Electronic security systems are gaining considerable traction in recent times, with the rapid increase in cyberattacks. The electronic security market across UK in particular, will depict considerable progress in the years ahead, as the need to have a robust security system is growing among residential and commercial clients. Security technologies have undergone several improvements to cater to the rising safety needs of consumers. For example, banks and financial institutions in the UK are widely using electronic security devices to safeguard all the confidential documents of employees and customers.
Moreover, the concern with respect to security breaches is rising at a significant rate in the UK. According to a report by IT Governance, in 2020, the UK recorded 1,120 cyberattacks and security breaches in the mainstream media. Around 20.1 billion data records were reported to be either stolen or lost in 2020.
The report also states that the COVID-19 pandemic caused an increase in the number of cyberattacks as many organizations were still trying to adjust to the remote working culture, which left their virtual data security systems highly vulnerable. This scenario is bound to augment the installation of electronic security solutions.
There are numerous advantages of using electronic security solutions for businesses, such as increased protection of assets, safer working environment, timely security software updates, great conflict resolution, and monitoring of high-risk areas. These features can offer robust protection to online systems, thereby boosting their adoption among end-users.
Electronic security systems highly used in residential areas:
The residential sector is anticipated to hold a significant share of the UK electronic security market by 2028. An increasing percentage of people living in residential areas are demanding smart electronic security solutions as they are becoming aware of the importance and benefits of installing these devices. Home security systems can help residents protect their valuables, such as jewelry and cash.
They can also deter burglars from entering a house that is equipped with advanced electronic security systems. People who have gone for vacations can keep a close eye on any suspicious activity in their homes with the help of remote monitoring technologies. Some systems are also capable of alerting homeowners about fire or gas problems, which will boost their demand among residential customers.
Anti-theft security systems gain momentum:
The UK electronic security industry size from anti-theft devices will register a notable CAGR through 2028. According to an article by Review42, in 2021, over 267,000 burglaries took place in the UK. In fact, 16,294 burglaries that were reported in the region in April 2021, increased to 17,274 in July 2021.
And while the number of thefts reduced by nearly 30% between 2020 and 2021, it is still a matter of concern for the regional population. This is where anti-theft electronic security systems play an important role as they are armed with advanced technologies, such as alarms and sensors that ring off if someone tries to steal a car or shoplift products from a retail store. These features will bolster the use of anti-theft security devices.
COVID-19 impact on demand for electronic security systems:
The COVID-19 pandemic positively affected the demand for electronic security solutions in the UK as the region saw a worrying rise in the number of thefts and burglaries during this period. Moreover, several organizations increased the deployment of innovative virtual security systems to keep their confidential data safe from unauthorized access.
Rising data security concerns, such as cyberattacks, virtual intrusions and the growing cases of burglary and theft have prompted homeowners and organizations alike to install robust electronic security systems. Reputed companies across the UK, such as Bosch Security Systems, ASSA ABLOY Group, Canon Inc., Frontier Pitts, Ltd., FLIR Systems, Inc, Future Fibre Technologies, Honeywell International, Inc, Hitachi Ltd., and Johnson Controls International PLC, among many others, are increasing their research and development activities to discover and introduce advanced technologies in their electronic security solutions.
They are also inking partnership and merger & acquisition agreements with other firms to increase their market presence and diversify their customer base. For example, in October 2021, Germany-based Bosch Building Technologies announced its plans to acquire UK-based Protec Fire and Security Group to not only increase Bosch’s market presence in Europe but also innovate its product and service offerings with the help of Protec’s expertise.