analysis period.
Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach $1.2 billion by the year 2026, while Latin America will expand at a 10.1 per cent CAGR through the analysis period. The U.S. Market is Estimated at $10.6 billion in 2021, While China is Forecast to Reach $9.3 billion by 2026.
The electronic security systems (ESS) market in the U.S. is estimated at $10.6 billion in the year 2021. The country currently accounts for a 25.97 per cent share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of $9.3 billion in the year 2026 trailing a CAGR of 9.3 per cent through the analysis period.
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