The Asia Pacific region is expected to generate a high demand in the electronic security market owing to the rise in safety concerns and security issues among the people with the increase in theft & intrusion activities.
Sellbyville, DE -- (SBWIRE) -- 10/24/2018 -- In the electronic security market, residential and commercial sectors are witnessing an increasing adoption, which will grow over the forecast timeline. Several technologies are developed to provide solutions for ensuring the safety & security of the residential apartments. It includes fire detection system, access & control system, anti-theft system, CCTV system, and Intrusion Detection (ID) system. Applications of these systems in the commercial sector, such as offices and corporate buildings, are growing at a rapid pace with the rise in the footfall in these places. Developers in the electronic security market are providing advanced solutions, which are specifically designed for these sectors. For instance, Godrej has several products such as Eagle I Pro, Eagle I Smart, and Eagle I Lite for home-alarm systems.
Electronic Security Market size is expected to exceed USD 60 billion by 2024. The growing adoption of security and safety systems in the household sector owing to the rise in the instances of thefts and break-ins is expected to drive the electronic security market. The electrical systems provide monitoring and reporting about check-in and check-out, ensuring the safety of the premises and property. The industry players are integrating wireless and home automation technologies into their offerings to provide advanced features and functions to the consumers.
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Surveillance and alert systems are experiencing a high demand in the electronic security market owing to the rise in the adoption of these products in the BFSI sector. These systems provide video and audio recordings, which help the security personnel in identifying threats and suspicious activities. Applications of these systems for monitoring criminals in police stations, military, and defense sector are growing at a rapid pace. For instance, in January 2017, China tested a facial recognition system, which alerts the authorities about the intruders.
The Asia Pacific region is expected to generate a high demand in the electronic security market owing to the rise in safety concerns and security issues among the people with the increase in theft & intrusion activities. The demand for luxury apartments and lifestyle is encouraging the users to adopt these advanced systems in their buildings. Several factors, such as affordability of these systems and high economic growth of the region, are driving the regional electronic security market growth. Several government initiatives and programs are providing opportunities to the companies to enhance their offerings in the region. For instance, the smart city program in India is anticipated to generate a high demand for these products.
The key players operating in the electronic security market are ADT LLC, Auto Clear LLC, BOSCH Security Systems, Axis Communications, Auto Clear LLC, ASSA ABLOY Group, Brivo Systems, LLC., FLIR Systems, Inc., Fisher Research Laboratory, Future Fibre Technologies, Frontier Pitts, Ltd., Hitachi Ltd., G4S PLC, L-3 Communications Security & Detection Systems, Johnson Controls International Plc., Napco Security Technologies, Inc., Millivision Technologies, OSI Systems, Inc., RedXDefense LLC, OT-Morpho, Siemens AG, and Schneider Electric.
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The players in the electronic security market are integrating several technologies into their products to perform specific functions required by several industrial segments. Industry participants are increasingly focusing on M&A, partnerships, and collaboration activities to gain eminence. For instance, in March 2018, ADT LLC acquired Acme Security Systems to enhance their offerings and expand their operations.
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