Global Electronic Security Market to Exceed $60B by 2024
Accelerating use of technology fuelling growth.
THE global electronic security market, including intrusion detection, access control and CCTV is growing about 10 per cent annually and forecast to exceed $US60 billion by 2024, according to a new report by market research and strategy consulting firm Global, Market Insights.
Public-sector applications are the largest revenue-generating segment globally, according to the report. Various government bodies are making use of advanced solutions for surveillance and criminal detection applications.
For example, in September 2017 a police department in Arkansas was reported to be using drones for highly specialized missions such as the tracking of a suspect or obtaining an inside view and additional information in a hostage situation.
The North America electronic security market is projected to continue dominating the global business landscape, owing to the government initiatives to integrate these electronic security systems into their public safety segment.