Philippines Electronic Security Industry Revenue is Expected to reach around PHP 15,500 million by 2024: Ken Research

The electronic security market in the Philippines has grown at a promising CAGR during the period 2014-2019.

PHILIPPINES, January 23, 2020 /EINPresswire.com/ -- Competition in both product and installation of the electronic security market is expected to be fierce in the future due to the new entrants in the product suppliers and also the rise in the number of system integrators.

Technological advancements in the industry are expected to drive the growth in the demand of electronic security systems in the country. New technologies such as Wireless based technology, IoT, AI, and others increase the benefits of the products and hence, enhance the usability for the customers.

End Users: The electronic security market in the Philippines² has witnessed a growth in recent years on an account of rising demand from the government, banking and commercial sectors. The surge in growth is majorly originated from growth in video surveillance systems as a segment of the electronic security market. The growth in this segment has been largely led by the government’s massive investment in public infrastructure development. The electronic security market in the Philippines is comprised of a few large companies such as Hikvision, Dahua, Uniview, Honeywell, Bosch, and Tyco which posses a large product portfolio of electronic security products. The market also consists of several unorganized players competing on the basis of prices.

Future Product Growth: IP-based video surveillance systems are expected to drive the growth of video surveillance systems by enlarging the sales of analog-based systems. On the other hand, biometric-based access control systems will gain more popularity and contribute a significant share to the market revenue by 2024. Technologies such as RFID and smart cards are expected to gain tremendous growth in the forthcoming years. Integrated electronic security systems designed by combining multiple security systems will be deployed to enhance efficiency and improve security infrastructure. Increased investments will be made by different verticals to upgrade their security systems and incorporate the latest technology devices.

Research Analyst at Ken Research in their latest publication “Philippines Electronic Security Market Outlook to 2024¹ - Emergence of Technology Integrated Electronic System and Growth in Infrastructure Projects”, believes that technology innovation is an integral contributor to the success of any organization. Companies have to upgrade their technology and products so as to add value to their products and to have an edge over their competitors. Large companies devote adequate time and manpower in R&D and innovation and thus are able to evolve with the changing technology, while small and local companies that fail to upgrade their products or adopt advanced technologies are unable to compete in the market. The market is anticipated to register a positive CAGR of ~11.2% in terms of revenues during the forecasted period 2019P-2024.

Key Segments Covered:-
By Channel of Sales

System Integrator Led
Direct Sales

By Product and Installation & Accessories

Product
Installation & Accessories

By Type of End Users

Residential Sector
Non- Residential Sector

Product by Type of Sector

Organized Sector
Unorganized Sector

Product by Type of Product

CCTV Camera
Fire Alarm Systems
Access Control Systems
Intrusion Detection Systems
Specialty Devices

By Type of CCTV Camera

Fixed CCTV Camera
PTZ CCTV Camera
360 Degree Camera

By Type of CCTV Camera

IP Camera
Analog Camera

By Type of IP Camera

Wireless Camera
Non Wireless Camera

By Type of Camera Housing

Dome
Bullet
Discreet

CCTV By Type of Region

Luzon
Visayas
Mindanao

CCTV Camera by End Users

Residential
Non-Residential

By Type of Fire Alarms
Conventional
Addressable

By Type of Detection

Heat Detectors
Smoke Detectors

Fire Alarm by Type of Region

Luzon
Visayas
Mindanao

Fire Alarm by Type of End user:

Residential
Non- Residential

By Type of Access Control

Card Based
Hybrid (Integration of Two or Three Access Control Systems)
Key Pad
Biometric

Access Control by Region

Luzon
Visayas
Mindanao

Access Control by Type of End Users

Residential Sector
Non-Residential Sector

By Type of Intrusion Detection Systems

Motion Sensors
Infrared Beam Sensors
Seismic Detectors

Intrusion Detection System by Type of Region

Luzon
Visayas
Mindanao

Intrusion Detection Systems by Type of End Users

Residential Sector
Non-Residential Sector

By Type of Specialty Devices

Barriers
Scanners
Metal Detectors

Specialty Devices by Type of End Users

Residential sector
Non-Residential Sector

Key Target Audience

Existing Electronic Security Manufacturers
System Integrators
New Market Entrants
Government
Electronic System Retailers and Online Suppliers

Time Period Captured in the Report:-

Historical Period: 2014-2019
Forecast Period: 2019-2024E

Key Companies Covered:-

OEM

Hikvision
Panasonic
Axis
Bosch
HID (Hong Kong)
UTC (U.S.) – Lenel, Interlogix
Tyco (US) – C-Cure
ICT (New Zealand)
Honeywell
Simplex
Eduards
Nohmibosai
Hochiki
System Integrators

MEC Network Corporation
Net Pacific Inc.
DTSI (as of March)
Esscor
Guard All
I3 Technologies
EVI Distribution Inc.
Alcon Philippines Technologies and Solutions
Infinite systems Technology Corporation
Right security solutions
Mustard Seed Systems Corporation

More Electronic Security Market³

Key Topics Covered in the Report:-

Executive Summary
Research Methodology
Philippines Electronic Security Market Overview and Genesis
Philippines Electronic Security Market Value Chain Analysis
Philippines Electronic Security Market Size, 2014-2019
Philippines Electronic Security Market Segmentation
Competitive Scenario in Philippines Electronic Security Market
Company Profiles of Major Players in Philippines Electronic Security Market
Major Trends and Development in Philippines Electronic Security Market
Issues and Challenges in Philippines Electronic Security Market
Snapshot on Philippines System Integrators Market
Emerging Technologies in Philippines Electronic Security Market
Government Role and Regulations in Philippines Electronic Security Market
SWOT Analysis of Philippines Electronic Security Market
Philippines Electronic Security Market Future Outlook and Projections, 2019-2024E
Philippines Electronic Security Market Future Segmentation, 2024E
Analyst Recommendations for the Philippines Electronic Security Market


For More Information On The Research Report, Refer To Below Link:-

https://www.kenresearch.com/defense-and-security/security-devices/philippines-electronic-security-market-outlook/303062-16.html

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https://www.kenresearch.com/defense-and-security/security-devices/middle-east-electronic-security-market/168983-16.html

https://www.kenresearch.com/defense-and-security/security-devices/middle-east-cyber-security-market/160752-16.html

https://www.kenresearch.com/defense-and-security/security-devices/turkey-electronic-security-market/94374-16.html

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¹ https://www.kenresearch.com/defense-and-security/security-devices/philippines-electronic-security-market-outlook/303062-16.html
² https://www.kenresearch.com/defense-and-security/security-devices/philippines-electronic-security-market-outlook/303062-16.html
³ https://www.kenresearch.com/productsearch.php?searchKey=Electronic+Security+Market