The global electronics and media industry space has witnessed phenomenal momentum over the recent years, of which security electronics market has continued to hold quite a major chunk of the overall business landscape. The rising occurrence of property thefts, contraband smuggling, terrorist activities, bombings, and shoot-outs in highly sensitive public places including transit locations, malls, trade centers, and government buildings have necessitated the wide-scale installation of surveillance equipment which has eventually boosted the growth opportunities for the overall security electronics industry stakeholders. Moreover, the rising awareness of a diverse set of governments across various nations toward providing safety to the public transportation systems and ensure its seamless functioning is bound to further impel the security electronics market size expansion. In fact, according to a research report collated by Global Market Insights, Inc., electronic security industry held a commendable remuneration portfolio of about USD 27 billion in the year 2016, statistics which invariably demonstrate the rising significance of this business space in the current era.
Public sector applications to drive the global security electronics industry progression
One of the most prominent factors to have propelled the growth prospects of the overall security electronics market is the massive application matrix of this business space. The technological headways being made in revamping the existing product lineup including IP surveillance units, high-resolution 4K cameras, surveillance and alert systems, access and control systems, anti-theft systems, and inspection equipment have facilitated swift adoption of these cutting-edge security systems across telecommunications, residential, environmental, custom service, public sector, and postal sectors. However, public sector undoubtedly warrants a special mention while speaking of the application spectrum of the global security electronics industry size.
The report titled “Electronic Security Market Size By Product, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2017 – 2024” has been published in October 2017. To understand the industry better, request a sample of this report @ https://www.gminsights.com/request-sample/detail/2132
Owing to perceived and genuine concerns pertaining to the social unrest and skewed economic growth across developing and developed countries, public spaces experiencing heavy footfall are being termed as high-risk zones as there has been a marked increase in terror attacks across such locations. Apparently, in a bid to counter such incidents the state and central governments of various nations are increasingly placing a higher priority on the development, adoption, and deployment of advanced security systems across such premises. To highlight the significance of such measures being undertaken, something that would foster the growth of security electronics industry, a recent move of the Arkansas Police Department could prove to be quite apt. Apparently, the police force of the southeastern state of the U.S, known for its rugged terrain which comprises of caves, mountains, hot springs, and rivers, has recently initiated the usage of specialized drones to track a suspect or to obtain precise details in a hostage like events. Needless to say, deploying such advanced systems across tough geographies would assist the law enforcement agencies substantially to deter criminal activities and would consequentially embellish the electronic security market augmentation.
Speaking in the similar context, the Indian government, in 2014, dedicated a USD 125 million fund toward prevention of sexual violence against women by installing surveillance equipment at high-risk public spaces. The presence of such systems which are integrated with advanced technology has proved to be instrumental in deterring such incidents and even in detecting the criminals post-attack. Therefore, considering the aforementioned instances it could be rather imperative to take note of the immense importance of these equipment in public sector applications, which accounts for the largest revenue share of the overall global electronic security market landscape.
With the proliferation of biometrics integration, wearable technologies, voice-enabled devices, smart cards, advanced sensors and other non-contact technologies, the security electronics market share is anticipated to expand at an unprecedented pace over the forthcoming years. In fact, in terms of commercialization, the global electronic security industry is forecast to accrue a valuation of over USD 60 billion by 2024, according to authentic estimates.